Riyadh, Saudi Arabia — Saudi Crown Prince Mohammed bin Salman on Thursday launched a new company called Alat geared to make Saudi Arabia a global hub for electronics and advanced industries. The new company aims to create 39,000 direct jobs and achieve a direct non-oil GDP contribution of $9.3 billion...

Riyadh, Saudi Arabia -- Saudi Arabia remains undecided on accepting the BRICS bloc's invitation to join, despite initial claims of its accession. South Africa's Foreign Minister Naledi Pandor's recently asserted the kingdom's membership, but a Saudi official told Reuters that the Kingdom has not yet responded to the invitation to...

ABU DHABI, UAE - Madrid wants the upcoming 13th Ministerial Conference (MC13) of the World Trade Organization (WTO) here next month to address the potential challenges of de-globalization and its impacts on global supply chains, Minister of State for Trade of Spain Xiana Mendez said. “The main challenges we may...

Riyadh, Saudi Arabia -- Foreign Direct Investment inflows into Saudi Arabia hit SAR 17 billion in the third quarter of 2023, a decrease of 14.4 percent compared to the second quarter, the Kingdom's General Authority for Statistics (GASTAT) said. The total FDI outflows reached SAR 5 billion, a decrease of...

Abu Dhabi, UAE -- Real estate transactions in the Emirate of Abu Dhabi amounted to over AED 5 billion ($1.36 billion) in the first month of 2024, comprising 1,386 transactions of sales and mortgages on various types of real estate units. According to the "DARI" platform, affiliated with the Department...

Abu Dhabi, UAE--In a significant move that underscores the interconnectedness of global monetary policies, central banks across the Gulf Cooperation Council (GCC) have announced decisions to hold their interest rates steady, mirroring the recent actions of the US Federal Reserve. This collective stance reflects a cautious approach to navigating the...

Manama, Bahrain - The Digital Cooperation Organization (DCO), a global intergovernmental organization dedicated to fostering digital prosperity for all by accelerating the inclusive growth of the global digital economy, has announced the launch of new initiatives to bridge the global digital divide. The DCO Council also announced the joining of...

Abu Dhabi, UAE-- The UAE economy is projected to grow by 5.7% in 2024 despite prevailing global economic challenges, including global economic slowdown and difficult financial conditions, according to Younis Haji Al Khoori, Undersecretary of the Ministry of Finance (MoF). Speaking to a media outlet, he said, "Our efforts to...

Riyadh, Saudi Arabia — Average life expectancy in Saudi Arabia reached 77.6 years compared to 74 years in 2016, the Health Sector Transformation Program (HSTP), a component of the Vision 2030 initiative, has revealed. The program attributes the remarkable progress to a series of strategic efforts, notably the incorporation of...

"Markets are eagerly anticipating today's meeting from the Federal Reserve with traders looking for signs over whether a March rate cut is plausible," said Joshua Mahony, chief market analyst at Scope Markets.

"Container shipping... has declined by almost 30 percent," said Jihad Azour, director of the IMF's Middle East and Central Asia department, adding that "the drop in trade accelerated in the beginning of this year."

Geneva, Switzerland -- Middle Eastern carriers reported a 1.6 percent increase for global and international demand in 2023 compared to 2022 and an increase in capacity of 13.5 percent (13.6 percent for international operations), the International Air Transport Association (IATA) said. In December, airlines in the region posted an 18.3 percent increase in...

Tehran, Iran - Iran and Turkey are set to enhance their electricity exchange capabilities through the implementation of modern technology, according to Mehdi Moghimzadeh, the head of Iran's Iran Grid Management Company. “With the signing of the contract for the operation of 400-kilovolt BtB HVDC line between Khoy (Iran) and...

Riyadh, Saudi Arabia - The World Health Organization (WHO) has recognized the Saudi Food and Drug Authority (SFDA) for its efforts in ensuring that food products in Saudi Arabia are free from industrially produced trans-fatty acids (ITFA) or artificial trans fats. This places Saudi Arabia among the top five countries...

PARIS, FRANCE - More than two-thirds of musicians fear that artificial intelligence will make it impossible to make a living, according to a study by French and German music societies published on Tuesday. Based on a survey of over 15,000 people in the industry, France's Society of Authors, Composers and Music...

Dubai, UAE -- UAE's Ministry of Finance has saved 39,000 hours of human labor by using bots, software applications that carry out automated tasks for 1.8 million transactions with more than 98 percent accuracy, the Ministry said. It has just completed phase two of embedding robotic process automation (RPA) into...

Riyadh, Saudi Arabia - Saudi Arabia on Monday launched "Youth Development Strategy" to help its youth to play a critical role in the national economy, who, according to the kingdom's Minister of Human Resources and Social Development, Eng. Ahmed Al-Rajhi, constitute 44% of the population and 78% of the workforce...

Ankara, Turkey - Turkish Foreign Minister Hakan Fidan on Monday expressed serious apprehensions about the escalating situation in the Gaza Strip, warning that unless the global community takes immediate action, two million people may die. "Humanitarian aid and medical supplies are not allowed into Gaza. This is a harbinger of...

Palestinian Territories - Even the dead are not spared by the Hamas-Israel war raging in Gaza, with bodies dug up by Israeli troops and hurried burials happening in hospitals and even a school. In Gaza City's Al-Tuffah district, shrouded corpses of Palestinians torn from their graves lay atop muddied earth....

Geneva, Switzerland - The World Health Organization said on Monday that nearly half the world's population was now covered by solid rules limiting trans fat in foods and urged lagging countries to catch up. The WHO appealed in 2018 for industrially produced fatty acids in foods to be eliminated worldwide by...

Doha, Qatar - Qatar's foreign merchandise trade balance, which represents the difference between total exports and imports, showed a surplus of QR 18.7 billion ($5.13 billion), a decrease of about QR 9.5 billion, or 33.7 percent, compared to December 2022. The trade balance showed an increase by nearly QR 2.0 billion,...

Hong Kong -- The Egyptian government is mulling over the possibility of issuing bonds for the first time denominated in Emirati dirhams, Indian rupees, and Hong Kong dollars. The move is part of the ministry's pursuit of a diversified financing strategy, encompassing multiple markets, investors and financing tools. In a...

Riyadh, Saudi Arabia - The CEO of the Royal Commission for AlUla, Eng. Amr Al-Madani, has been arrested on charges of misusing authority and money laundering involving SR206 million ($55 milion). The Oversight and Anti-Corruption Authority (Nazaha) reported the arrest, stating that Al-Madani's partners in a company were also apprehended....

For about a dollar per trip, male-only groups of visitors can board wooden boats five times a week to the hijacked car carrier, which the Houthis hail as a trophy in their fight in solidarity with the Palestinians. On the deck of the Galaxy Leader, none of the visitors interviewed...

Riyadh, Saudi Arabia - The total market value of the primary Saudi stock market, represented by the All Tadawul Share Index (TASI), has reached an impressive SR11 trillion ($2.97 trillion). This valuation encompasses shares from 231 listed companies and funds currently actively traded in the market. An analysis of the...

Riyadh, Saudi Arabia -- Saudi Arabia's national tourism brand, "Saudi Welcome To Arabia," has launched a new global marketing campaign featuring football legend Lionel Messi. The campaign, called "Go Beyond What You Think," aims to address misconceptions about Saudi Arabia and encourage people to experience the country's cultural transformation. The...

Dubai, UAE -- Dubai Crown Prince Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum Sunday launched the ‘Dubai International Growth Initiative’, allocating AED500 million to accelerate the expansion of small and medium-sized enterprises (SMEs) established in Dubai into global markets. The initiative was launched by the Government of Dubai in...

Washington, United States -- The US Federal Reserve is widely expected to start cutting interest rates in the coming months, as inflation edges closer to its long-run target of two percent. What is less clear, however, is when the first of those cuts will come. While the US central bank is...

The disaster, which killed more than 50,000 people in all, was Turkey's deadliest in many centuries. President Recep Tayyip Erdogan blamed the scale of the toll on negligent building contractors, accusing them of cutting corners by using cheap concrete and ignoring basic construction standards.

Doha, Qatar--Qatar and Nepal have held talks to enhance commercial and economic relations between the two countries, explored the investment climate, numerous opportunities available in both countries, and identified the most important sectors for cooperation and partnership In this regard, the acting general manager of the Qatar Chamber, Ali Saeed...

Doha, Qatar - Musab Al-Battat has led Palestine on the pitch with his all-action performances and off it as the voice of a team who have battled the odds to reach the Asian Cup knockout rounds for the first time. The 30-year-old captain will be the man his team look to...

Baghdad, Iraq - Iraq and the United States on Saturday held a "first round" of talks on the future of American and other foreign troops in the country, with the Middle Eastern country expecting discussions to lead to a timeline for reducing their presence. The office of Prime Minister Mohamed Shia...

Tehran, Iran - Gunmen in southeastern Iran near the Pakistan border killed nine foreign nationals on Saturday, Iranian media reported, more than a week after the neighbors exchanged deadly cross-border fire. "According to witnesses, this morning unknown armed men killed nine non-Iranians in a house in the Sirkan neighborhood of Saravan...

Riyadh, Saudi Arabia - Red Sea Global, a company wholly owned by the Public Investment Fund (PIF) of Saudi Arabia, has unveiled a state-of-the-art robot designed specifically for beach cleanup in Red Sea and Amaala destinations.  The electric-powered robot is engineered to enhance the visual appeal of the sandy shores...

Paris, France - A gene therapy that has allowed several children born deaf to hear for the first time is being hailed as a "game changer" that raises hopes of the first new treatment for hereditary deafness in decades. Several medical teams around the world are trialling the procedure, which focuses...

Riyadh, Saudi Arabia - Saudi Arabia Railways (SAR) and the Italian Arsenale Group have officially inked an agreement to introduce the "Dream of the Desert" luxury train service in Saudi Arabia. The momentous deal was signed by Dr Bashar Al-Malik, CEO of SAR, and Paolo Barletta, CEO of the board...

The reactions to the top UN court's ruling Friday in the Israel-Gaza case were split along the lines of the war raging in the Palestinian territory. Saudi Arabia welcomed the ICJ's decision and called for the international community to "hold Israel accountable" for "violations" of international law.

Ankara, Turkiye – Iran and Turkiye signed contract to connect their power grids during the visit of Iranian president Ibrahim Raisi to Turkiye. The Khoy-Van grid line is set to become operational as part of the agreement between the Iran Grid Management Company and the Turkish Electricity Transmission Company (TEIAS).,...

London, United Kingdom - The head of Britain's Telegraph Media Group has stepped down, the company announced on Friday, as the government probes its contentious proposed takeover by a United Arab Emirates-backed fund. TMG and parent company Press Acquisitions Limited said that chief executive officer Nick Hugh, in the post since...

"WHO refutes Israel's accusation at the executive board meeting yesterday that WHO is in 'collusion' with Hamas and is 'turning a blind eye' to the suffering of hostages being held in Gaza," WHO chief Tedros said on X. "Such false claims are harmful and can endanger our staff who are...

Sharjah, UAE -- Sharjah Investment and Development Authority (Shurooq) contributed over AED 177 million to the total sales of AED 1.4 billion during the four-day Sharjah Real Estate Exhibition (ACRES 2024).  Shurooq said it has been continuously boosting Sharjah’s global investment appeal with revolutionary projects like Sharjah Sustainable City, which...

Washington, United States -- A US Navy warship shot down a missile Friday that was fired at it by Yemen's Iran-backed Houthi rebels, who have carried out two months of attacks on international shipping, the military said. US and British forces have launched two rounds of joint strikes aimed at reducing...

Dubai, UAE -- The real estate and properties transactions valued at AED 14.2 billion ($3.86 billion) in total during the week ending 26 January 2024. The sum of transactions was 4,123. A total of 312 plots were sold for AED 2.95 billion, 2,696 apartments and villas were sold for AED...

At this stage, the ICJ is only deciding whether to impose emergency orders on Israel ("provisional measures" in the court's jargon). A ruling on whether Israel is committing genocide in Gaza will be for a second stage of the procedure and is likely to take years.

Riyadh, Saudi Arabia - Patricia Scotland, the Secretary-General of the Commonwealth of Nations, has named Saudi Professor Manahel Thabet as the special envoy for science and technology. The appointment highlights Thabet's notable expertise and significant contributions to the fields of science and technology. The Commonwealth, an organization comprising 56 nations...

Hong Kong-- The global Islamic finance market would touch US$4.9 trillion by 2025, according to Yazrin Syakhairi, Malaysian Trade Commissioner at the Consulate General of Malaysia in Hong Kong. Speaking on the sidelines of the Asian Financial Forum (AFF) in Hong Kong, Syakhairi told the Emirates News Agency (WAM) that...

Riyadh, Saudi Arabia - Riyadh Season 2023 is poised to surpass the record set in 2021, with over 15 million visitors already attending the various activities, according to Turki Al-Sheikh, the chairman of the board of directors of the Saudi General Entertainment Authority (GEA). The accomplishment was announced on Wednesday,...

PARIS, FRANCE - France's top constitutional authority on Thursday rejected parts of a controversial immigration bill adopted under pressure from the right, in a ruling applauded by government but slammed by the far right. The bill adopted last month is a flagship reform of President Emmanuel Macron's second term, but the...

Washington, US - US economic growth was stronger than expected in the final months of 2023, government data showed Thursday, offering a boost to President Joe Biden as he starts his reelection campaign. The world's biggest economy expanded at an annual rate of 3.3 percent in the fourth quarter, fueled by...

TRIPOLI, LIBYA - The flood that devastated Libya's eastern port city of Derna last year has impacted up to 1.5 million people and will require $1.8 billion for reconstruction, according to a new report. On September 10, Storm Daniel hit the east coast of Libya, causing floods that collapsed two dams...