Business

World Bank Forecasts 4.3% Growth for Saudi Economy, Supported by Non-Oil Activities

Business The Saudi flag. Asharq Al-Awsat

World Bank Forecasts 4.3% Growth for Saudi Economy, Supported by Non-Oil Activities

The World Bank affirmed on Thursday that Saudi Arabia's economy has gained significant momentum for 2026-2027, driven by robust non-oil sector expansion under…

Asharq Al Awsat (Washington) Asharq Al Awsat (Riyadh)
Business FILE PHOTO: A drone view of London's Canary Wharf financial district, two days before the government presents its critical pre-election budget, in London, Britain March 3, 2024. REUTERS/Yann Tessier/File Photo

Visa Relocates European Headquarters to London's Canary Wharf

Visa is relocating its European headquarters to London's Canary Wharf financial district, the Canary Wharf Group said on Friday. The firm is leasing 300…

Asharq Al Awsat (London)
Business GCC leaders and their representatives attend the 46th Gulf Summit held in the Bahraini capital (BNA) 

World Bank Raises GCC Growth Forecast

The World Bank has lifted its growth forecast for the Gulf Council Cooperation (GCC) to 4.5% for 2026, supported by structural reforms and rapid digital…

Asharq Al Awsat (Washington) Asharq Al Awsat (Riyadh)
Business The agreements were signed during the "Industrial Transformation Saudi Arabia 2025” Exhibition. SPA

Saudi Industry Ministry Signs MoUs to Advance Manufacturing Empowerment

The Ministry of Industry and Mineral Resources has signed a number of memoranda of understanding (MoUs) with leading local and international companies to…

Asharq Al Awsat (Riyadh)
Business FILE PHOTO: Workers transport soil containing rare earth elements for export at a port in Lianyungang, Jiangsu province, China October 31, 2010. REUTERS/Stringer/File Photo

China Says Working on Streamlining Rare Earth Export Licenses

China said on Thursday it is working on streamlining rare earth export licenses - a key promised outcome after a meeting between US President Donald Trump and…

Asharq Al Awsat

Business Aerial photo of Oxagon (Oxagon website)

Saudi Arabia's Oxagon Signs Land Lease with AHG for Industrial Gases Facility

Oxagon, the reimagined industrial city of NEOM, announced on Sunday the signing of a land lease agreement with Abdullah Hashim Industrial Gases & Equipment Co…

Asharq Al Awsat (Riyadh)
Business Autumn foliage is reflected in the River Thames, with Windsor Castle behind, in Windsor, Britain, October 22, 2025. REUTERS/Toby Melville

UAE Real Estate Developer Arada to Acquire 80% of London Riverfront Development

United Arab Emirates real estate developer Arada will acquire a majority stake in London's Thameside West mixed-use development, it said in a statement on…

Asharq Al Awsat
Business Airbus logo is seen in this illustration taken, March 10, 2025. REUTERS/Dado Ruvic/Illustration

Airbus Says Middle East Regional Aircraft to More Than Double by 2044

Airbus expects the Middle East's regional aircraft fleet to more than double to 3,700 planes by 2044, an official said on Sunday. The European planemaker…

Asharq Al Awsat
Business Lebanon ranks 82nd globally in the 2024 Government AI Readiness Index (Lebanon AI Conference)

Gulf Leadership in Artificial Intelligence Spurs Lebanon’s Private Sector

Lebanon is joining the global artificial-intelligence wave, albeit with limited resources and mostly private initiatives, at a time when Gulf states are…

Ali Zeineddine (Beirut)
Business FILED - 10 January 2017, US, Detroit: A Hyundai logo is seen at the North American International Auto Show (NAIAS) in Detroit, Michigan. Photo: Uli Deck/dpa

Hyundai Motor Announces $86 Bln Investment in South Korea after US Trade Deal

Hyundai Motor Group will invest 125.2 trillion won ($86.47 billion) in South Korea from 2026 to 2030, the automaker said on Sunday after Seoul finalized a…

Asharq Al Awsat
Business FILE PHOTO: A farmer tends wheat at a field in Giza, Egypt, April 18, 2025. REUTERS/Mohamed Abd El Ghany/File Photo

Egypt Targets 5 Million Tons of Local Wheat Next Year, Seeking Self-sufficiency

Egypt has targeted procurement of five million metric tons of local wheat next season as it moves away from being one of the world's top wheat importers to…

Asharq Al Awsat (Cairo)
Business  A man pushes a hand truck loaded with plantains through La Candelaria neighborhood in Caracas on November 13, 2025. (AFP)

Return to Bad Days of Hyperinflation Looms in Venezuela

Venezuelans are grappling with political and economic chaos, a mass population exodus and fears of a US military attack. Now, their wallets are ever thinner as…

Business In this photo illustration, coffee beans are displayed on November 13, 2025 in San Anselmo, California. (Getty Images/AFP)

Trump Cuts Tariffs on Beef, Coffee and Other Foods as Inflation Concerns Mount

US President Donald Trump on Friday rolled back tariffs on more than 200 food products, including such staples as coffee, beef, bananas and orange juice, in…

Business  Boxes of imported Italian pasta are seen on shelves, Tuesday, Nov. 11, 2025, in Detroit. (AP)

Aficionados Fret as Trump Moves to Make Pasta Great Again

Steel: 50%. Copper: 50%. Cars: up to 25%. But an even bigger Trump-era levy looms: 107 % on Italian pasta. Mamma mia. It started with the US Commerce…

Business A salesperson shows a gold ring to customers at a jewellery showroom in Ahmedabad, India, October 8, 2025. REUTERS/Amit Dave

Gold Falls as Fed Cut Hopes Fade after Hawkish Fed Comments

Gold prices reversed earlier gains on Friday as hawkish comments from US Federal Reserve officials clouded prospects for a December rate cut, although they…

Asharq Al Awsat
Business The multi-axis executive program establishes a shared vision for a comprehensive tourism strategy - SPA

Syria, Arab Tourism Organization Sign Program to Boost Tourism and Investment

The Syrian Ministry of Tourism and the Arab Tourism Organization (ATO) signed an executive program yesterday at the ATO's headquarters in Jeddah. The…

Asharq Al Awsat
Business The agreement outlines several key areas of collaboration, including the exchange of expertise and information - SPA

Makkah Chamber Signs Deal to Boost Innovation, Vision 2030 Talent Empowerment

The Makkah Chamber signed a memorandum of cooperation with a specialized national company to bolster partnerships in innovation, entrepreneurship, and training…

Asharq Al Awsat
Business The destination will feature a diverse range of entertainment experiences - SPA

SEVEN Entertainment Destination Set to Revolutionize Leisure Experiences in Jazan

Work is intensifying on the SEVEN destination entertainment project in Jazan, with the over SAR1.3 billion venture now nearing its final stages and beginning…

Asharq Al Awsat
Business The Saudi energy minister participating in the Future Investment Initiative conference (Asharq Al-Awsat) 

IEA Steps Back as Saudi Vision Prevails on Oil Realities

After four years of debate, the International Energy Agency (IEA) has issued a pivotal retreat from its hardline projections on “peak oil,” effectively…

Hala Saghbini (Riyadh)
Business Inflation Rate in Saudi Arabia Reaches 2.2% in October 2025

Inflation Rate in Saudi Arabia Reaches 2.2% in October 2025

The General Authority for Statistics (GASTAT) reported that the annual inflation rate of the Consumer Price Index (CPI) in Saudi Arabia was 2.2% in October…

Asharq Al Awsat
Business International Monetary Fund (IMF) Managing Director Kristalina Georgieva speaks during a meeting with South Korean President Lee Jae Myung on the sidelines of the Asia-Pacific Economic Cooperation (APEC) summit in Gyeongju on October 31, 2025. (Photo by JUNG YEON-JE / POOL / AFP)

IMF Sees Signs of US Economic Strain but Lack of Data Due to Shutdown Clouds Picture

The International Monetary Fund is seeing signs of strain in the US economy with fourth-quarter growth likely decelerating from previous forecasts, but a lack…

Asharq Al Awsat
Business An aerial view shows the town of Myrnohrad, Ukraine in this screengrab from a video released November 12, 2025 and obtained by REUTERS.

IMF to Start Mission to Ukraine Soon, Stresses Need for Anti-corruption Efforts

The International Monetary Fund will soon begin a staff mission to Ukraine to discuss its financing needs and a potential new lending program, spokesperson…

Asharq Al Awsat
Business The Red Sea destination currently includes nine luxury hotels welcoming guests, in addition to the exclusive Thuwal Private Resort off the coast of Jeddah - SPA

First Direct European Flight Lands at Red Sea International Airport

Red Sea Global announced the arrival of the first direct European flight to Red Sea International Airport, marking a new strategic milestone in the development…

Asharq Al Awsat
Business (FILES) Shoppers walk along Regent Street in London on August 15, 2025. (Photo by HENRY NICHOLLS / AFP)

UK Economic Gloom Deepens Before Budget

Britain's economy slowed in the third quarter, official data showed Thursday, dealing another blow to the Labour government ahead of its annual budget. …

Business FILE PHOTO: The logo of the Organization of the Petroleum Exporting Countries (OPEC) is seen inside its headquarters in Vienna, Austria, December 7, 2018. REUTERS/Leonhard Foeger/File Photo

OPEC: IEA’s Reversing of its ‘End of Fossil Fuel Era’ Forecast is ‘Rendezvous with Reality’

The Organization of the Petroleum Exporting Countries (OPEC) announced on Wednesday that the International Energy Agency (IEA) has made a “rendezvous with…

Asharq Al Awsat (Vienna)
Business FILED - 20 March 2023, Pforzheim: A gold bar weighing 12.5 kilograms is placed on gold granules at Agosi AG in Pforzheim. Photo: Uli Deck/dpa

Gold Extends Rise after Trump Signs Deal to Lift Shutdown

Gold rose for a fifth straight session on Thursday to hit its highest in more than three weeks, buoyed by expectations that the US government reopening will…

Asharq Al Awsat
Business FILE PHOTO: A general view of the Centenario deep-water oil platform in the Gulf of Mexico off the coast of Veracruz, Mexico January 17, 2014. Picture taken January 17, 2014. REUTERS/Henry Romero/File Photo

Oil Prices Edge Down on US Inventory Build, OPEC Forecast Shift

Oil prices edged lower on Thursday, extending losses from the previous session, after a report showing rising crude inventories in the US reinforced concerns…

Asharq Al Awsat
Business US President Donald Trump (C) signs the funding package to re-open the federal government in the Oval Office of the White House in Washington, DC, USA, 12 November 2025. EPA/BONNIE CASH / POOL

President Trump Signs Government Funding Bill, Ending Shutdown after a Record 43-day Disruption

President Donald Trump signed a government funding bill Wednesday night, ending a record 43-day shutdown that caused financial stress for federal workers who…

Asharq Al Awsat
Business FILE PHOTO: A drone view shows the power plant in Aleppo, Syria, April 15, 2025. REUTERS/Mahmoud Hassano/File Photo

GE Vernova, Siemens Energy in Talks to Supply Gas Turbines for Syria Reconstruction

US firm GE Vernova and Germany's Siemens Energy are in talks to supply gas turbines to a $7 billion project aiming to rebuild Syria's war-damaged power sector,…

Asharq Al Awsat