Business

Tesla to Refund Many Cybertruck Deposits as Demand Exceeds Production, Musk Says

Business Tesla Cybertruck electric vehicles sit parked in a storage lot in San Diego, California on April 11, 2025. (AFP)

Tesla to Refund Many Cybertruck Deposits as Demand Exceeds Production, Musk Says

Tesla will have to refund Cybertruck deposits for many customers as orders far exceed production capacity, CEO Elon Musk said, following last week's…

Business A mining machine is seen at the Bayan Obo mine containing rare earth minerals, in Inner Mongolia, China July 16, 2011. (Reuters)

China Extends Suspension of New Rare Earth Controls Until January

China on Monday announced a two-month extension of export-control waivers due to expire this month, preserving part of a wide-ranging deal struck after a…

Business United Nations Climate Change Executive Secretary Simon Stiell. (UN)

UN to Asharq Al-Awsat ahead of COP31: Climate Change and Energy Security Are Two Integrated Paths

On the eve of the opening of the 31st United Nations Climate Change Conference (COP31) on Monday in the Turkish city of Antalya, attention is focused on the…

Abeer Hommadi (Riyadh)
Business The People's Bank of China's gold holdings increased by 830,000 ounces in October (Reuters)

Gold Rises over 1% as Softer Oil Prices Ease Inflation Worries

Gold rose more than 1% on Monday as softer oil prices eased inflation concerns, while investors awaited key US inflation data and fresh signals from the…

Asharq Al Awsat
Business Members of the GCC Transport and Communications Ministers Committee pose for an official photo in Manama (GCC). 

Gulf Railway Enters Implementation Phase, Targets 2030 Completion

Gulf Cooperation Council (GCC) countries signed an agreement in Manama on Sunday to advance a 2,117-kilometer railway linking all six member states by 2030, as…

Mirza al-Khuweildi (Manama)

Business SAMI, Hanwha Sign MoU for Joint Venture Company in Saudi Arabia

SAMI, Hanwha Sign MoU for Joint Venture Company in Saudi Arabia

Saudi Arabian Military Industries (SAMI) announced on Sunday that it has signed a Memorandum of Agreement (MoA) with Korean conglomerate Hanwha Group’s three…

Asharq Al Awsat
Business UAE: ‘Exceptional Edition’ of World Government Summit with Expo 2020

UAE: ‘Exceptional Edition’ of World Government Summit with Expo 2020

Sheikh Mohammed Bin Rashid Al Maktoum, Vice President and Prime Minister of UAE and Ruler of Dubai, issued directives to launch the next edition of the World…

Asharq Al Awsat (Dubai)
Business Morocco Inaugurates Tanger-Med 2 of Tangier Port

Morocco Inaugurates Tanger-Med 2 of Tangier Port

Crown Prince of Morocco Moulay Hassan, son of Morocco's King Mohammed VI, inaugurated Tanger-Med 2 of Tangier port, which will enhance the country’s position…

Hatim Betioui (Tangier)
Business Putin: Saudi Arabia, Russia Agree to Extend OPEC Deal by 6-9 Months

Putin: Saudi Arabia, Russia Agree to Extend OPEC Deal by 6-9 Months

Saudi Arabia and Russia have agreed to extend by six to nine months a deal with OPEC on reducing oil output, Russian President Vladimir Putin said on the…

Asharq Al Awsat
Business Egyptian, Russian Presidents Discuss Cooperation Projects at G20

Egyptian, Russian Presidents Discuss Cooperation Projects at G20

Egyptian President Abdel Fattah al-Sisi held talks on Saturday with Russian President Vladimir Putin on the sidelines of the G20 summit in Osaka, reported the…

Asharq Al Awsat
Business Lebanese Officials Criticize Rating Agencies Reports

Lebanese Officials Criticize Rating Agencies Reports

Consecutive reports by international rating agencies about the Lebanese government’s likelihood to adopt measures to restructure the public debt have sparked a…

Paula Astih (Beirut)
Business World Bank: Lebanon Reforms on Sound Path but Must Not Stop

World Bank: Lebanon Reforms on Sound Path but Must Not Stop

Lebanon has taken a sound path with reforms in its 2019 draft budget and power sector but it will have to keep going, World Bank MENA vice president Ferid…

Asharq Al Awsat
Business Saudi PIF Announces Details of 3rd Session of Future Investment Initiative

Saudi PIF Announces Details of 3rd Session of Future Investment Initiative

The third session of the two-day Future Investment Initiative (FII) will take place in Riyadh on October 29, according to the Saudi Public Investment Fund (PIF…

Asharq Al Awsat (Riyadh)
Business Morocco Inaugurates Extension to Africa's Already Biggest Port

Morocco Inaugurates Extension to Africa's Already Biggest Port

Moroccan King Mohammed VI on Friday, June 28, will oversee the inaugural of the Tanger Med 2 extension at the country’s top cargo port. The expansion is…

Lahcen Mokena (Casablanca)
Business Saudi Tarshid, King Faisal Specialist Hospital Ink Deal to Boost Energy Efficiency

Saudi Tarshid, King Faisal Specialist Hospital Ink Deal to Boost Energy Efficiency

The Saudi National Energy Services Company (NESCo), Tarshid, signed an agreement with the King Faisal Specialist Hospital and Research Center (KFSH&RC) to…

Asharq Al Awsat (Riyadh)
Business Hajj Committee Proposes Transforming Arbab Al-Tawaif Firms to Shareholder Companies

Hajj Committee Proposes Transforming Arbab Al-Tawaif Firms to Shareholder Companies

Vice President of National Committee for Hajj and Umrah Abdullah Omar Kadi said that transforming Arbab Al-Tawaif Establishments to shareholder companies would…

Tarek Al-Thaqfi (Makkah)
Business Saudi Legal Reforms Contribute to Kingdom's Improved World Competitiveness

Saudi Legal Reforms Contribute to Kingdom's Improved World Competitiveness

The latest visit of an International Monetary Fund IMF delegation to Saudi Arabia reported positive results on the Kingdom’s economic reforms. The report…

Business Moody's Sees Risk of Lebanon Debt Rescheduling

Moody's Sees Risk of Lebanon Debt Rescheduling

Slowing capital inflows to Lebanon and weaker deposit growth increase the risk of a government response that will include a debt rescheduling or another…

Asharq Al Awsat
Business Sprint, T-Mobile Merger Approval, Said to Be Near, Could Undercut Challenge by States

Sprint, T-Mobile Merger Approval, Said to Be Near, Could Undercut Challenge by States

The Justice Department is moving closer to approving T-Mobile’s $26 billion merger with Sprint, but only if the companies sell multiple assets to create a new…

Cecilia Kang (Washington)
Business Aramco Signs 12 Agreements with South Korean Partners 

Aramco Signs 12 Agreements with South Korean Partners 

Saudi Aramco and its affiliates have signed 12 agreements with major South Korean companies to reinforce relationships with South Korea, expand international…

Asharq Al Awsat (Seoul)
Business Saudi Crown Prince, South Korean President Inaugurate S-Oil Refinery

Saudi Crown Prince, South Korean President Inaugurate S-Oil Refinery

Crown Prince Mohammed bin Salman, Deputy Prime Minister and Minister of Defense, and South Korean President Moon Jae-in inaugurated in Seoul on Wednesday the…

Asharq Al Awsat
Business Saudi Arabia, South Korea Ink 15 Deals across Broad Range of Strategic Sectors

Saudi Arabia, South Korea Ink 15 Deals across Broad Range of Strategic Sectors

The Saudi Arabian General Investment Authority (SAGIA) announced on Wednesday the signing of 15 memoranda of understanding (MOUs) and agreements with Korean…

Asharq Al Awsat
Business Saudi Arabia: Financial Support to Upskill Employment in Private Sector

Saudi Arabia: Financial Support to Upskill Employment in Private Sector

Saudi Arabia’s Human Resources Development Fund (HADAF) supports the nationalization of professions in the private sector, where it announced it will pay part…

Asharq Al Awsat (Riyadh)
Business UAE Official: Attack on Single Oil Tanker is an Attack on Int’l Community

UAE Official: Attack on Single Oil Tanker is an Attack on Int’l Community

The UAE, which boasts the world’s sixth-largest oil reserves, is highly concerned with whatever threatens the security of global energy supplies, said Dr…

Asharq Al Awsat (Abu Dhabi)
Business Aramco Can Meet Oil Needs Using its ‘Spare Capacity’

Aramco Can Meet Oil Needs Using its ‘Spare Capacity’

Saudi Aramco can meet the oil needs of customers using its spare capacity despite growing concerns of developments in the Gulf, according to President and CEO…

Asharq Al Awsat (Seoul)
Business SAC Ensures Global Foothold of Saudi Quality Control

SAC Ensures Global Foothold of Saudi Quality Control

The Saudi cabinet has approved granting the Saudi Accreditation Committee independence, rebranding it as the Saudi Accreditation Center (SAC). Such a move…

Shujaa al-Baqmi (Riyadh)
Business Saudi Arabia Announces Opening of Neom Bay Airport

Saudi Arabia Announces Opening of Neom Bay Airport

Saudi Arabia's General Authority of Civil Aviation announced on Tuesday the opening of Neom Bay Airport in the northern region of Sharma.   The Authority…

Asharq Al Awsat (Riyadh)
Business SAMI Acquires 100% Ownership of Riyadh-Based AEC

SAMI Acquires 100% Ownership of Riyadh-Based AEC

Saudi Arabian Military Industries (SAMI), on Monday, inked a term sheet agreement to acquire 100% ownership in Advanced Electronics Company (AEC), an offset…

Asharq Al Awsat (London)
Business SAMI Acquires 100% Ownership of Riyadh-based AEC

SAMI Acquires 100% Ownership of Riyadh-based AEC

Saudi Arabian Military Industries (SAMI), on Monday, inked a term sheet agreement to acquire 100% ownership in Advanced Electronics Company (AEC), an offset…

Asharq Al Awsat (London)