Chabahar’s Inhumane terror attack was aimed at disrupting Iran's economic development

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SHAFAQNA | by Leila Yazdani : Terrorist attack in the southeastern Iranian port city of Chabahar comes as Iran's economy reels in the wake of the United States re-imposing sanctions lifted by Tehran's nuclear deal with world powers. Chabahar…

OPEC decides to cut 1.2m bpd to rebalance oil markets

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SHAFAQNA- OPEC concluded its 175th meeting with an accord to remove 1.2 million barrels a day of crude from the market, with non-OPEC allies including Russia taking a 400,000 barrel-a-day share. Iran will be exempted from such a cut due to sanctions. Oil-producing…

Middle East countries are Safe to travel

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SHAFAQNA- With the rising threat of terrorism across the globe, traveling away from home can feel scary -- specifically to places near the heart of tension. But a new report has revealed that a number of Middle Eastern countries are safer than…

GDP Impact of Muslim Travel In The Middle East To Hit $36 Billion

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SHAFAQNA- The GDP impact of Muslim travel in the Middle East is forecast to hit $36 billion by 2020, up 21% from $29.7 billion in 2017 and representing 19% of the total global GDP generated by the end of the decade, according to research unveiled…

Moscow Halal Expo was held in Moscow

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SHAFAQNA- On November 1-4, the 9th International Halal Exhibition, Moscow Halal Expo 2018 took place. Over the years the event has turned into the largest platform for halal business development in Russia. The 9th International Halal Exhibition…

7 Iranians among 38 winners of Entrepreneurship Development awards in Islam world

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SHAFAQNA- The winners of the Entrepreneurship Development Awards in Islam world were announced in Langkawi, Malaysia, while the names of seven Iranians were among the winners. The head of the Secretariat of the International Trade Center…

Egypt, EU sign $155m to stimulate job creation, control migration

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SHAFAQNA- Egypt and the European Union have signed two cooperation agreements worth almost $155 million to create jobs and tackle illegal migrations. The signing was attended by Egyptian Minister of Investment Sahar Nasr and Director-General…
en shafaqna BEIJING IS LAUNCHING A MINI-MARSHALL PLAN FOR THE MIDDLE EAST

Beijing is launching a mini-Marshall Plan for the Middle East

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SHAFAQNA- As President Xi Jinping impels China to take a more active role internationally, the Middle East is becoming one of its key staging grounds. Beijing is launching a mini-Marshall Plan for the Middle East and North Africa. China and…

Egypt’s foreign exchange reserves rose to $44.46bn in September

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SHAFAQNA- Egypt’s net foreign reserves rose to 44.46 billion U.S. dollars in September, the Central Bank of Egypt (CBE) announced in a statement. The country’s net foreign reserves rose to $44.459 billion at the end of September 2018,…

International counseling to replace dollar by euro for trading with Iran

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SHAFAQNA- Following US restrictions on global trading with Iran, international counseling has started to replace dollar by euro for trading with Iran. If it happens, this motivation is one step forward to free Europe from excessive dependence…

Iran oil exports can never be reduced to zero

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SHAFAQNA-  Saudi Arabia officials have been claiming they are able to offset Iranian losses in Oil export under U.S. pressure. But, Iranian Oil Minister Bijan Zanganeh said that the market will never buy Saudi Arabia’s claim that it has been…

Arab nations invest more on US homes

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SHAFAQNA- While International investment, in both the national real estate market and New York City specifically, has been on the decline this year, there are more investment from Saudi Arabia because of their better relationship with Trump. Despite…

156 million Muslims are expected to travel by 2020

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SHAFAQNA - By 2020, it is estimated by Regional travel trade show ITB Asia, that there will be 156 million Muslim travellers, growing nearly 30% since 2016. By 2026, the total purchases by Muslim travellers is expected to rise to US$300 billion,…

E3 agree to establish non-dollar trade with Iran: Russia’s Lavrov

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SHAFAQNA - ISNA : Major European countries party to nuclear negotiations with Iran – France, Germany, and the UK – have agreed to maintain trade with Tehran independent from the US dollar, Russian Foreign Minister Sergey Lavrov said. European…

Rouhani: US plan for Iran oil export may impact regional exports

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SHAFAQNA - Iranian president in Switzerland and Austria discussed boosting Tehran's ties with Europe which has been scrambling to save the 2015 nuclear deal. Hassan Rouhani said that the Iranian nation has never bowed and will never bow to…

South Africa has promised Iran to resume oil purchases

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SHAFAQNA -  Less than a month ago, Iranian foreign minister visited South Africa, a country which is considered as an old friend and strong supporter of the Iran nuclear deal. The formation of the technical commission to track the agreements…

Egypt to construct Middle East’s largest petrochemical complex

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SHAFAQNA - Egypt government said to sign a deal to build the largest petrochemical complex in the Middle East , worth $11 billion. Head of the General Authority for Suez Canal Economic Zone (SCZone) Mohab Mamish (representing the government)…

Saudi king agreed to Trump’s request to boost oil production

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SHAFAQNA - US President Donald Trump said in a tweet that he persuaded Saudi Arabia's King Salman to increase oil output "maybe up to" two million barrel. The world's top oil exporter plans to pump as much as 11 million barrels per day (bpd)…

Iran-Iraq trade balance hit $10b: Envoy

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SHAFAQNA - IRNA:  The value of trade exchanges between Tehran and Baghdad reached ten billion dollars for a one-year period, Iran's ambassador to Iraq announced on Wednesday. There are many historical, cultural and political commonalities…

Australia leading Global Hub of Halal Meat With Muslim Population of Over 500,000

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SHAFAQNA - The Halal food market has been rapidly growing in the global food industry. The market is worth over $667 million, around 20 percent of the total global food industry. This number is expected to jump to $2.25 trillion by 2024. Economic…

Kuwait ranks 10th globally on most popular travel destinations for Muslims

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SHAFAQNA - Kuwait ranks last in the Gulf and 10th globally on the most popular travel destinations for Muslim in 2018, according to Global Muslim Travel Index 2018 issued by Mastercard-Crescentrating company. Kuwait recorded 60.5 points…

Halal Certified Restaurants on Rise in Singapore, More Tolerance Needed

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SHAFAQNA - With the increase in the number of Halal Certified restaurants, or restaurants that are currently in the process of getting their Halal Certification, in Singapore, more tolerance is needed from those of other races. Many have…

There are now gold-backed cryptocurrencies for Muslims that conform with Sharia

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SHAFAQNA - Cryptocurrency is not great for your blood pressure. With prices soaring and plummeting on a weekly basis, there is a fast buck to be made, but also a lot to lose—and quickly. That doesn’t go down so well with Muslim nations.…

Muslim lifestyle economy

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SHAFAQNA - With the worldwide Muslim consumer lifestyle market and halal economy set to reach $3.7 trillion by 2019, there’s heaps of potential for the Islamic market. The UK is becoming a pioneer in the Muslim lifestyle economy and…

Islamic finance is becoming so attractive that even non-Muslims want in

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SHAFAQNA - Islamic finance has traditionally been dominated by Muslim-majority countries in the Middle East and Southeast Asia. Now much of the rest of the world is getting in on it. Buoyed by the perception of more tranquil market conditions…

Norway’s Saga Energy signs $3bn solar panels deal with Iran - report

SHAFAQNA - Norwegian solar panel maker Saga Energy has signed a deal worth €2.5 billion ($2.9 billion) with Iranian state-owned company Amin Energy Developers to build solar power plants, AP reported. The agreement was signed Tuesday at the…

Chinese firms eye stronger share in lucrative Halal market

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SHAFAQNA - Standing behind her stall at a Dubai exhibition Centre, Dai Dong He offered passersby what looked like carefully wrapped biscuits or chocolates. "This is dry beef, beef snacks," said Dai, general manager of Anhui Central Asia Food…

Muslim designers push forward modest fashion movement

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SHAFAQNA - Despite the arrest and subsequent release this week of a young Saudi woman wearing a miniskirt in a video that went viral, a growing number of Canadian fashion designers are looking to prove that fashion for Muslim women can be…