Business

Türkiye Showcases Renewables Surge, but Leaves Coal Intact

Business Türkiye is rapidly expanding its renewable energy capacity. But as host of COP31, the country faces growing pressure to match its clean energy ambitions with a clear commitment to phase out fossil fuels. Yasin AKGUL / AFP

Türkiye Showcases Renewables Surge, but Leaves Coal Intact

On a windy hillside about an hour's drive northwest of Istanbul, the Catalca power plant was one of Türkiye's first large-scale wind farms and has been feeding…

Asharq Al Awsat
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 Al-Belushi noted that the Kingdom has offered over 46,000 km² for exploration - SPA

Saudi Arabia Reinforces Global Mining Leadership at PDAC 2026 in Canada

Saudi Arabia participated in the Prospectors and Developers Association of Canada (PDAC) convention, held March 1–4, 2026, highlighting exploration and mining…

Asharq Al Awsat
Business A man shops in a supermarket in Chanverrie, France, October 16, 2024. REUTERS/Stephane Mahe

S&P Global: UK Consumers Hit by Worries Over War in Iran

British consumers have turned their least confident since the start of last year following the outbreak of war in the Middle East, financial data firm S&P…

Asharq Al Awsat (London)
Business AFP_96 Gold bars weighing 1000 grams each are displayed at the Austrian Gold and Silver Refinery _Oegussa_ in Vienna

Gold Falls as Inflation Fears Pressure Fed Rate-cut Outlook

Gold prices dipped on Monday, pressured by concerns that surging oil costs could stoke inflation further and prompt a more hawkish policy stance by major…

Asharq Al Awsat
Business Shoppers are seen at a supermarket in Saudi Arabia. SPA

GASTAT: Saudi Consumer Inflation Eased to 1.7% in February

Saudi Arabia’s annual inflation rate edged down to 1.7 percent in February, the lowest level since January 2025, according to data from the General Authority…

Asharq Al Awsat (Riyadh)
Business An oil pump is pictured at an obsolete oilfield, with wind turbines in the background, in Sargentes de la Lora on March 13, 2026, near Burgos in northern Spain, where oil first flowed in Spain in 1964.  (Photo by CESAR MANSO / AFP)

Oil Hovers around $100, Stocks Mixed as Iran War Rages

Oil prices hovered around $100 a barrel Monday and stocks fluctuated as the Iran war moved into a third week with both sides showing no sign of backing down…

Asharq Al Awsat
Business A worker walks past the storage of aluminium ingots at the aluminum smelter Aluminium Dunkerque in Loon-Plage near Dunkirk, France, September 22, 2022. REUTERS/Pascal Rossignol

Bahrain Starts to Cut Production at World’s Largest Aluminium Smelter

Aluminium Bahrain, known as Alba, said on Sunday it had initiated a shutdown of three aluminium smelting lines accounting for 19% of its capacity to preserve…

Asharq Al Awsat (Manama)
Business A truck drives at the Iraq-Iran border crossing of Bashmagh near Sulaimaniyah in Iraq's autonomous Kurdistan region on March 11, 2026. (AFP)

Iraq Says Kurdish Authorities Refusing to Let It Send Oil Through Their Pipeline

Iraq’s oil ministry said the Kurdistan Regional Government had refused to let it use a pipeline as an alternative route for crude flows disrupted by the Iran…

Business  A woman holds a fuel pump as she fills her car tank at a gas station in the Manhattan borough of New York City on March 14, 2026. (AFP)

Over 400 Million Barrels of Emergency Oil Reserves to Flow to Global Markets Soon, IEA Says

Oil from the International Energy Agency emergency reserves will begin flowing to global markets soon, with member countries pledging to make available 411.9…

Business Quality of life represents a strategic national priority in Saudi Arabia (SPA). 

Saudi Economy Accelerates as Diversification and Legal Reforms Drive Growth

Saudi Arabia’s economy has undergone nearly a decade of transformation under Crown Prince Mohammed bin Salman, as sweeping reforms and diversification efforts…

Saeed Al Abyad (Jeddah )
Business The US-Israel war on Iran has seen energy infrastructure damaged across the Middle East, sending shockwaves through global markets. AFP

US Fed Expected to Hold Rates Steady as Iran War Roils Outlook

US Federal Reserve policymakers are expected to leave interest rates unchanged at their meeting next week, as the US-Israel war on Iran sends shock waves…

Asharq Al Awsat
Business As LNG production increases, Fitch projects the general government budget surplus will rise ⁠to ⁠4.1% of GDP in 2027 (Reuters)

Fitch Affirms ‘AA’ Credit Rating for Qatar

Fitch Ratings affirmed Qatar's long-term foreign-currency rating at "AA" and a "stable" outlook on Friday, saying its strong balance sheet and plans to sharply…

Asharq Al Awsat (London)
Business US President Donald Trump speaks before signing the "Genius Act", which will develop regulatory framework for stablecoin cryptocurrencies and expand oversight of the industry, at the White House in Washington, D.C., US, July 18, 2025. REUTERS/Nathan Howard/File Photo

Trump Seeks to Close $1.6 trillion Revenue Gap with Raft of New Tariffs

The Trump administration this week stepped up its ambitious effort to replace about $1.6 trillion in lost tariff revenue that was eliminated by the Supreme…

Asharq Al Awsat
Business FILE PHOTO: Japan's Finance Minister Satsuki Katayama speaks on the day Japan's Prime Minister Sanae Takaichi delivers her policy speech in the parliament, in Tokyo, Japan, February 20, 2026. REUTERS/Kim Kyung-Hoon/File Photo

Japan, South Korea Say Ready to Act Against FX Volatility

Japan and South Korea expressed concern on Saturday about the rapid declines in their currencies, saying they were ready to act against excessive foreign…

Asharq Al Awsat
Business FILE PHOTO: 3D-printed oil pump jacks and the British Petroleum (BP) logo appear in this illustration taken March 2, 2026. REUTERS/Dado Ruvic/Illustration/File Photo

BP Wins US Approval for Kaskida Project in Gulf of Mexico

British energy major BP has received approval from the Trump administration to advance its Kaskida project in the Gulf of Mexico, a company spokesperson told…

Asharq Al Awsat
Business King Abdullah Financial District in Riyadh (Asharq Al-Awsat)

S&P: Saudi Arabia’s Robust Economy Guarantees its Ability to Withstand Regional Conflict

Credit ratings agency S&P Global affirmed Saudi Arabia’s sovereign credit rating at “A+/A-1,” with a “stable outlook” on Friday. The agency said that…

Asharq Al Awsat (Riyadh)
Business Floating oil export loading platforms at the Basra Oil Port, Iraq, March 12, 2026. REUTERS/Mohammed Aty

Iraq Studies Alternative Options for Oil Exports

Iraq is studying alternative measures to export crude oil after disruptions to the process amid the US-Israeli war against Iran. At the same time, the country…

Asharq Al Awsat (Baghdad)
Business A cargo ship sails under Las Americas bridge through the Panama Canal, in Panama City, Thursday, March 12, 2026. (AP)

Iran War and Rising Fuel Costs Could Boost Panama Canal Traffic, Administrator Says

Panama Canal Administrator Ricaurte Vásquez said Thursday that the conflict in the Middle East and rising fuel costs could ultimately benefit the interoceanic…

Business FILE PHOTO: A direction sign is seen near the Bank of England building in London, Britain, February 3, 2025.  REUTERS/Toby Melville//File Photo

ONS Data: UK Economy Lost Steam Unexpectedly at Start of 2026

Britain's economy stagnated unexpectedly in January and expanded weakly in preceding months, according to official data on Friday that showed only tepid growth…

Asharq Al Awsat (London)
Business Shipping containers are pictured at the UK's largest freight port, in Felixstowe on the East coast of England, on March 12, 2026. (AFP)

Air Freight Rates Soar as Middle East Conflict Blocks Trade Routes

Air freight rates have risen by as much as 70% on some routes since the start of the US-Israeli war on Iran, data shows, as the conflict limits flights, blocks…

Business FILE PHOTO: The logo of French oil and gas company TotalEnergies is seen on a gas station in Drancy, France March 17, 2025. REUTERS/Abdul Saboor/File Photo

TotalEnergies Output Down 15%; Operations at SATORP Refinery in Saudi Arabia Are Normal

TotalEnergies has lost 15% of its oil and gas output as the US-Israeli war with Iran shuts fields across the Middle East, including in the UAE, Qatar and Iraq,…

Asharq Al Awsat (Paris)
Business A foreign tanker carrying Iraqi fuel oil damaged after catching fire in Iraq's territorial waters, following unidentified attacks that targeted two foreign tankers, according to Iraqi port officials, near Basra, Iraq, March 12, 2026.  REUTERS/Mohammed Aty

Oil Unlikely to Hit $200 a Barrel, US Energy Chief Says

US Energy Secretary Chris Wright said on Thursday that oil prices are unlikely to reach $200 a barrel, with President Donald Trump touting US gains from higher…

Asharq Al Awsat
Business A view of the skyline of the Saudi capital, Riyadh (SPA)

Saudi Arabia Named Top 10 Global Mining Investment Destination

Saudi Arabia has been named among the world’s top ten mining investment destinations in the Fraser Institute’s Annual Survey of Mining Companies 2025, one of…

Asharq Al Awsat
Business 09 March 2026, China, Hong Kong: Oil Storage Tanks at the SINOPEC Oil Terminal at Tsing Yi in Hong Kong. Photo: Vernon Yuen/Nexpher via ZUMA Press Wire/dpa

Oil Jumps 7% as Iran Escalates Attacks on Gulf Shipping

Oil prices rose sharply on Thursday as Iran stepped up attacks on oil and transport facilities across the Middle East, fuelling concerns of a prolonged…

Asharq Al Awsat