Lucknow, India - The Indo-Islamic Cultural Foundation announced a change in the design of the mosque to be constructed on a five-acre plot in Ayodhya's Dhannipur village, as awarded by the Supreme Court in the Ram Janmabhoomi-Babri Masjid verdict. The trust, responsible for building the mosque and other community facilities,...

Dubai, UAE -- A total of 1,659 real estate transactions worth over AED 12.9 billion ($3.51 billion) were conducted during the week ending 13th October 2023, according to figures released by the Dubai Land Department (DLD). The DLD report showed that 297 plots were sold for AED 5.08 billion, while...

Riyadh, Saudi Arabia – A farm in Saudi Arabia has entered the Guinness World Records as the world's largest sustainable farm by area. The farm is one of the extension farms of the rejuvenated water farming research unit of the Bin Heshbal Valley in the Asir Region. The total area...

PARIS, FRANCE - Natural and man-made disasters have caused $3.8 trillion in crop and livestock loses over 30 years, the UN's Food and Agricultural Organization (FAO) said on Friday. Floods, droughts, insect infestations, storms, disease and war have caused about $123 billion per year in lost food production between 1991 and...

Cairo, Egypt -  The Egyptian market is projected to reach an impressive $16.34 billion in non-cash transactions in 2023, while as global non-cash transaction volumes are set to hit a staggering 1.3 trillion in the year, reveals  the Capgemini Research Institute's 2023 World Payments Report. As consumers and businesses eagerly...

Dubai, UAE - The gem and jewelry trade between India and the United Arab Emirates (UAE) has seen substantial growth, thanks in part to the India-UAE Comprehensive Economic Partnership Agreement (CEPA).  India’s Gem and Jewelry Export Promotion Council (GJEPC) reported that approximately 30% of the gems and jewelry imported by...

Cairo, Egypt- The first shipment of humanitarian aid arrived in Egypt's Sinai on Thursday from Jordan, state-affiliated media reported, to be transported into Gaza, which Israel has been bombarding for days following a surprise Hamas attack. Israel's army has hammered Hamas with thousands of strikes ahead of what is widely expected...

Marrakesh, Morocco-- The war between Israel and Hamas has cast a shadow over the IMF-World Bank annual meetings in Morocco, with warnings on Thursday that it has darkened the outlook for an already sluggish global economy. The global lenders are holding their gathering, which brings together finance ministers and central bankers...

The Paris-based agency, in addition to its analysis and advisory roles, coordinates the release of emergency stocks held by its 31 mostly advanced-economy member nations. A surprise weekend attack by Hamas on Israel has left thousands dead and rattled oil markets amid fears that other nations might intervene and possibly...

Dubai, UAE: US dollar sukuk issuance for 2023 is on course to outpace 2022 due to funding needs and diversification strategies, Fitch Ratings said in a new report. However, the third quarter sukuk issuance in all currencies ($51.7 billion equivalent) issued in core markets was 12.3 percent lower YoY, while bond...

Washington, United States -- The second American aircraft carrier, the Dwight Eisenhower, will be placed in the Mediterranean Sea, coordinator for strategic communications at the National Security Council of the White House John Kirby said at a regular briefing for journalists. "As you also know, the aircraft carrier USS Gerald...

Seoul, South Korea - UAE President Mohammed bin Zayed Al Nahyan has delayed his planned state visit to South Korea on the invitation South Korean President Yoon Suk Yeol, which was scheduled for later this month, citing "unforeseen regional circumstances,"  the presidential office said Thursday. The delay in the visit...

Jerusalem--Israeli Energy Minister Israel Katz vowed Thursday his country would not allow basic resources or humanitarian aid into Gaza until Hamas released the people it abducted during its surprise weekend onslaught. "Humanitarian aid to Gaza? No electric switch will be turned on, no water tap will be opened and no...

Marrakesh, Morocco – Africa’s total exports will reach $952 billion by 2035 and the African Continental Free Trade Area (AfCFTA), once fully implemented, has the potential to increase this figure by a further 29 percent, a Standard Chartered report has revealed.  This represents an annual growth rate of 3 percent...

The latest fatalities bring to 29 the Palestinian death toll in the West Bank in violence related to the conflict since Hamas militants launched on Saturday an assault on Israel's south from the blockaded Gaza Strip.

Sochi, Russia -.Starting in 2024, travelers from Saudi Arabia, Oman, Kuwait, Malaysia  and Bahrain may no longer need tourist visas to visit Russia,  Deputy Minister of Economic Development Dmitry Vakhrukov said on the sidelines of the FTT-2023 Forum of Tourism Territories, Tass reported. "I reckon this could happen next year....

Reports about "40 babies murdered" have been reposted massively on social media sites since Tuesday, and used to condemn Hamas's armed offensive against Israel, which began on Saturday.

Dhahran, Saudi Arabia -- Aramco has signed an MoU that paves the way for Aramco's potential acquisition of a 10 percent strategic equity stake in Shandong Yulong Petrochemical Company, subject to rigorous due diligence, negotiation of transaction terms, and the necessary regulatory approvals. The MoU was signed with Nanshan Group,...

Dubai, UAE -- Despite global economic uncertainties, the construction industry in the Middle East and North Africa (MENA) awarded a staggering $101 billion worth of projects in the first half of 2023, a report by JLL's Construction Market Intelligence said, based on insights gathered from industry experts and sources. The...

Abu Dhabi, UAE – Zest Equity, a venture-backed technology company offering digital infrastructure for private market transactions, has closed a $3.8 million seed round. The Hub71 startup will use these funds to drive the company's ambition to expand its product offering in the MENA region, providing private market stakeholders with...

Marrakech, Morocco-- The International Monetary Fund on Tuesday cut its growth forecasts for China and the euro zone and said overall global growth remained low and uneven despite what it called the "remarkable strength" of the U.S. economy. In its latest World Economic Outlook, the IMF left its forecast for...

New York, United States - Mubadala Capital, the investment arm of Abu Dhabi’s sovereign wealth fund, plans to invest more than $1 billion a year in Brazil in a range of holdings from an oil refinery to a toll road.  The firm’s second fund in the country, Brazil Special Opportunities...

Beijing said Tuesday the value of signed construction contracts with partners now totaled two trillion dollars -- roughly the size of the economy of Russia or Canada.

Beirut, Lebanon -- In mosques, football stadiums and towns across the Arab world, pro-Palestinian sentiment has surged after a shock Hamas attack on Israel, sparking a groundswell of solidarity for the Palestinians. From Ramallah to Beirut, Damascus, Baghdad and Cairo, people have distributed sweets, danced and chanted prayers in support...

Geneva, Switzerland--Israel's total siege of the Gaza Strip, depriving civilians of goods essential for survival, is banned under international law, the United Nations human rights chief said on Tuesday. Volker Turk, the UN high commissioner for human rights, said people's dignity and lives had to be respected as he called for...

Abu Dhabi, UAE - Abu Dhabi Future Energy Company (Masdar), the UAE’s clean energy powerhouse will invest US$8 billion in Malaysia to develop up to 10 gigawatts (GW) of renewable energy projects by 2035.   To this end, Masdar signed an MoU with Malaysian Investment Development Authority (MIDA).  The project will...

Saudi Crown Prince Mohammed bin Salman tells Palestinian President Mahmud Abbas that he was working to prevent an expansion of conflict between Israel and Gaza.

Abu Dhabi, UAE -- Oxford Economics, an independent economic advisory firm, has predicted that the UAE economy will grow by 4.4 percent in 2024, driven by, among other things, government initiatives to support economic diversification. Scott Livermore, Chief Economist, Oxford Economics Middle East, and Managing Director, told WAM that the...

Riyadh, Saudi Arabia -- Saudi Arabia has unveiled an ambitious roadmap to achieve its monumental goal of planting 10 billion trees under the Saudi Green Initiative. The announcement was made during the second annual MENA Climate Week, held for the first time in Saudi Arabia from October 8 to 12,...

RIYADH, SAUDI ARABIA - The Clean Development Mechanism Designated National Authority (CDMDNA) announced on Monday the operation of Saudi Arabia's domestic market mechanism, Greenhouse Gas Crediting and Offsetting Mechanism (GCOM), at MENA Climate Week 2023 here.  This step reflects the Kingdom’s role in addressing climate challenges and enabling institutions to...

Abu Dhabi, UAE--The UAE Cybersecurity Council will organise the Regional Cybersecurity Week 2023 from October 8-12, under the title "Cybersecurity Innovation and Industry Development." The event will be held in cooperation with the International Telecommunication Union (ITU) and the Arab Regional Cybersecurity Centre (ARCC). More than 100 experts and speakers...

Washington, United States -- US President Joe Biden has ordered "additional support" for Israel after the attack by Palestinian militant group Hamas, the White House said Sunday, without giving further details. "The President directed additional support for Israel in the face of this unprecedented terrorist assault by Hamas," the White House...

PARIS, FRANCE - The Gaza Strip is an impoverished Palestinian enclave that has been under Israeli blockade since 2007. It is ruled by Hamas (the Arabic acronym for Islamic Resistance Movement), now at war with Israel for the fifth time in 15 years. Here is what you need to know about Gaza:...

Riyadh, Saudi Arabia -- Saudi Arabia Railways (SAR) has announced the launch of hydrogen train tests in the Kingdom, following the signing of an agreement with the French company Alstom. It will conduct operational tests and studies necessary to prepare this type of train to fit the Kingdom's environment, in...

Abu Dhabi, UAE -- UAE's Ministry of Climate Change and Environment (MOCCAE) and Abu Dhabi Waste Management Company (Tadweer) have signed a Memorandum of Understanding to launch ‘Waste to Zero’, a global initiative to mobilize and advance waste decarbonization efforts, and to establish a circular economy platform. The initiative is...

Riyadh, Saudi Arabia-- Saudi Arabia and South Korea have pledged to strengthen cooperation in various fields. According to a press statement released by the office of South Korea's President Yoon Suk Yeol, the boosting of ties between the two countries was discussed in a telephone call between the president and...

Brussels, Belgium - European Parliament has adopted a new voluntary standard for the use of a “European Green Bond” label, the first of its kind in the world. The regulation, adopted by 418 votes in favour, 79 against and 72 abstentions, lays down uniform standards for issuers who wish to use...

Cairo, Egypt--An Egyptian court on Saturday denied an appeal by prominent dissident Hisham Kassem against his jail sentence, his lawyer said, after lawmakers rejected a European Parliament resolution urging his release. "The court has decided to uphold the judgement that was under appeal," Kassem's lawyer Nasser Amin said on Facebook. Kassem...

Doha, Qatar - The Qatar Chamber (QC) has established two technical teams to further develop the country’s insurance sector. One of the committees specializes in legal and services, and another in the financial and IT fields. The committees were formed during a meeting of the chamber’s insurance committee chaired by...

ABU DHABI, UAE - Emiratis are casting their votes on Saturday, the main day of the Federal National Council elections, to select 20 candidates for the 40-member FNC. This is the first time that Emiratis have been able to vote online, and many have shared their joy at being able...

Riyadh, Saudi Arabia - Saudi Arabia has signalled its willingness to increase oil production to earn goodwill for a historic three-way agreement involving the US-Saudi defense pact, weapons sales, and a civilian nuclear program, Wall Street Journal reported on Friday.  Saudi officials have reportedly informed the White House that they...

Dubai, UAE - The majority of Arab youth are against the normalization of relations with Israel, with Palestinians and Iraqis being the most vehemently opposed, the 2023 Arab Youth Survey reveals. However, those from the UAE, Morocco and Egypt are supporting it.  What is more, the normalization is opposed by the...

Abu Dhabi, UAE - The UAE as a geographical and business hub will help the proposed ‘food security corridor project in India under the I2U2 framework,’ Piyush Goyal, Indian Commerce Minister told the Emirates News Agency (WAM) in an exclusive interview. “The UAE as a trading hub can cater to...

Paris, France - Global sugar prices soared to their highest level in almost 13 years in September as the El Nino weather phenomenon hit production in India and Thailand, the Food and Agriculture Organization said Friday. While world food prices steadied as a whole last month, the FAO's Sugar Price Index...

Dubai, UAE -- The economies of Gulf Cooperation Council (GCC) countries are expected to grow by 1 percent in 2023, down from 7.3 percent in 2022, according to the World Bank. In its recent report, the bank said the Gulf economies combined will grow by 3.6 percent in the year...

BANGKOK, THAILAND - Dry conditions, particularly in China, caused a "historic" global drop in hydropower in the first half of 2023, a new analysis shows, highlighting the effects of climate change. The research by renewable energy think tank Ember argues the drop is a "warning shot that hydro output could negatively...

Riyadh, Saudi Arabia -- The aggregate sales of 17 Saudi cement producers decreased by 8.5 percent to 4.1 million tons in September, from 4.5 million tons a year earlier, according to recent data issued by Yamama Cement Co. Locally, eight market players reported better sales, led by Al-Safwa Cement Co....

Riyadh, Saudi Arabia - The Gulf Cooperation Council (GCC) has approved several more regulations and resolutions as part of its bid to accelerate economic integration.  According to the GCC Secretary-General Jassem Mohamed Albudaiwi, the grouping at the 120th meeting of the GCC Financial and Economic Cooperation Committee in Muscat, took...

Geneva, Switzerland - Global trade growth will be sharply lower than forecast this year as stubborn inflation, high interest rates and the war in Ukraine pressure economies around the globe, the World Trade Organization said on Thursday. Strains in China's vast property market also prompted the WTO to cut its trade...

Moscow, Russia - President Vladimir Putin said Thursday that Russia's mission was to create a "new world" and blamed Western hegemony for Moscow's grinding offensive in Ukraine. Putin has portrayed Russia's full-scale military intervention in Ukraine -- launched in February 2022 -- as part of a long-standing confrontation with the West....