Business

Iraq Oil Output Exceeds 5 million bpd

Business Majnoon oil field near the Iraqi city of Basra (Reuters)

Iraq Oil Output Exceeds 5 million bpd

Iraq produces more than 5 million barrels of oil per day (bpd), Oil Minister Basim Mohammed told state news agency INA on Saturday. According to Reuters, Iraq…

Asharq Al Awsat
Business IMF Managing Director Kristalina Georgieva speaks during the Annual Meetings Plenary at the Annual Meetings of the International Monetary Fund (IMF) and the World Bank Group (WBG) at the Queen Sirikit National Convention Center (QSNCC) in Bangkok on October 16, 2026. (Photo by Lillian SUWANRUMPHA / AFP)

IMF: Any Slowdown in AI-driven Growth Would be Factor for Central Banks

Central bankers around the world would need to consider any slowdown in AI-driven growth as they assess steps in their fight against inflation, International…

Asharq Al Awsat
Business A worker carries loaves of bread for sale at a bakery in the capital city of Cairo, Egypt November 4, 2026. (Reuters)

World Food Prices Dip in October, but Remain Higher Than a Year Ago

World food prices edged lower in October as weaker import demand contributed to monthly declines in cereal, dairy and meat prices, but were still nearly 6%…

Business Copper at the Aurubis copper smelting and refining plant in Hamburg, Germany. (Reuters)

Copper Falls, Set for Worst Week Since March on AI Rout

Copper dropped on Friday and was set for its biggest weekly drop in London since March, as a rout in technology stocks battered markets. Benchmark three…

Asharq Al Awsat
Business Workers walk at Kalyon Karapinar solar power plant in Karapinar, Konya province, Türkiye, Oct. 14, 2026. (AP)

Emerging Economies Set to Match Advanced Nations’ Renewable Capacity Additions, IEA Says

Emerging ‌and developing economies outside China are expected to add as much new renewable energy capacity as advanced economies for the first time over…


Business Saudi Arabia, Tunisia Sign MoU on Renewable Energy

Saudi Arabia, Tunisia Sign MoU on Renewable Energy

Saudi Energy Minister Prince Abdulaziz bin Salman signed on Wednesday a memorandum of understanding with his Tunisian counterpart, Naila Nouira El-Kenji, on…

Asharq Al Awsat (Riyadh)
Business Europe Gas Crisis Hinges on Cold, High Prices Luring Supply

Europe Gas Crisis Hinges on Cold, High Prices Luring Supply

Europe’s natural gas crisis isn't letting up. Reserves are low. Prices are high. Utility customers are getting hit with higher bills. Major Russian supplier…

Asharq Al Awsat
Business Major Gold Mining Company Expands Partnership with Saudi Arabia

Major Gold Mining Company Expands Partnership with Saudi Arabia

One of the world’s leading mining companies specializing in gold, Barrick Gold, has announced expanding its partnership with the Kingdom of Saudi Arabia. …

Fatehelrahman Yousif (Riyadh)
Business Saudi Arabia Calls for Permanent Int’l Model for Global Mining

Saudi Arabia Calls for Permanent Int’l Model for Global Mining

Saudi Arabia called on Wednesday for the establishment of a permanent international model for multiple stakeholders in the international mining sector. The…

Mosaed al-Zayani (Riyadh)
Business Erdogan Vows to Tame Turkish Inflation as Skepticism Grows

Erdogan Vows to Tame Turkish Inflation as Skepticism Grows

President Recep Tayyip Erdogan promised on Wednesday to tame Turkey's surging inflation, which hit 36% last month, but economists predicted it could push much…

Asharq Al Awsat
Business Arab, Foreign Ministers Stress Importance of Roadmap for Future of Global Mining

Arab, Foreign Ministers Stress Importance of Roadmap for Future of Global Mining

As Riyadh is hosting this Wednesday the Future Minerals Forum, under the patronage of Custodian of the Two Holy Mosques King Salman bin Abdulaziz, Arab and…

Fatehelrahman Yousif (Riyadh)
Business Saudi Energy Min Calls for Flexibility in 'Complicated' Energy Transition

Saudi Energy Min Calls for Flexibility in 'Complicated' Energy Transition

Saudi Arabia's energy minister said on Wednesday that the world needed more flexibility as the transition to clean energy is "complicated", adding that the…

Asharq Al Awsat
Business Oman, UK Agree to Strengthen Economic Ties, Boost Investment

Oman, UK Agree to Strengthen Economic Ties, Boost Investment

Britain and Oman have agreed to work more closely together to strengthen economic ties and increase high-value investment in areas such as clean energy and…

Asharq Al Awsat
Business Saudi Arabia to Establish First Private Equity Fund for Tourism Investing

Saudi Arabia to Establish First Private Equity Fund for Tourism Investing

Saudi Arabia's Tourism Development Fund (TDF) signed an agreement with investment solutions firm Derayah Financial to establish a 100 million riyals ($26.6…

Asharq Al Awsat (Riyadh)
Business Saudi Arabia, China Launch Nonmetallic Excellence and Innovation Center

Saudi Arabia, China Launch Nonmetallic Excellence and Innovation Center

Saudi Aramco and the China Building Materials Academy (CBMA) announced Tuesday the launch of NEXCEL, a new Nonmetallic Excellence and Innovation Center, to…

Asharq Al Awsat (Dhahran)
Business DHL Opens Mideast's Largest Robotic Sorting Center in Israel

DHL Opens Mideast's Largest Robotic Sorting Center in Israel

Courier services company DHL Express has opened the Middle East's largest robotic sorting center in central Israel, the company said on Wednesday. Had it…

Asharq Al Awsat
Business Turkey Current Account Records $2.68 Billion Deficit in November

Turkey Current Account Records $2.68 Billion Deficit in November

Turkey’s current account recorded a deficit of $2.68 billion in November as expected, official data showed on Tuesday, flipping into the red after three months…

Asharq Al Awsat
Business Saudi Arabia, Oman Discuss Oil Markets

Saudi Arabia, Oman Discuss Oil Markets

Saudi Arabia’s Minister of Energy Prince Abdulaziz bin Salman discussed on Monday with his Omani counterpart Dr. Mohammed al-Rumhi coordination within OPEC +…

Asharq Al Awsat (Riyadh)
Business Iraq Approves Framework Agreement to Install Basra-Aqaba Oil Pipeline

Iraq Approves Framework Agreement to Install Basra-Aqaba Oil Pipeline

The Iraqi cabinet approved the framework agreement for the project to install a pipeline to transfer Iraqi crude oil from Basra to Jordan’s Aqaba port on the…

Business Saudi Arabia Hosts Ministerial Meeting to Discuss Arab Mining Capabilities

Saudi Arabia Hosts Ministerial Meeting to Discuss Arab Mining Capabilities

The Saudi Ministry of Industry and Mineral Resources, in collaboration with the Arab Industrial Development, Standardization and Mining Organization (AIDSMO),…

Fatehelrahman Yousif (Riyadh)
Business Mining Sector Boosts Indicators of Development of Saudi Industry

Mining Sector Boosts Indicators of Development of Saudi Industry

Saudi Arabia’s Industrial Production Index (IPI) rose by 10.3% in November 2021, data from the General Authority for Statistics (GASTAT) showed. The annual…

Asharq Al Awsat (Riyadh)
Business Saudi Agencies Sign Framework Agreement for Cloud Computing

Saudi Agencies Sign Framework Agreement for Cloud Computing

The Saudi Digital Government Authority (DGA) launched a framework agreement to provide cloud computing services for Saudi government agencies through the …

Asharq Al Awsat (Riyadh)
Business Gulf Urges Move Towards Customs Union

Gulf Urges Move Towards Customs Union

Secretary General of the Gulf Cooperation Council (GCC), Dr. Nayef Al-Hajraf underlined the need to complete the requirements for the establishment of the…

Asharq Al Awsat (Dubai)
Business Saudi Arabia Highlights Important Mining Investment Opportunities in Emerging Markets

Saudi Arabia Highlights Important Mining Investment Opportunities in Emerging Markets

Saudi government agencies will participate in the Future Minerals Summit, which will kick off in Riyadh Tuesday to present investment opportunities…

Asharq Al Awsat (Riyadh)
Business Oil Prices Edge Up on Kazakhstan, Libyan Supply Worries

Oil Prices Edge Up on Kazakhstan, Libyan Supply Worries

Oil prices edged up on Monday as supply disruptions in Kazakhstan and Libya offset worries stemming from the rapid global rise in Omicron infections. Brent…

Asharq Al Awsat
Business Saudi National Bank Celebrates Largest Bank Merger

Saudi National Bank Celebrates Largest Bank Merger

The National Commercial Bank, or NCB, concluded the final phases of a merger deal with Riyadh-based Samba Financial Group on Jan. 6, 2022, to form the Saudi…

Asharq Al Awsat (Riyadh)
Business UAE Central Bank Expects Economy to Grow 4.2% in 2022

UAE Central Bank Expects Economy to Grow 4.2% in 2022

The Central Bank of the United Arab Emirates said it expects the UAE economy to grow 4.2 percent in 2022, accelerating from last year's 2.1 percent growth. …

Asharq Al Awsat
Business IMF Warns Developing Countries of 'Economic Turbulence'

IMF Warns Developing Countries of 'Economic Turbulence'

Emerging economies should gird for possible rough times as the US Federal Reserve prepares to raise interest rates and world economic growth slows because of…

Asharq Al Awsat
Business Saudi Arabia Speeds Up Building Renewable Energy Capabilities

Saudi Arabia Speeds Up Building Renewable Energy Capabilities

Saudi Arabia seeks to become a global supplier of hydrogen, primarily using hydrocarbons combined with the capture and storage of carbon emissions, as a key…

Asharq Al Awsat (Riyadh)