Business

ACWA Power Reports 44% Surge in Q1 Profit to $113.8 Million

Business A wind turbine at the Suez Energy Project. (ACWA Power)

ACWA Power Reports 44% Surge in Q1 Profit to $113.8 Million

Saudi energy and water developer ACWA Power reported a 44% year-on-year increase in net profit for the first quarter of 2025, reaching SAR 427.15 million ($113…

Asharq Al Awsat (Riyadh)
Business A general view of a guest wearing a Union flag ahead of a concert to mark the 80th Anniversary of VE Day at Horse Guards Parade on May 08, 2025 in London, England. (Reuters)

UK, Switzerland Sign Agreement Aimed at Direct Rail Link 

Britain and Switzerland signed an agreement aimed at establishing a direct rail link between London and Switzerland, a government statement said on Friday. …

Business A clerk sorts US hundred-dollar notes at the headquarters of Hana Bank in Seoul, South Korea, 08 May 2025. (EPA/Yonhap)

Dollar Eyes Weekly Rise into US-China Trade Talks 

The dollar headed for a weekly gain on most major peers on Friday as a US-UK trade deal raised hopes of progress in looming US-China talks, while bets of…

Business A one kilogram gold cast bars with 99.99% purity is pressed and ready for sale at the ABC Refinery in Sydney, Australia, Wednesday, April 30, 2025. (AP Photo/Mark Baker)

Gold Rebounds on Dip Buying; US-China Trade Talks in Focus

Gold prices firmed on Friday as investors bought bullion following an earlier dip in the session, while markets turned their focus to US-China trade talks this…

Asharq Al Awsat
Business FILE PHOTO: A person works at the Amazon warehouse, busy on Prime Day, in Melville, New York, US, July 11, 2023. REUTERS/Soren Larson/File Photo

Where Things Stand in the US-China Trade War

US and Chinese officials meet this weekend in Geneva for their first formal talks aimed at resolving a grueling tit-for-tat tariff war that threatens hundreds…

Asharq Al Awsat

Business Workers install steel rods at a construction site in Miami, Florida, US, March 11, 2025. (Reuters)

China’s First Four-Month Steel Exports at Record High Despite Tariff Turmoil 

China's steel exports in April topped 10 million metric tons for a second straight month bringing the total in the first four months to a record high,…

Business British Prime Minister Keir Starmer (C) speaks to the media after a phone conversation with US President Donald Trump, at a Jaguar Land Rover automobile manufacturing plant in the West Midlands, Britain, 08 May 2025. (EPA)

US and UK Announce Plans for a Trade Deal That Trump Says Would Cement Their Relationship

The United States and Britain announced plans for a symbolically important trade deal on Thursday, likely lowering the financial burden from President Donald…

Business A project by the Saudi Ministry of Rural Affairs and Housing. (Asharq Al-Awsat)

Saudi Arabia Expands Homeownership Eligibility in Government Housing Projects

Saudi Arabia’s Cabinet has approved a new decision allowing the Ministry of Municipal and Rural Affairs and Housing to sell residential units within its…

Mohammed al-Mutairi (Riyadh)
Business  FILE PHOTO: A pump jack operates near a gas turbine power plant in the Permian Basin oil field outside of Odessa, Texas, US February 18, 2025.  REUTERS/Eli Hartman/File Photo

Oil Prices Hold Steady on Support from US-China Trade Hopes

Oil prices held steady on Thursday, supported by hopes of a breakthrough in looming trade talks between the US and China, the world's two largest oil consumers…

Asharq Al Awsat
Business The Saudi-American Business Forum meets at the Federation of Saudi Chambers last year. (Asharq Al-Awsat)

Saudi Arabia Mobilizes Private Sector for Meetings with US Companies During Trump Visit

Saudi Arabia is mobilizing its private sector to engage directly with the high-level American business delegation that will be accompanying US President Donald…

Bandar al-Mosalam (Riyadh)
Business The Saudi and French delegations meet on Wednesday. (SPA)

Saudi Industry Minister Meets with French Industrial, Mining Executives 

Saudi Minister of Industry and Mineral Resources Bandar Alkhorayef held on Wednesday a series of bilateral meetings with senior executives and prominent…

Business ROSHN Group to Participate in Saudi Giga Projects 2025 Summit as Host Partner 

ROSHN Group to Participate in Saudi Giga Projects 2025 Summit as Host Partner 

ROSHN Group will showcase its development vision and highlight its latest projects during its participation as a host partner at the Saudi Giga Projects Summit…

Business US President Donald Trump at the White House. (Reuters) 

Trump Signals US Might Ease Chip Export Curbs on Some Gulf Countries  

US President Donald Trump said on Wednesday he might ease US microchip export restrictions to some Gulf countries. Trump is preparing for his first major…

Asharq Al Awsat (Washington)
Business People enter the Tadawul Tower at Saudi Arabia's King Abdullah Financial District in Riyadh (Asharq Al-Awsat) 

S&P: Tadawul Plays Pivotal Role in Saudi Arabia’s Economic Transformation

Standard & Poor's (S&P) affirmed on Tuesday that the Saudi Exchange, Tadawul, plays a pivotal role in the Kingdom’s economic transformation, serving as…

Asharq Al Awsat (Riyadh)
Business The Phillips 66 Carson refinery is shown after the company said it will shut its large Los Angeles-area oil refinery late next year, delivering a blow to California's fuel supply, in Carson, California, US, October 17, 2024. (Reuters)

Oil Falls as Market Eyes US-China Trade Talks, Storage Report Mixed

Oil prices edged lower on Wednesday, after bouncing back from a sharp sell-off earlier in the week, as investors turned their focus to US-China trade talks…

Business FILE PHOTO: US Treasury Secretary Scott Bessent testifies before a House Appropriations subcommittee oversight hearing on Capitol Hill in Washington, D.C., US, May 6, 2025. REUTERS/Jonathan Ernst/File Photo

US, China to Hold Ice-breaker Trade Talks in Geneva on Saturday

US Treasury Secretary Scott Bessent and chief trade negotiator Jamieson Greer will meet China's economic tsar He Lifeng in Switzerland this weekend for talks…

Asharq Al Awsat
Business A Boeing 787-9 Dreamliner operated by Riyadh Air at King Khalid International Airport (Riyadh)

IATA: Saudi Aviation Contributes $90.6 Billion to Economy, Supports 1.4 Million Jobs

A recent study by the International Air Transport Association (IATA) has revealed the substantial economic and social contributions of Saudi Arabia’s aviation…

Asharq Al Awsat (Jeddah)

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Business A panel discussion on the sidelines of the Real Estate Supply Chain Forum in Riyadh (Asharq Al-Awsat)

Saudi Arabia Unveils $2.6 Bln in Real Estate Supply Chain Investment Opportunities

The Saudi government is expanding its targets for “Supply Pro,” a digital platform that connects contractors and building materials manufacturers under the…

Asharq Al Awsat (Riyadh)
Business General view of capital Manama, Bahrain, October 30, 2022. (Reuters)

Bahrain's Economy Expands 3.4% in Q4 Driven by Non-oil Growth

Bahrain's economy expanded by 3.4% in the fourth quarter compared to a year earlier, the finance ministry said on Tuesday, citing preliminary data. Growth…

Asharq Al Awsat
Business FILE PHOTO: An oil pumpjack operates near Williston, North Dakota January 23, 2015. REUTERS/Andrew Cullen/File Photo

Oil Climbs $1 as Price Drop Triggers Buying; Oversupply Worries Weigh

Oil gained more than $1 per barrel on Tuesday, rebounding on technical factors and bargain hunting after a decision by OPEC+ to boost output sent prices down…

Asharq Al Awsat
Business FILE PHOTO: Egyptians and tourists visit the Great Pyramids in Giza, on the outskirts of Cairo, Egypt, November 4, 2024. REUTERS/Amr Abdallah Dalsh/File Photo

Egypt's Non-oil private Sector Contracts Further in April

Egypt's non-oil private sector economy contracted further in April after a decline in domestic and foreign demand caused new orders and output to fall for a…

Asharq Al Awsat
Business An aerial view of Riyadh, Saudi Arabia (SPA)

Saudi Chambers Federation Organizes Saudi-Egyptian Business Forum

The Federation of Saudi Chambers and Egypt’s General Authority for Investment and Free Zones (GAFI) on Monday held the Saudi-Egyptian Business Forum in Cairo…

Asharq Al Awsat
Business  Visitors look out towards the Giza pyramid complex as they tour the Grand Egyptian Museum in Giza on the southwestern outskirts of the capital Cairo on May 5, 2025. (AFP)

Egypt’s Net Foreign Assets Jump in March after IMF Review Approval

Egypt's net foreign assets jumped by $4.9 billion in March, central bank data showed, apparently boosted by the approval of the fourth review of the country's…

Business One of the Saudi Basic Industries Corporation (SABIC) plants... (SPA)

SABIC Expects Capital Expenditure of $4 Bn in 2025

Saudi Basic Industries Corporation (SABIC), one of the world’s largest petrochemical companies, reported a net loss of 1.21 billion riyals ($322.6 million) for…

Abir Hamdi (Riyadh)
Business Steve SK Jeong, Head of Naval Ship International Business Department of Hanwha Ocean, speaks during an interview with Reuters in Seoul, South Korea, May 2, 2025.   REUTERS/Kim Hong-Ji

South Korea's Hanwha Ocean Targets US Navy Orders as Trump Seeks Shipbuilding Ties

South Korean shipbuilder Hanwha Ocean aims to boost its revenue from overseas military vessels to around 4 trillion won ($2.91 billion) by 2030 and hopes to…

Asharq Al Awsat
Business Tourists sail through Bosphorus on a boat to enjoy the historical sightseeings of in Istanbul, Türkiye, April 25, 2025. REUTERS/Umit Bektas

Turkish April Inflation at 3% Monthly, Stood at 37.86% Annually

Turkish inflation climbed 3% in April to stand at 37.86% annually, according to the Turkish Statistical Institute data on Monday, slightly lower than a Reuters…

Asharq Al Awsat
Business FILE PHOTO: Gold bars are displayed at a gold jewelry shop in the northern Indian city of Chandigarh May 8, 2012. REUTERS/Ajay Verma/File Photo/File Photo

Gold Gains on Weaker Dollar; Traders Brace for Fed Rate Decision

Gold prices firmed on Monday, supported by a softer dollar, as investors awaited further details on the US-China trade relations, along with the Federal…

Asharq Al Awsat
Business US President Donald Trump speaks with the media aboard Air Force One as he flies from West Palm Beach, Florida enroute to Joint Base Andrews in Maryland, on May 4, 2025 returning to the White House.(Photo by SAUL LOEB / AFP)

Trump Says He Wants a Fair Trade Deal with China

US President Donald Trump on Sunday said the US was meeting with many countries, including China, on trade deals, and his main priority with China was to…

Asharq Al Awsat
Business File photo: SABIC accounted for approximately 69% of the sector’s net profits in Q2 2024, with an 85% growth. (SABIC)

Saudi Chemicals Group SABIC Reports Q1 Net Loss of $323 Million

Saudi chemicals giant SABIC 2010.SE reported a net loss of 1.21 billion Saudi riyals ($323 million) in the first quarter of 2025, compared to a profit of 0.25…

Asharq Al Awsat
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