Business

UN's FAO: World Food Prices Fall for 3rd Month in November

Business FILE PHOTO: Prices of food are displayed at the Borough Market in London, Britain May 22, 2024. REUTERS/Maja Smiejkowska/File Photo

UN's FAO: World Food Prices Fall for 3rd Month in November

World food commodity prices fell for a third consecutive month in November, with all major staple foods except cereals showing a decline, the United Nations'…

Asharq Al Awsat (London)
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: 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
Business Prince Saud bin Nayef bin Abdulaziz inaugurates the project at a ceremony in the Eastern Province (Asharq Al-Awsat)

Saudi Arabia Opens Middle East’s Largest Water Desalination Membrane Plant

Eastern Province Governor Prince Saud bin Nayef bin Abdulaziz on Wednesday inaugurated the Toray Membrane Middle East Factory in Dammam’s Third Industrial City…

Asharq Al Awsat (Dammam)
Business An Iraqi voter carries her child, who is holding the national flag, at a polling station in the southern city of Basra. (AFP)

Iraq Elections: Ballot Boxes to Shape the Nation’s Economy, Not Just its Parliament

Iraqis headed to the polls on Tuesday in their sixth parliamentary election since 2005, in a vote seen as pivotal not only for politics but for the country’s…

Asharq Al Awsat (Baghdad)
Business Wail Al-Jaafari, Executive Vice President of Technical Services at Saudi Aramco, speaks to the audience (Asharq Al-Awsat).

Aramco Signs 28 MoUs Worth Over $1 Billion at Middle East Corrosion Conference

Saudi Aramco announced the signing of 28 memorandums of understanding (MoUs) worth more than $1 billion during the 19th Middle East Corrosion Conference and…

Asharq Al Awsat (Dhahran)
Business Spain's King Felipe VI and Chinese President Xi Jinping, right, shake hands after a signing ceremony at the Great Hall of the People in Beijing, China, Wednesday, Nov. 12, 2025. (Maxim Shemetov/Pool Photo via AP)

China, Spain Signs Agreements to Strengthen Cooperation on Spanish King’s Visit 

Spanish King Felipe VI and Chinese President Xi Jinping signed agreements on language exchanges and other areas Wednesday as both sides vowed to strengthen…

Business The initiative aims to transform Historical Jeddah into a global tourism and cultural hub that blends heritage preservation with sustainable economic development. (Al Balad Development Company)

Al Balad Development Company Launches $3.6 Bn Investment Portfolio to Revitalize Historical Jeddah 

Al Balad Development Company, a subsidiary of Saudi Arabia’s Public Investment Fund (PIF) and the master developer of the Historical Jeddah (Al-Balad)…

Asma al Ghabri (Jeddah)
Business The US Treasury Secretary met with the PIF Governor. Photo: X

Bessent, Al-Rumayyan Discuss Boosting PIF’s Investments in the US

US Treasury Secretary Scott Bessent has said that he discussed opportunities for Saudi Arabia's Public Investment Fund (PIF) to boost investment in the United…

Asharq Al Awsat (Washington)
Business The 26th session of the United Nations Tourism General Assembly concluded on Tuesday. (Asharq Al-Awsat)

'Riyadh Declaration on Future of Tourism' Adopted at Conclusion of UN Tourism Assembly 

The 26th session of the United Nations Tourism General Assembly, hosted by Saudi Arabia, concluded on Tuesday with the adoption of the “Riyadh Declaration on…

Business Tourism Minister Ahmed Al-Khateeb and World Economic Forum CEO Børge Brende shook hands after announcing the “Beyond Tourism” initiative (X)

Saudi Arabia Drives Global Tourism Shift with 200 Bn Dollar Push

Saudi Arabia, which views tourism as a key driver of economic growth and revenue diversification, is pressing ahead with major projects in the sector, with…

Asharq Al Awsat (Riyadh)
Business Officials are seen at the signing ceremony on Tuesday. (SPA)

King Salman Airport, Saudi Tourism Authority Sign MoU to Boost Integration between Transport, Tourism Sectors

King Salman International Airport (KSIA), a Public Investment Fund (PIF) company, signed on Tuesday a memorandum of understanding (MoU) with the Saudi Tourism…

Business This vision has been realized through a substantial investment of SAR51.04 billion for the first phase, which, upon completion, will encompass eight resorts featuring around 1,600 hotel and residential units. (Red Sea Global)

Red Sea Global Inaugurates World-Class Destination for Luxury and Wellness ‘AMAALA’

Red Sea Global officially unveiled “AMAALA,” located on Saudi Arabia’s northwestern coast, marking a historic moment during the inaugural TOURISM Summit. With…

Business Riyadh to Host Cityscape Global 2025 on Monday

Riyadh to Host Cityscape Global 2025 on Monday

Riyadh will host the Cityscape Global 2025 on Monday under the patronage of the Ministry of Municipalities and Housing and in partnership with the Real Estate…

Business The recognition came during the Annual Military Industries Sector Gathering held in Riyadh. (SPA)

Saudi Arabia’s SAMI Receives Three Defense Localization Excellence Awards 

Saudi Arabian Military Industries (SAMI), the national defense and security champion and a Public Investment Fund (PIF) company, was honored with three…

Business A courier sorts packages for delivery on Singles Day or '11.11' Global Shopping Festival, in Beijing, China, 11 November 2025. (EPA)

What Is China’s Singles’ Day and How Is It Celebrated? 

Black Friday? No. Cyber Monday? Nope. Prime Day? Absolutely not. The world's biggest shopping event happens in China each year - and is called Singles' Day. …

Business A Lukoil company sign at the Filanovskogo oil platform in the Caspian Sea, Russia, October 16, 2018. (Reuters) 

Lukoil Declares Force Majeure at Iraqi Oilfield Following Western Sanctions  

Russian oil major Lukoil has declared force majeure at Iraq’s giant West Qurna-2 oilfield, four sources with knowledge of the matter told Reuters on Monday,…

Asharq Al Awsat (Baghdad)
Business WASHINGTON, DC - NOVEMBER 09: The US Capitol is seen on the 40th day of a government shutdown on November 9, 2025 in Washington, DC. Anna Rose Layden/Getty Images/AFP

Senate Approves Bill to End the Shutdown, Sending it to the House

The Senate passed legislation Monday to reopen the government, bringing the longest shutdown in history closer to an end as a small group of Democrats ratified…

Asharq Al Awsat
Business The logo of oil and gas company Shell is seen at a charging station in Brussels, Belgium November 13, 2024. (Reuters) 

Shell Exits Two Wind Projects off Scotland Coast  

Shell has exited the MarramWind and CampionWind projects off the coast of Scotland following a strategic review, the company said on Monday, a move that aligns…

Business The logo of Japanese entertainment and electronics giant Sony is displayed at the company's headquarters in Tokyo on November 11, 2025. (AFP)

Japanese Maker Sony’s Profit Soars on Success of ‘Demon Slayer’ Animation 

Japanese electronics and entertainment company Sony's profit rose 7% in July-September from a year earlier, it said Tuesday, raising its forecast for the year…

Business Saudi Arabia and Egypt sign transport cooperation agreement. (SPA)

Saudi Arabia, Egypt Sign Transport Cooperation Agreement

Saudi Arabia and Egypt signed a memorandum of understanding (MoU) on transport cooperation between the two countries, the Saudi Press Agency reported on Monday…

Asharq Al Awsat
Business Saudi Minister of Culture Prince Badr bin Abdullah bin Farhan holding talks with India’s Minister of Tourism and Culture Gajendra Singh Shekhawat,X)

Indian Minister to Asharq Al-Awsat: We Expect Steady Growth in Tourism Between New Delhi and Riyadh

India’s Minister of Tourism and Culture Gajendra Singh Shekhawat said he was optimistic about the future of tourism ties between his country and Saudi Arabia,…

Fatehelrahman Yousif (Riyadh)
Business GASTAT said Saudi Arabia’s Industrial Production Index for September 2025 rose by 9.3%. SPA

Saudi Industrial Production Index Increases by 9.3% in September

The General Authority for Statistics (GASTAT) announced on Monday that Saudi Arabia’s Industrial Production Index for September 2025 rose by 9.3% compared to…

Asharq Al Awsat (Riyadh)
Business The Saudi Minister of Investment meets with the Canadian Minister of Trade. Asharq A-Awsat

Riyadh, Ottawa Launch Foreign Investment Agreement and Reactivate Joint Commission

Saudi Arabia and Canada have launched negotiations on a Foreign Investment and Protection Agreement in the Canadian capital, Ottawa, a move reflecting the…

Fatehelrahman Yousif (Riyadh)
Business A huge banner hangs off a building along the ring road, advertising the opening of the Grand Egyptian Museum (GEM) in Giza, as vehicles drive towards the southwestern outskirts of the capital Cairo on November 1, 2025. (AFP)

Egypt Inflation Accelerates to 12.5% in October 

Egypt's annual urban consumer price inflation rose more than expected to 12.5% in October, ending a four-month downward trend, data from statistics agency…

Business This handout picture released by the Syrian Presidency's Telegram page, shows Syria's President Ahmed al-Sharaa (L) and Syrian Foreign Minister Asaad al-Shaibani, (2nd-R) walking with International Monetary Fund (IMF) Managing Director Kristalina Georgieva ahead of their meeting in Washington D.C. on November 9, 2025. (Photo by Syrian Presidency Telegram Page / AFP)

Sharaa, Georgieva Discuss Syria’s ‘Economic Transformation’

Syrian President Ahmed al-Sharaa met during his visit to Washington with International Monetary Fund chief Kristalina Georgieva to discuss Syria’s “economic…

Asharq Al Awsat (Washington)