A massive earthquake and aftershocks in February caused an estimated US$5.1 billion in direct physical damage in Syria, said the World Bank. The earthquake that struck on February 6 hit Turkey and Syria, devastating scores of cities and killing over 50,000 people in both countries. Millions need help with accommodation...

Panama City, Panama - Delegates to a global conference on saving the world's oceans pledged US$19 billion, the host country Panama said.The total included a $6 billion commitment from the United States, announced on Thursday by White House climate envoy John Kerry.Panamanian deputy foreign minister Yill del Carmen Otero announced the...

Doha, Qatar - The Producer Price Index (PPI) of Qatar’s industrial sector declined by 1.75 percent in January 2023 when compared with the PPI of January 2022. The PPI for January 2023 was 129.59 points, down 4.71 percent from December 2022.For mining and quarrying, the January PPI showed a decrease of...

The company's operating profit rose 13.5% to $696 million.

Abu Dhabi, UAE - Saving deposits in the UAE banking system, excluding interbank deposits, increased to AED245.867 billion ($67 billion) by the end of December 2022, a YoY growth of AED4.00 billion ($1.08 billion), or 1.7 percent, from about AED241.82 billion ($66 billion)  in November 2021, statistics by the Central...

Dubai, UAE--A media report that the United Arab Emirates is considering leaving OPEC is "far from the truth," two sources with direct knowledge of the matter told media.Earlier on Friday, the Wall Street Journal reported that the UAE is having an internal debate about leaving the Organization of the Petroleum...

Pushing aside their differences in relations strained by regional disputes, the oil-rich United Arab Emirates and Turkey signed a free trade agreement on Friday. Importantly, the pact comes ahead of Turkey's elections on May 14 as President Recep Tayyip Erdogan carries on with his contested economic policies that have scared...

The warrants do not name any of the officials, but according to the official, they are former finance minister Ali Allawi, the director of cabinet Raed Jouhi, personal secretary Ahmed Najati, and adviser Mushrik Abbas. Allawi, a respected politician and academic, resigned in August last year. When the scandal broke...

The GCC countries are likely to benefit from the relative stability in their financial covers due to high oil prices and strong energy exports in 2022, reports suggest.

Firm booked profit despite supply chain disruptions.

Lebanon is navigating a devastating economic crisis that has plunged more than 80 percent of the population into poverty. Strikes and absenteeism have paralyzed public services, the state is barely able to provide a few hours of mains electricity a day, and the local currency has lost most of its...

DUBAI, UAE - UAE Ministry of Health and Prevention (MoHAP) hosted a regional expert meeting on healthy diet policies in Dubai.The event was hosted by the World Health Organization (WHO) Regional Office for the Eastern Mediterranean.The meeting aimed to discuss recent developments in healthy diet policies, with a special emphasis...

DUBAI, UAE - Dubai Electricity and Water Authority's (DEWA) Research and Development Center has obtained its eighth patent for a cutting-edge device that leverages advanced sensors to locate and survey geographical areas.The device employs real-time kinematic (RTK) processing techniques to process data collected on-site and works with a smart device...

Industries in the region may use metaverse interchangeably. However, there is no specific way to know which sector will benefit the most from the latest technology, says an expert.

Brussels, Belgium - The eurozone annual inflation rate fell to 8.5 percent in February, the EU's statistics agency said Thursday, but the drop was less than expected as food costs soar.Inflation was down last month from 8.6 percent in January but analysts at financial data firm FactSet had forecast a...

The Fifth United Nations Conference on the Least Developed Countries (LDC5) was twice postponed because of coronavirus. A plan of action was agreed at the UN general assembly last year, and no major cash pledges are expected at the Qatar meeting. The presidents will be there - with thousands of...

Doha, Qatar-- The the SMEs sector grew by 2.6 per cent, as the number of operating factories in the state increased from 814 in 2021 to 835 last year, in addition to the presence of 430 new industrial licensed facilities, indicating that the volume of industrial investments amounts to $81...

In February, Economy Minister Amin Salaam announced that supermarkets would be able to start pricing items in dollars, while customers could pay in dollars or Lebanese pounds at the volatile market rate. Domestically produced fruit and vegetables were still priced in the local currency. Some restaurants and clothing shops had...

The new firm will focus on internal combustion.

Nearly 25 percent of respondents believe educational institutions should avoid the use of AI platforms, and many feel creative writers should also ignore them.

Abu Dhabi, UAE--UAE Banks Federation (UBF) organised a virtual workshop on combating trade-and-credit-documents-based money laundering on Wednesday.The workshop comes as part of UBF's ongoing efforts to improve frameworks and procedures necessary to develop and maintain the highest levels of compliance and risk management at member banks.The workshop was hosted under...

Abu Dhabi, UAE - UAE's Minister of Economy Abdullah bin Touq Al Marri said Wednesday that in 2022, the UAE economy recorded its fastest growth rate in over a decade despite the global economic slowdown, with the first half of 2022 witnessing unprecedented growth of nearly 8.5 percent.The country's foreign...

Beirut, Lebanon--Lebanon intends to triple the tariffs it charges on imports in local currency, as the state seeks to boost its revenues amid a worsening economic crisis.Caretaker finance minister Youssef Khalil requested to change the rate at which customs fees are calculated from 15,000 pounds per U.S. dollar to 45,000...

Dubai, UAE -Dubai Land Department (DLD), represented by the Real Estate Regulatory Authority (RERA), has signed a memorandum of understanding with Al Ameen Service to boost cooperation. DLD is enhancing its vision by providing an innovative and sustainable global real estate model and an incubating environment for real estate innovation....

Washington, United States--FBI Director Christopher Wray said Tuesday his agency believes the Covid-19 pandemic was "most likely" caused by an incident in a laboratory in Wuhan, China."The FBI has for quite some time now assessed that the origins of the pandemic are most likely a potential lab incident in Wuhan," Wray...

Doha, Qatar--Egypt and Qatar have signed an agreement to eliminate double taxation on income and prevent tax evasion and avoidance, according to a statement by the Cabinet on February 27.The agreement comes within the framework of bolstering bilateral economic relations and shoring up cooperation in several fields.It is also part...

Children in Iraq work as apprentice mechanics and rubbish collectors, in shisha cafes or hair salons, and washing car windows and selling paper tissues by the roadside. Employing children is punishable by prison time or a fine, but "with many families left without a breadwinner, mothers have been forced to...

Istanbul, Turkey -Turkey’s economy posted 5.6 percent growth in 2022, growing faster than expected last quarter as the government ramped up spending ahead of elections.Gross domestic product rose 3.5% in the October-December period from a year earlier. Growth for the whole year was 5.6%, state statistics agency TurkStat data showed...

In a show of solidarity with Iraq, UN head Antonio Guterres arrived in the country for the first time in six years, after a prolonged political crisis there. On arrival he said that he wanted to show solidarity with the people and the democratic institutions of Iraq, pledging support for...

The situation has been made worse by a crisis facing the agricultural sector, which makes up 14 percent of gross domestic product. The worst drought in four decades has been compounded in recent weeks by a snap of unusually cold weather. The government has boosted subsidies on some basic products...

The company recorded a revenue of $433 million for 2022.

Abu Dhabi, UAE -The Central Bank of the UAE (CBUAE) has revoked the licence of Dollar Exchange, an exchange house operating in the UAE and struck off its name from the Register, pursuant to Article 137 of the Decretal Federal Law No.14 of 2018 regarding the Central Bank and Organisation...

The company did not offer any explanation for the decision.

The World Bank warned that the continuing aftershocks are likely to increase the total amount of damage caused by the disaster. "This disaster serves as a reminder of Turkey’s high risk to earthquakes and of the need to enhance resilience in public and private infrastructure," said Humberto Lopez, the World...

The UN says more than 21.7 million people - two-thirds of Yemen's population -- need humanitarian assistance this year. Its appeal aims to reach the 17.3 million most vulnerable among them. Erin Hutchinson, the Norwegian Refugee Council's Yemen chief, said the world had "abandoned Yemen at this crucial crossroads" by...

Riyadh, Saudi Arabia--Saudi Arabia’s economic growth is expected to accelerate by 3 percent in 2023 backed by a robust non-oil sector. According to a forecast by Riyad Capital, the output from this part of the economy will rise by 5 percent this year.The growth will be driven by a sturdy fiscal...

Elections were originally scheduled for December 2021, but were postponed indefinitely because of differences over controversial candidates and rules on participation. Since March last year, an administration in Libya's east backed by military leader Khalifa Haftar has challenged the UN-recognized government of Prime Minister Abdulhamid Dbeibah, arguing it has outlived...

Prime Minister Rishi Sunak and European Commission president Ursula von der Leyen adopted the deal at a meeting in Windsor, west of London. The deal follows more than a year of tense talks over the "Northern Ireland Protocol", which has unsettled the province 25 years on from a historic peace...

There might be a global slowdown in the property market, but thanks to Russian buyers, the UAE, in contrast, has seen a stunning growth in the sector.

Head of the ministry's foreign trade department Ronnarong Phoolpipat told a press conference that the value of rice exports rose 78.76% to $406.72 million in January year-on-year.

Riyadh, Saudi Arabia--The Saudi Ports Authority, also known as Mawani, has sanctioned five new shipping services that will link up the Kingdom with 43 international ports. The five new services are projected to support commercial traffic, strengthen the national imports and exports system, as well as provide alternatives for importers, exporters, and shipping agents.In addition, the...

Amman, Jordan--The trade balance between Jordan and the US has recorded a surplus of about 625 million Jordanian dinars ($881 million) in 2022, according to a statement.   The volume of trade exchange between the two countries last year amounted to about 2.75 billion dinars, according to foreign trade data issued by...

Sports, social and marketing events, including various global activities and competitions, are likely to bring in more Saudi tourists, Qatar Tourism's data suggest.

The World Health Organization on Sunday appealed for $392 million ahead of a UN-led donor conference in Geneva to avert the "potential collapse" of the health sector in war-torn Yemen. The call came with the Arabian Peninsula country in the throes of one of the world's worst humanitarian tragedies after...

For the first time in a decade, Egypt's Foreign Minister Sameh Shoukry will visit Syria and Turkey to show ""solidarity with the two countries and their brotherly peoples" after the powerful earthquake that hit the two countries earlier this month. The visit illustrates the gradual acceptance of the once-isolated Syrian...

AMMAN, JORDAN -  Chairman of the Jordan Senate's Committee for Arab, International Affairs and Expatriates Hani Mulki, on Sunday discussed with Vice President of French Senate, Helene Conway, the region's key political and economic developments. The two leaders also discussed political changes in the surrounding countries following Arab Spring.Mulki, in...

Lebanese central bank chief Riad Salameh is accused of embezzling millions of dollars. He faces faces investigations related to suspicions of money laundering and illicit enrichment in Lebanon and abroad after he amassed a fortune in the country mired in financial crisis.

Jordan, the United Arab Emirates, Egypt and Bahrain announced the signing of 12 agreements and partnerships worth over US$2 billion for nine joint industrial projects. The announcement came following a meeting of the Integrated Industrial Partnership for Sustainable Economic Development. Jordan Prime Minister Bisher Khasawneh oversaw the signing of the...

SHARJAH, UAE - The Sharjah Airport International Free Zone (SAIF Zone) has signed a cooperation agreement with Al Ansari Exchange, to introduce a new payment service and enhance customer experience.The newly signed partnership will allow SAIF Zone’s investors and clients to conveniently pay fees at any of Al Ansari Exchange's...

Istanbul, Turkey--Fears of another major earthquake have been rekindled in Istanbul since the February 6 disaster that hit Turkey and Syria, but a prominent Turkish seismologist has reassured the risk "hasn't increased"."The risk hasn't increased because we are talking about completely different systems," Dogan Kalafat, the director of the Kandilli...