Gaza Faces Multi-billion-dollar Reconstruction Challenge

A drone view shows Palestinians walking past the rubble of houses and buildings destroyed in Israeli strikes during the war, following a ceasefire between Israel and Hamas, in Khan Younis in the southern Gaza Strip, January 20, 2025. REUTERS/Mohammed Salem
A drone view shows Palestinians walking past the rubble of houses and buildings destroyed in Israeli strikes during the war, following a ceasefire between Israel and Hamas, in Khan Younis in the southern Gaza Strip, January 20, 2025. REUTERS/Mohammed Salem
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Gaza Faces Multi-billion-dollar Reconstruction Challenge

A drone view shows Palestinians walking past the rubble of houses and buildings destroyed in Israeli strikes during the war, following a ceasefire between Israel and Hamas, in Khan Younis in the southern Gaza Strip, January 20, 2025. REUTERS/Mohammed Salem
A drone view shows Palestinians walking past the rubble of houses and buildings destroyed in Israeli strikes during the war, following a ceasefire between Israel and Hamas, in Khan Younis in the southern Gaza Strip, January 20, 2025. REUTERS/Mohammed Salem

Billions of dollars will be needed to rebuild Gaza after the war between Israel and the Palestinian militant group Hamas, according to assessments from the United Nations, Reuters reported. A ceasefire between Israel and Hamas took effect on Sunday, suspending a 15-month-old war that has devastated the Gaza Strip and inflamed the Middle East.
Here is a breakdown of the destruction in Gaza from the conflict prompted by the Oct. 7, 2023 attack on Israel by militants from Hamas, which at the time ruled the Palestinian enclave.
HOW MANY CASUALTIES ARE THERE? The Hamas attack on Israel killed 1,200 people, according to Israeli tallies. Israel's retaliation has killed more than 46,000 people, according to Gaza's health ministry.
HOW LONG WILL IT TAKE TO CLEAR THE RUBBLE? A UN damage assessment released this month showed that clearing over 50 million tons of rubble left in the aftermath of Israel's bombardment could take 21 years and cost up to $1.2 billion. The debris is believed to be contaminated with asbestos, with some refugee camps struck during the war known to have been built with the material. The rubble also likely holds human remains. The Palestinian Ministry of Health estimates that 10,000 bodies are missing under the debris. A United Nations Development Program official said on Sunday that development in Gaza has been set back by 69 years as a result of the conflict.
HOW MANY BUILDINGS HAVE BEEN DESTROYED?
Rebuilding Gaza's shattered homes will take at least until 2040, but could drag on for many decades, according to a UN report released last year. Two-thirds of Gaza's pre-war structures - over 170,000 buildings - have been damaged or flattened, according to U. satellite data (UNOSAT) in December. That amounts to around 69% of the total structures in the Gaza Strip.
Within the count are a total of 245,123 housing units, according to an estimate from UNOSAT. Currently, over 1.8 million people are in need of emergency shelter in Gaza, the UN humanitarian office said.
WHAT IS THE INFRASTRUCTURE DAMAGE? The estimated damage to infrastructure totaled $18.5 billion as of end-January 2024, affecting residential buildings, commerce, industry, and essential services such as education, health, and energy, a UN-World Bank report said. It has not provided a more recent estimate for that figure.
An update by the UN humanitarian office this month showed that less than a quarter of the pre-war water supplies were available, while at least 68% of the road network has been damaged.
HOW WILL GAZA FEED ITSELF? More than half of Gaza's agricultural land, crucial for feeding the war-ravaged territory's hungry population, has been degraded by conflict, satellite images analyzed by the United Nations show.
The data reveals a rise in the destruction of orchards, field crops and vegetables in the Palestinian enclave, where hunger is widespread after 15 months of Israeli bombardment.
The UN Food and Agriculture Organization said last year that 15,000 cattle, or over 95%, of the total had been slaughtered or died since the conflict began and nearly half the sheep.
WHAT ABOUT SCHOOLS, UNIVERSITIES, RELIGIOUS BUILDINGS?
Palestinian data shows that the conflict has led to the destruction of over 200 government facilities, 136 schools and universities, 823 mosques and three churches. Many hospitals have been damaged during the conflict, with only 17 out of 36 units partially functional as of January, the UN humanitarian office's report showed.
Amnesty International's Crisis Evidence Lab has highlighted the extent of destruction along Gaza's eastern boundary. As of May 2024, over 90% of the buildings in this area, including more than 3,500 structures, were either destroyed or severely damaged.



Türkiye TPAO, Shell Sign Deal to Carry out Exploration Work offshore Bulgaria

A Shell logo is seen at a gas station in Buenos Aires, Argentina, March 12, 2018. (Reuters)
A Shell logo is seen at a gas station in Buenos Aires, Argentina, March 12, 2018. (Reuters)
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Türkiye TPAO, Shell Sign Deal to Carry out Exploration Work offshore Bulgaria

A Shell logo is seen at a gas station in Buenos Aires, Argentina, March 12, 2018. (Reuters)
A Shell logo is seen at a gas station in Buenos Aires, Argentina, March 12, 2018. (Reuters)

Türkiye Petrolleri (TPAO) has signed a partnership agreement with Shell to carry out exploration work in Bulgaria's maritime zone, the Turkish energy ministry and British oil major said on Wednesday.

European Union member Bulgaria, which had been totally dependent on Russian gas until 2022, has been seeking to diversify its gas supplies and find cheaper sources, Reuters reported.

TPAO and Shell will jointly explore the Khan Tervel block, located near Türkiye's Sakarya gas field, and will hold a five-year licence in Bulgaria's exclusive economic zone, Minister Alparslan Bayraktar said.

Shell will continue as operator of the block, while TPAO will take a 33% interest in the licence, a Shell spokesperson said.

Since the start of this year, TPAO has signed energy cooperation agreements with ExxonMobil, Chevron and BP for possible exploration work in the Black Sea and the Mediterranean.

In April, Shell signed a contract with Bulgaria's government to allow the oil major to explore 4,000 square metres in the block.


Saudia Signs Strategic Partnership Agreement with Six Flags and Aquarabia Qiddiya City

udia will develop special travel packages designed to enable visitors to experience world-class attractions - SPA
udia will develop special travel packages designed to enable visitors to experience world-class attractions - SPA
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Saudia Signs Strategic Partnership Agreement with Six Flags and Aquarabia Qiddiya City

udia will develop special travel packages designed to enable visitors to experience world-class attractions - SPA
udia will develop special travel packages designed to enable visitors to experience world-class attractions - SPA

Saudia Airlines has signed a five-year strategic partnership with Six Flags and Aquarabia Qiddiya City, becoming the official premier partner exclusively in the airline category.

As part of the partnership, Saudia will develop special travel packages designed to enable visitors to experience world-class attractions. The collaboration also brings the spirit of Six Flags and Aquarabia Qiddiya City to the skies through special aircraft branding across Saudia’s fleet, SPA reported. 

Chief Marketing Officer of Saudia Group Khaled Tash said in a press release: "Saudia is committed to supporting national development projects as part of its contribution to Vision 2030, aligned with our strategy to bring the world to the Kingdom. Partnerships of this scale with national partners play a key role in positioning Saudi Arabia as a leading global destination for entertainment and tourism."

Park President of Six Flags and Aquarabia Qiddiya City Brian Machamer added: "Our partnership with Saudia not only reflects a shared ambition to connect the Kingdom to the world through world-class entertainment experiences, but strengthens our ability to attract visitors from around the world and realize our vision of setting a new global benchmark for immersive, world-class theme park entertainment and reinforcing Saudi Arabia’s growing presence on the global tourism stage."

Six Flags Qiddiya City sets a new benchmark for exceptional entertainment regionally and globally. Spanning six iconic themed lands, the theme park takes visitors on an immersive journey across 28 rides and attractions designed to world-class standards. Beyond the scale and diversity of its offerings, Six Flags Qiddiya City stands out for pushing the boundaries of engineering and entertainment, featuring five exclusive, record-breaking rides that have redefined global benchmarks. Leading these innovations is Falcons Flight, the roller coaster that has captured global attention as the fastest, tallest, and longest in the world.

Aquarabia Qiddiya City delivers a distinctive aquatic entertainment experience, offering 22 rides and water attractions, along with a man-made river designed for both relaxation and family-friendly water fun. For guests seeking privacy and elevated comfort, Aquarabia features 91 luxury cabanas, positioning the destination as a fully integrated leisure offering that redefines water-based entertainment to the highest international standards.

Located in the Tuwaiq Mountains near Riyadh, Qiddiya City is an emerging destination bringing together entertainment, sports, and culture. Six Flags and Aquarabia Qiddiya City form part of its entertainment offering.


Moody’s Establishes Regional HQ in Riyadh, Deepening Presence in Region

(FILES) Signage for Moody's Corporation is displayed at their headquarters at 7 World Trade Center on March 18, 2025 in New York City. (Photo by ANGELA WEISS / AFP)
(FILES) Signage for Moody's Corporation is displayed at their headquarters at 7 World Trade Center on March 18, 2025 in New York City. (Photo by ANGELA WEISS / AFP)
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Moody’s Establishes Regional HQ in Riyadh, Deepening Presence in Region

(FILES) Signage for Moody's Corporation is displayed at their headquarters at 7 World Trade Center on March 18, 2025 in New York City. (Photo by ANGELA WEISS / AFP)
(FILES) Signage for Moody's Corporation is displayed at their headquarters at 7 World Trade Center on March 18, 2025 in New York City. (Photo by ANGELA WEISS / AFP)

Moody’s Corporation announced that it has established its regional headquarters in Riyadh, reflecting ongoing commitment to support the development of the Kingdom’s capital markets and economy.

“This investment aligns to the Kingdom's Vision 2030 initiative and underscores its dynamism and growth,” Moody’s said in a statement this week.

The new regional headquarters marks an expansion of Moody’s presence in Saudi Arabia, where the company first opened an office in 2018, and reflects its longstanding commitment to the Middle East.

“The headquarters will strengthen Moody’s engagement with Saudi institutions and enable broader access to Moody’s decision grade data, analytics and insights,” said the statement.

“Our decision to establish a regional headquarters in Riyadh reflects our confidence in Saudi Arabia’s strong economic momentum, as well as our commitment to helping domestic and international investors unlock opportunities with our expertise and insights,” said President and Chief Executive Officer of Moody’s Rob Fauber.

“We are well positioned to provide the analytical capabilities and market intelligence that investors and institutions need to navigate evolving markets across the Middle East,” the statement quoted him as saying.

Mahmoud Totonji will lead the regional headquarters as General Manager.