diff --git a/DESCRIPTION b/DESCRIPTION
index f8988a21..4d933cd1 100644
--- a/DESCRIPTION
+++ b/DESCRIPTION
@@ -1,6 +1,6 @@
 Package: mapme.biodiversity
 Title: Efficient Monitoring of Global Biodiversity Portfolios
-Version: 0.4.0.9000
+Version: 0.5.0
 Authors@R: c(
     person("Darius A.", "Görgen", , "darius2402@web.de", role = c("aut", "cre")),
     person("Om Prakash", "Bhandari", role = "aut")
diff --git a/NEWS.md b/NEWS.md
index 4be28f17..78dc010d 100644
--- a/NEWS.md
+++ b/NEWS.md
@@ -1,4 +1,4 @@
-# mapme.biodiversity (development version)
+# mapme.biodiversity 0.5.0
 
 ## General