Riyadh, Saudi Arabia -- The Saudi EXIM Bank has given credit facilities amounting to SAR16.5 billion ($4.455 billion), surpassing the planned target of SAR12.4 billion ($3.348 billion) by 33%. They represented 5.2% of the total credit facilities for non-oil exports in the Kingdom. Saudi EXIM Bank disbursed a total of...

Abu Dhabi, UAE - United Arab Emirates has announced a provision of a monthly financial allowance equivalent to 50 percent of the basic salary for all mosque staff, including imams and muezzins working under the General Authority for Islamic Affairs and Endowments (GAIAE). Dr Omar Habtoor Al Darei, Chairman of...

BEIJING, CHINA – Chinese regulators will ban the chairman of property giant Evergrande from the securities market for life on grounds of financial fraud, a subsidiary of the company said on Monday. Heavily indebted Evergrande has become a potent symbol of the years-long crisis in China's property market, a crucial pillar...

Seoul, South Korea - As a US campaign to sever TikTok from its Chinese parent heads to the Senate, analysts say Beijing's response to a forced sale of the app -- and its 'secret sauce' algorithm -- will be clear: Hands off. Under new legislation that passed the House of Representatives...

Methane emissions from the fossil fuel industry have risen for three consecutive years, according to the International Energy Agency (IEA), hitting near record highs in 2023.

Abu Dhabi, UAE -- A three-bedroom penthouse at Nobu Residences on Saadiyat Island was sold for a record AED137 million ($37.30 million) by real estate developer Aldar. Aldar said the sale represents the highest price per square meter achieved in the emirate, at more than AED96,000 per sqm. The record...

Dubai, UAE -- Nearly 50 percent of the Multinational Corporations (MNCs) that opened businesses in Dubai during 2023 are based in Asia and Australia, according to the Dubai International Chamber, one of the three chambers operating under the umbrella of Dubai Chambers. The Chamber said in a statement that growing...

Lyon, France--Vatel Hotel and Tourism Business School Bahrain signed a memorandum of understanding (MoU) with EKLYA School of Business in France to launch a student exchange programme between Bahrain and France aimed at bolstering academic and cultural ties between the two countries. This initiative affirms the joint commitment to strengthen...

Cairo, Egypt -  Historic al-Azhar Mosque marked its 1084th anniversary of its founding on March 17,  celebrated by al-Azhar ash-Sharif with distinguished scholars and leaders in attendance.  The event, held annually on the seventh day of Ramadan, features various activities highlighting the mosque's rich history, educational institutions, notable scholars, and...

Riyadh, Saudi Arabia - The capital city of Riyadh is abuzz with excitement as preparations are underway for the premiere performance of the highly anticipated opera, "Zarqa Al-Yamama." Scheduled to debut on April 25 at the prestigious theater of the King Fahd Cultural Center, the opera is poised to make...

Abu Dhabi, UAE--The UAE banking sector continued its growth momentum last year and is poised for further growth and recovery in 2024, thanks to the success of the Central Bank of the UAE's (CBUAE) strategies and policies in setting the necessary frameworks and regulations to deliver sustainable growth for the...

JERUSALEM – German Chancellor Olaf Scholz on Sunday called for a deal to free hostages held in war-ravaged Gaza accompanied by a "longer-lasting ceasefire", as warring parties geared up for more talks. "We need a hostage deal with a longer-lasting ceasefire," Scholz said during a joint press appearance in Jerusalem...

Riyadh, Saudi Arabia -- ROSHN Group, the PIF-owned giga-project and real estate developer, has signed a memorandum of understanding (MoU) with the Saudi Federation for Cybersecurity, Programming and Drones during LEAP, the Riyadh-based annual technology event, that aims to further national capabilities in the areas of cybersecurity, programming, and drone...

Cairo, Egypt -- The European Union, which is seeking to stem the inflow of irregular migrants, announced Sunday a 7.4 billion euro ($8 billion) package of loans, grants and energy cooperation deals with cash-strapped Egypt. It will include billions in loans over coming years and aims to step up Egyptian energy...

Kabul, Afghanistan--Twenty-one people were killed and 38 injured on Sunday in southern Afghanistan's Helmand province when a bus collided with an oil tanker and a motorbike, provincial officials said. Deadly traffic accidents are common in the country, due in part to poor roads, dangerous driving on highways and a lack of...

BEIRUT, LEBANON – At least 19 people searching for truffles in the north Syria desert were killed on Saturday after their vehicle hit a landmine, a war monitor said, raising an earlier toll of 16. Between February and April each year, hundreds of impoverished Syrians risk their lives searching for truffles...

Ramallah, Palestinian Territories - Palestinian president Mahmud Abbas's Fatah party hit back at criticism by Hamas and other factions over his appointment of a new prime minister they said could deepen divisions as the war with Israel in Gaza rages. Abbas appointed Mohammed Mustafa, a long-trusted adviser on economic affairs, as...

CAIRO, EGYPT – A major fire here destroyed one of the Arab world's most prestigious and oldest film production houses, founded 80 years ago, an AFP journalist said. Flames overtook the Al-Ahram Studio in Cairo's Giza district, burning everything inside and spreading to three surrounding buildings which were evacuated before the...

Geneva, Switzerland - A major new study released by The Lancet Neurology shows that, in 2021, more than 3 billion people worldwide were living with a neurological condition. The World Health Organization (WHO) contributed to the analysis of the Global Burden of Disease, Injuries, and Risk Factor Study (GBD) 2021 data. Neurological...

Riyadh, Saudi Arabia - The international credit rating agency S&P Global Rating affirmed its foreign and local currency sovereign credit ratings of Saudi Arabia at 'A/A-1' with stable outlook. The agency indicated in its report that this rating affirmation is a result of the continuation of the Kingdom's economic and...

Riyadh, Saudi Arabia - Saudi Arabia faces substantial annual losses in its agricultural sector, including 234,000 tons of tomatoes and 201,000 tons of potatoes, along with notable quantities of onions, cucumbers, and zucchinis, Saudi Ministry of Environment, Water, and Agriculture revealed on Friday. Highlighting the critical importance of conserving food...

Washington, US - G7 countries warned Iran on Friday that they will impose "significant" new sanctions if Tehran transfers ballistic missiles to Russia for use in Ukraine. "We reiterate our call on third parties to immediately cease providing material support to Russia's illegal and unjustifiable war of aggression against Ukraine or...

Abu Dhabi, UAE -- UAE's Ministry of Finance (MoF) Friday launched digital public consultation to gather feedback from relevant stakeholders on the implementation of the Global Minimum Tax (GMT) or Global Anti-Base Erosion Model Rules (Pillar Two) (GloBE Rules) as well as other tax matters in the UAE. The consultation...

Abu Dhabi, UAE -- Non-oil trade between the UAE and the United States reached $31.4 billion in 2023 and is expected to continue growing at the same pace in 2024, said Danny E. Sebright, President of the US-UAE Business Council. Sebright added, in statements to the Emirates News Agency (WAM),...

RIYADH, SAUDI ARABIA – Non-oil activities in the Kingdom have achieved a historic milestone, reaching a 50 percent share of the country's real GDP in 2023 – the highest level on record, according to an analysis of the General Authority for Statistics data by the Ministry of Economy and Planning....

Tokyo, Japan -- Japan's largest trade union said Friday it had secured the highest wage hikes since 1991 in preliminary data that stokes speculation the central bank will finally shift away from its outlier ultra-loose monetary policy. The Rengo union said that in spring wage talks so far, its members had...

Dubai, UAE -- The UAE advanced to the seventh rank globally in the Gender Inequality Index 2024, issued by the United Nations Development Programme (UNDP), rising significantly from its 49th place in 2015 and 11th place in 2022. The UNDP announced UAE's achievement during the meetings of the 68th session...

Tehran, Iran -  Iran’s production of aluminum ingot in the country registered a 7% growth in the first 11th month of this Iranian year, the Iranian Mines and Mining Industries Development and Renovation Organization (IMIDRO).  Iran’s four major aluminum production companies produced 54,893 tons of aluminum ingots in February 2024,...

Dubai, UAE--Dubai welcomed 1.77 million international tourists in January 2024, an increase of 21% compared to 1.47 million visitors in the same period of 2023. According to the Dubai Tourism Performance Report for January issued by the Dubai's Department of Economy and Tourism, Western Europe ranked first in terms of...

Diriyah, Saudi Arabia -  Saudi Arabia, has revealed plans for "The Arena in Diriyah," a monumental 76,000-square-meter lifestyle facility set to redefine the region's cultural and entertainment landscape.  Designed by London-based HKS Architects as part of a $63.2 billion masterplan, the arena aims to become the Middle East's premier venue...

Washington, US - Former US Treasury Secretary Steven Mnuchin on Thursday said he is putting together a team of investors to buy TikTok from its Chinese owners. On Wednesday, the US House of Representatives overwhelmingly approved a bill that would force TikTok to divest from its parent company or face a...

Washington, US - The United States sanctioned three Israeli settlers and two farming outposts on Thursday, accusing them of being involved in "undermining stability in the West Bank." The move marks the second time this year that Washington has sanctioned Israeli settlers, as it looks to respond to the rise in...

Abu Dhabi, UAE -- The launch of Gulf Cooperation Council's first UAE bond Exchange Traded Fund (ETF), which will list on the Abu Dhabi Securities Exchange (ADX), was announced Thursday by Lunate Capital Limited, an Abu Dhabi-based investment management firm licensed by the ADGM Financial Services Regulatory Authority (FSRA). The...

ABU DHABI, UAE – The United Arab Emirates and Hungary have signed an economic cooperation agreement aimed at stimulating trade and investment between the two nations.   The agreement was signed in the Hungarian capital Budapest by Dr. Thani bin Ahmed Al Zeyoudi, Minister of State for Foreign Trade, and...

Arar, Saudi Arabia -- In a unique and creative initiative, families in Saudi Arabia's Northern Borders Region are using henna body paint to encourage children to fast during Ramadan. The practice involves drawing intricate henna patterns on the hands of young girls, often featuring symbols related to Ramadan and fasting. These...

London, United Kingdom--The UK announced Wednesday that it plans to bar overseas governments from owning British newspapers, a move that could scupper the contentious Abu Dhabi-led takeover of the Telegraph Media Group. Stephen Parkinson, a media minister, announced in the upper-chamber House of Lords that the Conservative government would amend proposed...

Abu Dhabi, UAE--ADNEC Group has announced the launch of the region's first Bitcoin MENA Conference 2024 set to take place on 9-10th December 2024 in the Abu Dhabi National Exhibition Centre (ADNEC Centre Abu Dhabi). Co-organised by Capital Events, the event management arm of ADNEC Group, and BTC Inc., the...

Doha, Qatar - The women returning to the workforce following a career break have the potential to contribute nearly US$385bn to the GDP across nine countries in the Middle East and North Africa (MENA) region. says a PwC Middle East’s survey. 82% of these women believe that they can progress...

Geneva, Switzerland – The number of children who died before their fifth birthday has reached a historic low, dropping to 4.9 million in 2022, according to the latest estimates released today by the United Nations Inter-agency Group for Child Mortality Estimation (UN IGME). “Behind these numbers lie the stories of...

Senior European Union officials say the rules, first proposed in 2021, will protect citizens from the risks of a technology developing at breakneck speed, while also fostering innovation on the continent.

MIC will be an anchor investor in their second venture capital fund.

Riyadh, Saudi Arabia -- Saudi Arabia witnessed a surge in commercial registrations across various business sectors in the last quarter of 2023, with land transport of goods leading the way, the Kingdom's Ministry of Commerce said Wednesday. Land transport of goods witnessing a remarkable increase. By the end of Q4...

Dubai, UAE - More than 70% of surveyed retailers in the UAE have experienced increased revenue and higher customer footfall since adopting digital payments,  a study conducted by Visa in the United Arab Emirates (UAE), titled 'Value of Acceptance’ has revealed. The study focused on two groups of merchants - those...

Dubai, UAE--A study undertaken by Dubai Chamber of Commerce has revealed that Indian investors topped the list of nationalities of new non-UAE businesses joining the chamber last year. A total of 15,481 new Indian-owned companies became members in 2023, representing year-over-year (YoY) growth of 38 percent and underlining Dubai’s continuing...

Dubai, UAE--Total spending using international cards in the UAE witnessed a growth of more than 25% during the year 2023. J.K. Khalil, General Manager, MENA East, Mastercard, told Emirates News Agency (WAM) that digital payments continue to experience remarkable growth in the UAE, with more users and companies opting for...

Dubai, UAE - Parkin Company on Tuesday announced an increase in the number of shares offered in the UAE Retail Offer of its initial public offering (IPO) following an exceptional level of over-subscription and demand from retail investors. Following the approval of the Securities and Exchange Authority (SCA), the UAE...

The annual consumer price index (CPI) came in at 3.2 percent last month, the Labor Department said, while the "core" measure stripping out volatile food and energy prices edged down slightly to 3.8 percent.

Tehran, Iran - Baghdad and Tehran are currently engaged in negotiations to facilitate the import of gas from Turkmenistan, with the Iraqi Minister of Electricity Luay Al-Khatteeb revealing that discussions are underway to utilize Iran's extensive network for the transportation of Turkmenistan's gas. Highlighting the challenges in establishing direct lines...

Dubai, UAE -- Dubai hotels achieved a 3.4 percent year-on-year growth in occupancy levels, reaching 90.8 percent, according to preliminary data for February released by CoStar, a provider of global real estate information, analytics, and online marketplaces. Other key metrics also showed positive growth, with the average daily rate (ADR)...

Riyadh, Saudi Arabia -- Saudi Arabia's international reserve assets decreased by SAR 26.98 billion, or 2 percent, to SAR 1.619 trillion ($431.65 billion) in February 2024, compared to the previous month. On a yearly basis, the Kingdom’s foreign reserve assets plunged 5 percent, or SAR 78.2 billion, Argaam reported, citing Saudi...