New Delhi, India -  The share of the BRICS (Brazil, Russia, India, China, South Africa) group in the global Gross Domestic Product (GDP) is set to increase from its current 26% to 30% starting January 2024, State Bank of India (SBI) said in its report.  The growth is attributed to...

Jeddah, Saudi Arabia--Saudi Arabia’s Crown Prince Mohammed bin Salman has announced the establishment of Global Water Organization in order to safeguard water resources, the Saudi Press Agency (SPA) reported on Monday. The newly formed organization will have its headquarters in Riyadh and is set to play a pivotal role in...

Doha, Qatar -- More than 2.56 million people visited Qatar from January to August 25, which is more than the full-year arrivals in 2022 and marking a 157 percent increase over the same period last year, according to Qatar Tourism. Qatar Tourism said in statement that the latest achievement bears...

Dubai, UAE - The United Arab Emirates (UAE) has established a federal entity responsible for regulating gaming activities within the country. This move has attracted attention, especially considering that gambling has long been illegal in the conservative Gulf region, the UAE news agency WAM reported.  Ras Al Khaimah, one of...

Dubai, UAE - Middle East needs a ‘New Deal’ to deliver for its 600 million people more jobs, better education, greater dignity, better governance, and a broader, fairer distribution of economic opportunities and resources.  “The status quo of state-dominated economic activity will be hard to sustain, especially for heavily indebted...

Baghdad, Iraq--Iraq has signed an agreement with the International Finance Corporation (IFC) - a member of the World Bank Group - for the development and rehabilitation of Baghdad International Airport. Media Office of the Iraqi Prime Minister stated in a statement that the agreement, which was signed under the sponsorship...

Washington, US - A new scientific research has identified the link between memory and appetite in the human brain to explain obesity. According to the ScienceDaily website, the study was carried out at the University of Pennsylvania School of Medicine and it found that there are disrupted connections between the...

RIYADH, SAUDI ARABIA –  Secretary General of the Gulf Cooperation Council (GCC)Jassem Mohamed Albudaiwi visited the Digital Cooperation Organization (DCO) headquarters. The secretary general was received by Dima Al Yahya, Secretary General of DCO. Albudaiwi said that the DCO plays an important role in Saudi Arabia, in employing technology for...

Tehran, Iran -- Iran and Turkey target $30 billion in annual trade in their endeavor to broaden political and economic relations, Iran's Foreign Minister Hossein Amirabdollahian said Sunday. Speaking at a joint press conference with his Turkish counterpart Hakan Fidan, held in Tehran on Sunday, Amirabdollahian said they have held...

ABU DHABI, UAE - The global space economy has great potential in terms of economic prospects, with the sector going past the half-a-trillion-dollars mark in 2022, only a few decades after the term “space economy” came into existence. Several studies by specialized global institutions indicate that the global space sector...

Tehran, UAE -- Iran’s oil production capacity has increased 40 percent in two years with the rise in investment in semi-finished oil projects, the country's Minister of Oil Javad Owji said Sunday. He said since the beginning of the administration of President Ebrahim Raisi, in August 2021, increasing investment opportunities...

ABU DHABI, UAE - Over the course of a six-month space mission on board the International Space Station (ISS), UAE astronaut Sultan AlNeyadi conducted over 200 advanced research experiments and studies that took about 585 hours. These research experiments were held in collaboration with 10 international space agencies and 25...

Kuwait City, Kuwait -- Kuwait Sunday announced the appointment of Fahd Abdulaziz al-Jarallah as the new Finance Minister. This decision comes on the heels of the resignation of Manaf Abdulaziz al-Hajri, who held the position since April this year. Following al-Hajri's departure, the responsibilities were temporarily shouldered by Oil Minister...

Senior royal, political and other figures and experts are set to be appointed to the committee to develop ideas and bring their recommendations to her heir, King Charles III, and Prime Minister Rishi Sunak. The committee will also seek suggestions from the public during the preparatory process.

Dubai, UAE--Dubai Electricity and Water Authority (DEWA) has pressed into service seven new 132 transmission substations in the first half of 2023, in line with its ongoing efforts to enhance the reliability and availability of the energy transmission system in the Emirate. The projects included 36 kilometres of 132kV ground...

Tehran, Iran-- Iran and Syria have signed an agreement to connect the rail network between the two countries through Iraq. Mehrdad Bazrpash, Iran's Minister of Roads and Urban Development, made the announcement at the inauguration ceremony of the construction of the Shalamcheh-Basra railway on Saturday.  "The construction of the Shalamcheh...

TEL AVIV, ISRAEL- A dozen Eritrean asylum seekers were wounded by Israeli police gunfire here on Saturday after a demonstration against an Eritrean government event turned violent, police and medical sources said. Clashes began outside a south Tel Aviv venue that was set to host a pro-regime event organized by the...

ABU DHABI -- The United Arab Emirates Embassy in Washington, in coordination with representatives of the UAE's officials mission in the United States, has evacuated 34 Emirati nationals residing in Tampa, Florida to safe destinations, as hurricane Idalia arrives ashore the west coast of the state of Florida. Yousef Al...

Dubai, UAE-- Yemen and the US have signed an agreement to renews and extend protections for Yemeni cultural property that were put in place in 2020 on an emergency basis. According to the US State Department, the deal was signed by US Assistant Secretary of State for Educational and Cultural...

Doha, Qatar – The Qatari economy has reported a growth rate of 2.7 percent during the first quarter of 2023 compared to the same period in 2022, according to data released by the country's Planning and Statistics Authority. The quarterly Gross Domestic Product (GDP) estimates at constant prices reached approximately...

Dubai, UAE - Brokerage firms in the Dubai Financial Market (DFM) witnessed a substantial influx of New Investor Numbers (NIN), totaling 34,818 during the first eight months of the current fiscal year. This surge comes amidst heightened market activity following the listing of ten government and semi-government entities, including the...

DOHA, QATAR - The Ministry of Finance announced that the budget of Qatar for the second quarter of the year 2023 recorded a surplus of US$2.7 billion (QR 10 billion). In its briefing on the actual data of Qatar's budget in the second quarter (Q2) of 2023, the ministry said...

Riyadh, Saudi Arabia - The Gulf Federation for Electronic Sports was established Thursday on the sidelines of the Next World Forum, to support, nurture, and develop Gulf talents through annual tournaments hosted by all countries. The launch was attended by the Chairman of the Board of Directors of the Saudi...

Riyadh, Saudi Arabia -- Saudi Arabia achieved a surplus of SAR 22.8 billion ($6.07 billion) in the balance of payments for travel items in the first quarter of 2023, compared to a deficit of SAR 1.6 billion in Q1 2022, the Kingdom's Ministry of Tourism said. The ministry added that...

DUBAI, UAE – Dr. Thani bin Ahmed Al Zeyoudi, UAE Minister of State for Foreign Trade discussed deeper economic collaboration, including the Comprehensive Economic Partnership Agreement (CEPA) with Damien O'Connor, New Zealand's Minister of Trade and Export Growth here. During the meeting, which came as part of a visit to...

Riyadh, Saudi Arabia -- Consumer spending in Saudi Arabia increased 2 percent to SAR 104.6 billion ($27.88 billion) in July 2023, from nearly SAR 102.97 billion during the same month last year, according to the Saudi Central Bank's SAMA monthly bulletin. Consumer spending includes total cash withdrawals, point-of-sale (POS) transactions and e-commerce...

Dubai, UAE - The annual Belt and Road Summit being held on September 13 and 14 in Hong Kong will feature a dedicated session focused on the Middle East, South China Morning Post reported on Thursday.  The Belt and Road Initiative, China's ambitious plan to boost international trade and connectivity,...

Doha, Qatar - Marco Verratti, the 30-year-old Italian international midfielder, is edging closer to a move to the Qatari top-flight, according to a report from L'Équipe. An agreement between Al Arabi and PSG has reportedly been reached for the transfer of Verratti, who has been a part of the Parisian...

Dubai, UAE - The Middle East has seen the strongest rebound in the post-pandemic global tourism recovery, according to a new report from HSBC Global Research. The report, Jet, set, go! shows that the region is unique in recording a total recovery in terms of tourist arrivals in the first...

Moscow, Russia - Turkey's foreign minister said on a visit to Moscow on Thursday that reviving a deal to ship Ukrainian grain across the Black Sea was "critical" for food security. "We underlined its critical role for global food security and stability in the Black Sea," Turkish Foreign Minister Hakan Fidan...

Tehran, Iran -- Iranian Foreign Minister Hossein Amirabdollahian said Thursday that discussions with Saudi authorities have resulted in constructive statements regarding assistance for Lebanon's situation. "In the discussions we had with Saudi authorities, we heard constructive statements from them regarding assistance to the situation in Lebanon," Amirabdollahian stated, adding that...

Dubai, UAE -- The global construction industry is projected to reach a staggering $12.9 trillion by 2028, with a robust Compound Annual Growth Rate (CAGR) of 4.4 percent from 2023 to 2028, a report said. The industry set to experience a significant upsurge, presenting lucrative opportunities across residential, non-residential, and...

War-scarred Iraq, originally mainly a drug transit country, has faced an explosion in narcotics use in recent years, mainly of captagon and crystal meth.

Abu Dhabi, UAE -- The Registration Authority (RA) of Abu Dhabi Global Market (ADGM) has fined ADGM-registered audit firm, KPMG Lower Gulf Limited (KPMG), $30,000 for ineffective systems and controls leading to non-compliance with audit requirements under RA-administered legislation. ADGM audit regulatory framework requires audit reports to be issued and...

Riyadh, Saudi Arabia -- Saudi Arabia's oil exports fell by 33.4 percent to SAR 227.7 billion ($60.70 billion), from SAR 341.6 billion, in the second quarter of 2023, contributing mainly to the decline of 31.8 percent in overall merchandise exports, compared to Q2 2022. The value of exports amounted to...

Riyadh, Saudi Arabia - The Saudi Central Bank (SAMA) licensed “Alhulul AlMubassatah Financial Company (SiFi)" to provide E-wallet solutions.  With SiFi, there are now 25 licensed companies offering payment services in Saudi Arabia, in addition to 7 companies that have obtained initial approval to operate within SAMA's regulatory sandbox. SAMA...

Doha, Qatar--Planning and Statistics Authority (PSA) of Qatar has released the new monthly Producer Price Index (PPI) of the Industrial sector for July 2023 which is estimated at 108.62 points showing a decrease of 0.22 percent, when compared to the previous months June 2023. On Y-o-Y basis, PPI of July...

Dubai, UAE – Sultan AlNeyadi, along with his international crewmates, is set to return to Earth on September 3 after spending 6 months aboard the International Space Station, Mohammed Bin Rashid Space Centre (MBRSC) announced on Wednesday.   This is the longest Arab space mission in history.  AlNeyadi, joined by NASA...

London, Britain - The Biden administration has implemented restrictions on the sale of Nvidia's advanced microchips to certain Middle Eastern countries, citing rising worries about China's access to crucial artificial intelligence resources, Telegraph reported on Wednesday.  Nvidia, a tech giant valued at $1.2 trillion, has been directed to obtain permission...

Dubai, UAE - The Ministry of Human Resources and Emiratisation (MoHRE) revealed that 565 companies were proven to have hired a total 824 UAE nationals in fake Emiratization jobs since mid-last year, saying it has initiated “the necessary legal and administrative action against them.” Over 17,000 private establishments employ Emiratis,...

Washington, United States - Economic growth in the United States was weaker than first estimated for the April to June period, the Commerce Department said Wednesday, noting downward revisions in business investment. GDP growth in the world's biggest economy came in at 2.1 percent for the second quarter, down from the...

Combining elements of everything from boxing to judo and Muay Thai, mixed martial arts (MMA) had a limited following in Saudi Arabia just a decade ago, but that started to change when the kingdom hosted the popular regional Desert Force competition in 2014.

Riyadh, Saudi Arabia -- Saudi Arabia’s imports from Gulf Cooperation Council (GCC) countries fell 19 percent year-on-year (YoY) to SAR 5.51 billion in June, according to a recent report by the General Authority for Statistics (GASTAT). UAE accounted for 65.6 percent, or SAR 3.61 billion, of the total Saudi imports,...

Riyadh, Saudi Arabia-- The GCC countries are "actively engaging" with international and regional organizations in order to establish strategic partnerships that serve their interests. This was stated by the Secretary-General of the Gulf Cooperation Council (GCC), Jassem Mohamed Albudaiwi. He made the remarks during a meeting held between the GCC...

Riyadh, Saudi Arabia - Riyadh is set to host the exhibition and conference industry show Expo Expo MENA on September 10. It will be the first time the expo will be held outside of the United States. Expo Expo MENA will feature over 100 exhibitors specializing in the field of...

Cairo, Egypt--The Egyptian government plans to drill 45 natural exploratory gas wells in the Mediterranean and the Nile Delta with $1.9 billion in investments until mid-2025, according to a Cabinet statement on Tuesday. The drilling of 10 wells between July 2022 and June 2023 resulted in the huge discovery in...

TEHRAN, IRAN - Some 56 million tons of non-oil goods, valued at US$19.3 billion, were exported in the first five months of the current Iranian calendar year, the Islamic Republic of Iran Customs Administration (IRICA) announced on Tuesday. Also, 14.4 million tons of non-oil goods, valued at US$24.2 billion, were...

TEHRAN, IRAN   – Iran President Ebrahim Raisi on Tuesday said that the country’s money is only blocked in South Korea and that all other foreign assets are at the Central Bank of Iran’s disposal. “We have already made it clear that the only blocked money was in South Korea. In...

Doha, Qatar -- Qatar's foreign merchandise trade balance, which represents the difference between total exports and imports, showed a surplus of QR 19.6 billion ($5.38 billion) in July 2023, a decrease of about QR 15.1 billion or 43.5 percent compared to July 2022, and an increase of nearly QR 2.2...

DUBAI, UAE - The global Islamic microfinance industry has surpassed US$60 billion in value within the $3.8 trillion Islamic finance landscape. This achievement highlights the growing recognition of Islamic microfinance as a tool for poverty alleviation. The industry's potential to bridge financial gaps while adhering to Shariah principles positions it...