Business

Saudi Arabia Offers 100% Social Insurance Debt Waiver to Businesses That Have Exited Market

Business Officials from the General Organization for Social Insurance at an earlier meeting with businessmen and businesswomen at the Riyadh Chamber (SPA)

Saudi Arabia Offers 100% Social Insurance Debt Waiver to Businesses That Have Exited Market

Saudi Arabia's General Organization for Social Insurance (GOSI) has made businesses that have ceased operations and exited the Saudi market eligible for a 100%…

Bandar al-Mosalam (Riyadh)
Business A general view shows Ras Tanura's oil production plant near Dammam in Saudi Arabia's Eastern Province (AFP)

From Aramco's Profits to State Budget Revenue: How Do Oil Proceeds Reach Government Coffers?

Saudi Aramco's financial results and Saudi Arabia's third-quarter budget performance report, released on the same day, revealed a divergence between the…

Hala Saghbini (Riyadh)
Business Representation of cryptocurrencies are seen in this illustration taken September 10, 2025. (Reuters)

Crypto Dips on Democrat Midterm Wins, Binance Hack Dents Optimism

Cryptocurrencies briefly dipped on Wednesday as Democrats won majorities in both the Senate and House in the US midterm elections, a potential blow to an…

Business A view of Riyadh, Saudi Arabia. (Getty Images file)

Saudi Non-Oil Sector Expands for Seventh Straight Month

Saudi Arabia’s non-oil private sector continued to expand in October, with business activity and output growth accelerating despite a decline in the Riyad Bank…

Asharq Al Awsat (Riyadh)
Business  A general view of Riyadh city during the early hour of evening at Riyadh, Saudi Arabia, May 28, 2025. (Reuters)

Growth in Non-Oil Revenue Bolsters Saudi Budget Resilience

Saudi Arabia’s non-oil revenue surpassed oil revenue in the third quarter of 2026 for the first time since 2020, highlighting progress in diversifying…

Bandar al-Mosalam (Riyadh)

Business Stacks of copper cathodes sit inside Glencore's Canadian Copper Refinery in Montreal, Quebec, Canada on October 3, 2026. (Photo by ANDREJ IVANOV / AFP)

Copper Steadies as Dollar Strength Counters Chile Supply Worries

Copper prices ‌held nearly steady on Tuesday as a strong US dollar countered support from supply concerns in top producer Chile. Benchmark three-month…

Asharq Al Awsat
Business General view of the Kingdom Tower in downtown Riyadh, Saudi Arabia, October 12, 2026. Picture taken with a mobile phone. REUTERS

IMF Forecasts Saudi Economy to Grow 7.9% in 2027

The International Monetary Fund (IMF) expects the Saudi economy to record strong growth of 7.9 percent in 2027, reflecting a projected recovery in energy…

Asharq Al Awsat (Riyadh)
Business (L-R) IMF Communications Officer Jose Luis De Haro, IMF Chief Economist Silvana Tenreyro, IMF Research Department Deputy Director Petya Koeva Brooks and IMF Research Department Division Chief Deniz Igan attend the World Economic Outlook press briefing 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 13, 2026. (Photo by Lillian SUWANRUMPHA / AFP)

IMF Raises its Forecast for World Growth this Year but Says Economies Will Slow in 2027

The International Monetary Fund on Tuesday slightly upgraded its outlook for the world economy for this year, but it's still forecasting growth at a sluggish 3…

Asharq Al Awsat (Bangkok)
Business US macroeconomists Robert E Hall and Michael Woodford are seen on a screen as they are announced as the laureates of the 2026 Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel at the Royal Swedish Academy of Sciences in Stockholm on October 12, 2026. (Photo by Jonathan Nackstrand / AFP)

2 American Economists Win Nobel for Work on Managing Economic Shocks

American economists Robert E. Hall and Michael Woodford won the Nobel Memorial Prize in economics Monday for their work on models that have helped governments…

Asharq Al Awsat
Business Saudi Minister of Energy and Minister of Industry and Mineral Resources Prince Abdulaziz bin Salman bin Abdulaziz (L) at the Riyadh meeting on Monday. (SPA)

OPEC, Non-OPEC Ministers Stress Critical Importance of Safeguarding Int’l Maritime Routes

Ministers of OPEC and non-OPEC Participating Countries in the Declaration of Cooperation (DoC) met on the sidelines of the 17th IEF ministerial meeting and the…

Business Saudi Minister of Energy and Minister of Industry and Mineral Resources Prince Abdulaziz bin Salman bin Abdulaziz and Cyprus’s Minister of Energy, Commerce and Industry Michael Damianos during the signing ceremony in Riyadh on Monday. (SPA)

Saudi Energy Minister Signs MoUs on Energy Cooperation with Mongolia, Tanzania, Cyprus, and Mauritius

Saudi Minister of Energy and Minister of Industry and Mineral Resources Prince Abdulaziz bin Salman bin Abdulaziz signed in Riyadh on Monday four memoranda of…

Business Saudi Minister of Finance Mohammed Aljadaan. (SPA file)

Minister of Finance Leads Saudi Delegation to 2026 IMF-World Bank Annual Meetings

Minister of Finance Mohammed Aljadaan is leading Saudi Arabia's delegation to the 2026 Annual Meetings of the International Monetary Fund (IMF) and World Bank…

Business Minister of Energy and Minister of Industry and Mineral Resources Prince Abdulaziz bin Salman bin Abdulaziz at the signing ceremony between the ministry and International Energy Forum. (SPA)

Saudi Energy Ministry Signs MoU with IEF; Oil Sustainability Program Signs Agreement with US Foundation

Saudi Arabia’s Ministry of Energy signed on Monday a memorandum of understanding (MoU) with the International Energy Forum (IEF) to strengthen cooperation…

Business Prince Abdulaziz bin Salman speaks at the opening of the WPC Energy Congress in Riyadh (Asharq Al-Awsat) p-circle

WPC Energy Congress: Saudi Arabia Eyes Raising East-West Pipeline Capacity to 10 Million Barrels per Day

Disruptions to global energy supplies put supply security and infrastructure resilience at the forefront of the 25th WPC Energy Congress in Riyadh on Monday,…

Abeer Hommadi (Riyadh) Dana Aldrees (Riyadh) Sara bin Shamran (Riyadh)
Business Amin Nasser speaks at the 25th WPC Energy Congress in Riyadh (Asharq Al-Awsat)

Aramco President & CEO: Attacks on the Region’s Energy Infrastructure Threaten Global Economies

Amin H. Nasser, President & CEO of Aramco, has warned that the consequences of attacks on the region’s energy infrastructure extend beyond its own markets to…

Asharq Al Awsat (Riyadh)
Business US Energy Secretary Chris Wright participating via video call in the WPC Energy Congress. (Asharq Al-Awsat)

US Energy Secretary: Oil Flows Through Hormuz Reach 80-90% of Pre-Conflict Levels

US Energy Secretary Chris Wright said oil flows through the Strait of Hormuz had recovered to 80% to 90% of pre-conflict levels, averaging 13 million to 14…

Asharq Al Awsat (Riyadh)
Business IMF Managing Director Kristalina Georgieva during the annual meetings of the Fund and the World Bank in Bangkok (Reuters)

IMF's Georgieva Urges Member Countries to Act Swiftly on Debt, Inflation

The International Monetary Fund is urging its member states to act swiftly if they see inflation rising and to work on reducing large deficits, IMF Managing…

Asharq Al Awsat
Business Pedro Miras addresses attendees as the 25th WPC kicks off in Riyadh (Asharq Al-Awsat)

Miras: Energy Security, Sustainability, or Affordability Cannot Be Sacrificed

Pedro Miras, President of WPC Energy, affirmed that the world needs more energy from multiple sources to keep pace with population and economic growth,…

Asharq Al Awsat (Riyadh)
Business Saudi Energy Minister Prince Abdulaziz bin Salman speaks at the opening of the WPC Energy Congress (Asharq Al-Awsat)

Saudi Energy Minister: No Room for Fear in Our Dictionary…No Wasted Opportunities to Realize Our Vision

Saudi Energy Minister Prince Abdulaziz bin Salman said there was no room for fear in the dictionary of Saudis, stressing that the resilience of the kingdom’s…

Asharq Al Awsat (Riyadh)
Business A financial data screen in the dealing room of Hana Bank shows the benchmark Korea Composite Stock Price Index (KOSPI) having fallen 0.69 percent from the previous session to an intraday low of 6,580.01 in early trading in Seoul, South Korea, 12 October 2026. EPA/YONHAP SOUTH KOREA OUT

Stocks Rise as Oil Prices Tumble after Trump Hails 'Energy Ceasefire'

Most stock markets rose Monday as oil prices tumbled after Donald Trump announced an "energy ceasefire" between Russia and Ukraine. Both main crude contracts…

Asharq Al Awsat
Business Saudi Minister of Energy and Minister of Industry and Mineral Resources Prince Abdulaziz bin Salman bin Abdulaziz and Kuwait’s Minister of Electricity, Water and Renewable Energy Dr. Subaih Abdulaziz Abdulmohsen Al-Mukhizim. (SPA)

Saudi Minister of Energy Signs Energy Cooperation MoUs with Kuwait, Qatar and Egypt

Saudi Minister of Energy and Minister of Industry and Mineral Resources Prince Abdulaziz bin Salman bin Abdulaziz signed on Sunday three memoranda of…

Business Saudi Energy Minister Prince Abdulaziz bin Salman speaks at the opening of the ministerial meeting of the International Energy Forum (IEF) in Riyadh (Turki Al-Agili)

Abdulaziz bin Salman: Riyadh is the Capital of Energy Security

Saudi Energy Minister Prince Abdulaziz bin Salman stressed on Sunday that Riyadh represents the capital of energy security, noting that this status reflects…

Asharq Al Awsat (Riyadh)
Business International Energy Forum (IEF) Secretary General Jassim Alshirawi speaks with Asharq Al-Awsat on the sidelines of the 17th Ministerial Meeting of the International Energy Forum (IEF) in Riyadh. Asharq Al-Awsat

International Energy Forum: Security of Supply Requires Ensuring Energy Access for Consumers

International Energy Forum (IEF) Secretary General Jassim Alshirawi stressed on Sunday that supply security remains a top priority amid growing global energy…

Abeer Hommadi (Riyadh)
Business Two workers carry out tasks at one of Saudi Aramco's facilities. (Aramco)

Aramco Namaat: 5 Years of Industrial Localization and Economic Diversification in Saudi Arabia

Saudi Aramco is expanding its investments in industries and services linked to its core business through the Aramco Namaat program, which has attracted nearly…

Bandar al-Mosalam (Riyadh)
Business President of WPC Energy Pedro Miras. Turki Al-Agili

President of WPC Energy to Asharq Al-Awsat: Security of Supply Returns to the Forefront of Priorities

President of WPC Energy Pedro Miras said that security of supply has returned to the forefront of priorities for the global energy sector amid escalating…

Abeer Hommadi (Riyadh)
Business Preparations for the International Energy Forum's Ministerial Meeting in Riyadh (Asharq Al-Awsat)

Riyadh Kicks off Energy Week with Ministerial Meeting on Supply Security, Market Stability

Riyadh will host the 17th ministerial meeting of the International Energy Forum on Sunday, bringing together ministers, officials and energy industry leaders…

Abeer Hommadi (Riyadh)
Business FILE PHOTO: Ajay Banga, President of the World Bank Group, reacts during the Clinton Global Initiative 2026 Annual Meeting in New York City, US, September 23, 2026. REUTERS/Jeenah Moon/File Photo/File Photo

World Bank in Talks with Dozens of Countries about Crisis Aid, Banga Says

The World Bank is in discussions with 30 to 40 countries about potential crisis aid to help them manage energy shocks and price increases triggered by the war…

Asharq Al Awsat
Business A factory operated by Saudi Arabia’s East Pipes Integrated Company for Industry. (Company photo)

Saudi Industrial Production Falls 23.5% in August

Saudi Arabia’s industrial production index fell 23.5% in August 2026 from a year earlier, weighed down by declines in mining and quarrying and manufacturing…

Asharq Al Awsat
Business Employees walk outside the Central Bank of Iraq headquarters in Baghdad (Reuters)

Iraqi Central Bank Says Traders Will Not Bear the Difference Under New Dollar Exchange Rate

The Central Bank of Iraq announced on Saturday that traders will not be charged the difference under the new dollar exchange rate for transfers whose purchases…

Asharq Al Awsat (Baghdad)