RIYADH, SAUDI ARABIA - The real GDP of Saudi Arabia grew by 1.1 percent in the second quarter of 2023, compared to the second quarter of 2022, according to the General Authority for Statistics (GASTAT). Flash estimates for the GDP in Q2 of 2023, issued in a report by GASTAT,...

The announcement has angered environmental groups and comes amid an internal debate within the ruling Conservative party on green policies. (AFP) The main opposition Labour party has said it will not issue any new North Sea drilling licenses if it regains power in a general election due next year.

Paris, France - French winger Allan Saint-Maximin on Sunday signed a three-year deal with Saudi Arabia's Al-Ahli after leaving English club Newcastle as the cash-rich and ambitious Gulf kingdom's league snared another top-level player. "We pick the best, and he's one of them," Al-Ahli said on social media. The financial terms...

Riyadh, Saudi Arabia – Saudi Entertainment Ventures (SEVEN), a wholly owned subsidiary of the Kingdom's sovereign wealth fund, the Public Investment Fund (PIF), has announced the start of construction on its new entertainment destination in Almadinah. The $346-million project, which is expected to be completed in 2025, is being developed...

Abu Dhabi, UAE--Abu Dhabi Future Energy Company (Masdar) and Citaglobal Berhad have signed a memorandum of understanding (MoU) for developing renewable energy projects across solar, battery energy storage system (BESS), wind and other renewable energy technologies. The MoU was signed in Malaysia by Abdulla Zayed, Masdar’s Head of Development and...

Amman, Jordan - Jordan's total volume of investments witnessed a 47.6 percent increase, according to data released by the Ministry of Investment on Sunday.  The total investment volume reached JD 598.2 million ($841.6 million), compared to JD 405.3 million ($570.2 million) during the same period in 2022. About 236 investment...

Muscat, Oman-- Oman's inflation rate increased by 2.8 percent in 2022 as the consumers price index (CPI) registered 109.7 points compared to 106.7 points in 2021. According to the data issued by the National Centre for Statistics and Information (NCSI), there was a rise in the prices of main groups...

Abu Dhabi, UAE - The UAE is establishing federal prosecution entities specialised in economic crimes and money laundering, to develop the UAE's judicial system in line with changing global economic landscape.  The establishment of these entities also represents a first step towards investigating and cracking down on crimes such as...

Riyadh, Saudi Arabia - Saudi Arabian Mining Company, known as Ma’aden, has agreed to acquire a 10 percent stake in Brazil’s base metals company Vale, it said in a bourse statement on Sunday, as part of a strategy to invest in global mining assets. A binding agreement was signed by...

DUBAI, UAE – UAE Minister of Climate Change and the Environment Mariam bint Mohammed Almheiri highlighted the importance of collective action and collective finance to strengthen sustainable development. She also called upon G20 countries to fulfill their commitment to providing the pledged financial support for global climate initiatives. Almheiri addressed...

RABAT, MOROCCO -  Morocco's King Mohammed VI has expressed hope for a return to normality and reopening of borders with North African neighbor Algeria, which cut diplomatic ties nearly two years ago. "We pray to the Almighty for a return to normality and a reopening of the borders between our two...

Doha, Qatar--Qatar National Bank (QNB) Group foresees a recession in the US economy during the upcoming 12 months, pointing out that the US economy continues to demonstrate its resilience despite significant headwinds from high inflation, tighter financial conditions, and an uncertain global environment. In its weekly commentary, QNB added that...

SEOUL, SOUTH KOREA - Manchester City manager Pep Guardiola said on Saturday that the Saudi Pro League had "completely changed the market" and he expects more and more high-profile players to move there. City winger Riyad Mahrez this week became just the latest big name to move to Saudi football, following...

LONDON, UK - Allan Saint-Maximin has confirmed he is to leave Newcastle before an expected move to the cash-rich Saudi Pro League. The French winger, heavily linked with a £30 million ($38.5 million) move to Al-Ahli, posted a farewell message on his Instagram account. In it he professes his love for...

NEW DELHI, INDIA -  The UAE ranked fourth in the world among the top 12 markets for Indian spices in the fiscal year 2022-23, the Spices Board of India announced. Spice traders, regulatory authorities, import associations and trade officials from the Gulf will be invited for the 14th World Spice...

Dubai, UAE - Larsen & Toubro (L&T), a Mumbai-based Indian company, has announced plans to collaborate with banks in the Middle East, the Indian newspaper The Hindubusinessline reported.  The primary objective of this tie-up is not to seek financing for projects, as L&T will continue to self-finance its project execution...

Amman, Jordan-- Exports to Greater Arab Free Trade Area (GAFTA) countries from Jordan increased 16.6%, amounting to $1.60 billion, compared to about $1.38 billion for the same period last year. Foreign trade data issued by the Department of Statistics (DoS) indicated a drop in the value of the kingdom's imports...

Kyiv, Ukraine - Qatar has pledged $100 million for humanitarian assistance in Ukraine. The funds were meant the rehabilitation of health and education infrastructure, provision of drinking water, and humanitarian services, in addition to allocating 50 scholarships, during the school year 2023-2024, to Ukrainian students in Qatari universities. The visiting...

Istanbul, Turkiye - Turkiye will accelerate ongoing defense projects and find solutions for the sector's requirements, Turkish President Recep Tayyip Erdogan said on Friday. Speaking at the closing ceremony of the 16th International Defense Industry Fair (IDEF) in Istanbul, Erdogan said the prototypes will be tested for domestic use and...

ISLAMABAD, PAKISTAN - Five Pakistani state-owned companies are set to collaborate with Saudi Arabia’s Aramco to execute a $10 billion refinery project here. Aramco will inject the initial 30% equity into the project while Pakistan State Oil (PSO), Pak Arab Refinery (Parco), Oil and Gas Development Company Limited (OGDCL), Pakistan...

MOSCOW, RUSSIA -  Egypt's president on Friday called on Russia and Ukraine to find "urgent solutions" to allow the resumption of Ukraine grain exports to Africa, after Moscow's withdrawal led to the collapse of a Black Sea pact. The Ukraine grain deal was agreed last year and allowed around 33 million...

London, United Kingdom - Manchester City forward Riyad Mahrez has left the treble winners to join Saudi side Al-Ahli, the two clubs announced on Friday. The 32-year-old Algerian winger joined Pep Guardiola's team in 2018 from Leicester, winning 11 major trophies at the club. "The wait is over: Riyad is real,"...

Dubai, UAE -- A total of 3,252 real estate transactions worth over AED 10.6 billion ($2.88 billion) were conducted during the week ending 28th July, 2023, according to figures released by the Dubai Land Department (DLD). The DLD report showed that 319 plots were sold for AED 1.92 billion, while...

Moscow, Russia - Trade turnover between Russia and Africa reached $18 billion in 2022, which is one of the results of the Russia-Africa summit in Sochi, Russian President Vladimir Putin said at a plenary session of the Russia-Africa forum. "I would like to note that last year trade turnover between...

Tehran, Iran – Iran's second-largest carmaker, Saipa, has successfully delivered another batch of cars to Venezuela as part of an automotive export and joint manufacturing deal signed during a visit by Iranian President Ebrahim Raeisi to Caracas in early June. According to a statement released by Saipa on Wednesday, the...

Brussels, Belgium - The European Commission on Thursday announced an antitrust probe into Microsoft bundling its Teams communication app with its popular Office suite, on concerns it could be cutting out competitors. The investigation, to see whether the US software giant is "abusing and defending its market position" through the practice,...

Liverpool, United Kingdom - Liverpool captain Jordan Henderson completed his move to Saudi Pro League side Al-Ettifaq on Thursday, becoming the latest big-name player to be lured to the Gulf state. The England midfielder, who posted a farewell message on Wednesday, has ended a 12-year stay at Anfield, during which he...

Gas prices had soared last year after Russia cut gas shipments to Europe while oil markets were also rocked by supply concerns. But natural gas prices fell sharply as European countries found new suppliers, built up reserves and experienced a mild winter.

Abu Dhabi, UAE -- Sheikh Saeed bin Zayed Al Nahyan, brother of UAE President Sheikh Mohamed bin Zayed Al Nahyan and Abu Dhabi Ruler's Representative, passed away on Thursday. An obituary issued by the Presidential Court said: “In the name of Allah, the Most Gracious, the Most Merciful... With hearts...

Dubai, UAE -- Dubai witnessed the completion of nine real estate projects worth AED 4.06 billion ($1.10 billion) in H1 2023. According to data issued by the Dubai Land Department (DLD), 392 real estate projects are currently being developed in the emirate. The first six months of 2023 also witnessed...

Riyadh, Saudi Arabia - Saudi Arabia has positioned itself as a potential world-leading hub for biotech research, development, and pharmaceutical manufacturing following an investment of $3.9 billion in research and development (R&D) since 2021.  The country's strategic move aligns with its ambitious goals of economic diversification and addressing crucial healthcare...

Riyadh, Saudi Arabia - The Public Investment Fund (PIF) announced on Thursday that it has signed a Memorandum of Understanding (MoU) with the Oman Investment Authority (OIA) to expand cooperation and investment between the two entities, enabling new investments in Oman’s rapidly growing economy. The MoU provides incentives for PIF...

Dubai, UAE - Dubai Electricity and Water Authority (DEWA) commissioned 676 11kV distribution substations across Dubai in the first half of 2023. The construction of the substations and associated tasks for new customers required a combined effort of 505,684 man-hours. “We provide an advanced and integrated electricity and water infrastructure...

Dubai, UAE-- Around 9.1 million people visited the UAE’s Government Unified Digital Platform, U.AE, from the start of 2023 until the end of June. According to the Telecommunications and Digital Government Regulatory Authority (TDRA), the jump in the average number of pages viewed was 3.52%, compared to the same period...

RIYADH, SAUDI ARABIA - The  Kingdom of Saudi Arabia was ranked 16 in annual container throughput by the 2023 edition of the Lloyd’s List One Hundred Ports, steadily improving on the 24th position it occupied last year. The Minister of Transport and Logistics Services and Chairman of the Saudi Posts...

Niamey, Niger -- An attempted coup was underway Wednesday in the fragile state of Niger, where members of the Presidential Guard detained President Mohamed Bazoum, triggering a standoff with the army, sources said. The head of the West African bloc ECOWAS said Benin President Patrick Talon was heading to Niger on...

GENEVA, SWITZERLAND - Internet privacy company Proton announced Wednesday a new VPN Observatory, tracking demand for its services to detect attacks on free speech in countries like Russia and Iran before they hit the headlines. Switzerland-based Proton said its new observatory would document spikes in sign-ups to its virtual private networks...

Dubai, UAE - L&T Construction, part of Larsen & Toubro, has secured new orders in Saudi Arabia, Malaysia, and India. The company will construct a ±525kV High Voltage Direct Current (HVDC) transmission segment in Saudi Arabia. This forms part of a large capacity Voltage Source Converter (VSC) based HVDC system,...

Doha, Qatar -Qatar Airways, British Airways, and Iberia have come together to form a new joint venture In a move to expand international travel options.. The partnership aims to provide seamless connectivity for global travelers through major hubs in Doha, London, and Madrid, covering over 60 countries. With the addition...

Abu Dhabi, UAE - The UAE government’s revenues amounted to AED115.6 billion ($31.3 billion) and its expenditures totaled AED92.5 billion ($25.0 billion) in the first quarter of 2023, the preliminary results of the UAE Government Finance Statistics Report for the first quarter of 2023, published by the Ministry of Finance...

Doha, Qatar-- The Qatar Free Zones Authority has joined hands with Qatar Development Bank to support foreign investors and firms with a range of financial services. In this connection, the two leading institutions of the gas-rich country have signed an agreement to widen the areas of cooperation between both organizations...

Abu Dhabi, UAE - Khalifa Economic Zones Abu Dhabi or KEZAD Group, and Al Jazeera Steel Products Co, held the groundbreaking ceremony of the region’s first Rolling Mill with Rail production capability in Abu Dhabi. The establishment of the mill over an area of 210,000 square metres in KEZAD aims...

During Tuesday's protest, Ennahdha spokesman Imed Khemiri denounced "the return of a policy of intimidation... which restricts freedom of expression and impacts the media".

After a pause in June, the Fed is widely expected to push ahead with what would be its 11th interest rate hike since it started a campaign of monetary tightening in response to soaring inflation in March of last year. But despite an aggressive cycle of hikes, inflation remains above...

Sharjah, UAE -- Sharjah real estate sector recorded deals worth AED549.4 million ($149.5 million) for the first half of 2023, a report by the Sharjah Real Estate Registration Department said. The transactions were facilitated through the department's branches located in the Central region and the cities of Khorfakkan, Dibba Al-Hisn,...

Dubai, China - The roadshow of Dubai Chamber of Digital Economy across five cities of China  saw the participation of over 200 digital companies, including MNCs with a collective market capitalization exceeding $10 billion.  Led by Saeed Al Gergawi, Vice President of Dubai Chamber of Digital Economy, the delegation held...

Baghdad, Iraq-- Jordan and Iraq have renewed pledge to strengthen economic cooperation in a meeting between the kingdom's Prime Minister Bisher Khasawneh, and his Iraqi counterpart, Muhammad Shia'a Sudani, on Monday. In a joint statement, both PMs reaffirmed the strategic nature of the Jordanian-Iraqi relationship and called for efforts to...

Tehran, Iran – The clothing industry in Iran which employs around two million people grew by 17 percent last year compared to the previous year, a senior Iranian official said on Monday.  “Currently, at least 100,000 production units have been registered in the garment industry,” the Director General of the...

Dubai, UAE-- Calling on governments around the world to demonstrate leadership by signing the "Leaders Declaration on Food Systems, Agriculture and Climate Action", the COP 28 Presidency launched its Food Systems and Agriculture Agenda during the Food Systems Summit in Rome. It forms part of its continued work to define...

Abu Dhabi, UAE - The foreign direct investment (FDI) in the individual category within Abu Dhabi's real estate sector has soared to AED 834.6 million during the first half of 2023, achieving a record growth rate of 363% compared to the corresponding period last year, the emirate's Department of Municipalities...