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Increased flooding may cost the world $1 trillion by 2050

By John Roach / 19 Aug 2013

Flood damage in the world's major coastal cities may top $1 trillion a year by 2050 due to rising seas and subsiding land, according to a new study.

The startling figure is "not a forecast or a prediction," but rather a means to "show that not to adapt and not to improve protection is impossible," Stéphane Hallegatte, a senior economist with the World Bank in Washington, D.C., and the study's lead author, told NBC News. "We have to do something."


Dubai to host first ‘Global Islamic Economy Summit’

Source : / 15 Aug 2013

Industry experts will focus on six major pillars of the Islamic economy — Islamic Finance; Halal Food; Halal Lifestyle; Halal Travel; SME Development; and Islamic Economy Infrastructure — during the forthcoming ‘Global Islamic Economy Summit’ in Dubai.


Qassim hosts world’s largest date market

By Muhammad Al-Harb / 16 Aug 2013

Buraidah’s date season started and the air in the area designated for the city’s annual date market was filled with auctioneers’ calls to mark the start of the biggest agricultural economic activity in the world.


Eurozone jobless rate remains at record high

Source : Presstv / 2 Aug 2013

The Eurostat data agency has reported that the eurozone’s overall unemployment rate stayed at a record high of 12.1 percent in June for the fourth consecutive month.

On Wednesday, the agency published the new jobless data for the eurozone, which has seen its unemployment rate increase constantly since April 2011.

The 12.1 percentage translates into more than 19 million Europeans without a job in the eurozone.


Gaza’s ark: a bid to break Israel’s blockade…from within

Source : AFP / 31 Jul 2013

Palestinian laborers and foreign activists are working tirelessly to transform a large fishing boat into “Gaza’s Ark” with the aim of exporting local produce in the latest bid to break Israel’s blockade on the coastal strip.

The Ark, which is being fitted out to carry goods and more than 100 passengers, is expected to set sail for Europe when it is completed by the end of July in the latest high-profile attempt to challenge Israel’s maritime lockdown on the tiny Hamas-run territory.


Gulf retailers relish Ramadan boom

By Dina al-Shibeeb / 24 Jul 2013

The holy month of Ramadan, when Muslims fast from dawn to dusk, is boom time for Gulf retailers, with shops enjoying high demand from rich and poor alike.

“Every year, we see a surge in spending before the start of... Ramadan,” with “promotions on food items in the big supermarkets and hypermarkets” across the United Arab Emirates, said Sana Toukan, research manager at Euromonitor International.


Halting Egypt’s wheat imports was Mursi’s biggest mistake, says minister

Source : Reuters / 23 Jul 2013

The biggest mistake deposed Egyptian President Mohamed Mursi made was stopping wheat imports, Egypt’s new minister of supplies said, pledging to ensure that supplies of a strategic good like wheat do not reach the critically low levels they did during Mursi’s year in office.

Mohamed Abu Shadi, a 62-year-old former police general with a doctorate in economics, said Mursi’s government made “incorrect calculations” regarding Egypt’s wheat stocks.


Ramadan social-media surge a ‘golden opportunity’ for business

Source : Al Arabiya / 9 July 2013

Ramadan marks a “golden opportunity” for businesses to reach customers through social media, with use of Facebook and Twitter rising by at least 30 percent during the holy month, according to research agency The Online Project (TOP).

Regional social media activity reached its annual peak during Ramadan last year, according to TOP’s ‘Social Media in Ramadan’ report.


Syrian crop risks threaten to worsen food shortages - UN

By Catherine Hornby / 6 July 2013

Four million Syrians, a fifth of the population, are unable to produce or buy enough food, and farmers are short of the seed and fertilisers they need to plant their next crop, the United Nations said on Friday.

The U.N. Food and Agriculture Organisation (FAO) and the World Food Programme (WFP) said Syria's domestic wheat production over the next 12 months is likely to be severely compromised and that it will need to import 1.5 million tonnes of wheat for the 2013/14 season.


Syrian official: War causes $15 billion in losses

By AP / 1 July 2013

More than two years of fighting in Syria’s civil war has damaged some 9,000 state buildings and run up $15 billion in losses to the public sector, a government minister said Sunday, shining a light on the devastating toll the crisis has taken on the country’s economy.


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