The Gulf Time Newspaper One of the finest business newspapers in the UAE brought to you by our professional writers and editors.
Bloomberg Credit Suisse Group AG is exiting distressed debt and special-situations trading, as part of its broader exit from risky and capital-intensive businesses. The bank is selling a book of assets including bond and loan positions related to distressed companies, with a market value of about $250 million, according to people with knowledge of the matter. Final commitments from ...
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February, 2023
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16 February
China’s $2tr LGFV market flashes new credit warning
Bloomberg A $2 trillion swathe of China’s local bond market is approaching a risky inflection point as issuers struggle to refinance maturing debt. Net financing — new yuan bond issuances minus maturities — for the country’s local government financing vehicles, or LGFVs, turned negative in the fourth quarter of 2022 for the first time in at least four years, ...
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16 February
Bitcoin jumps towards $25,000 as crypto looks past regulatory crackdown
Bloomberg A rally in Bitcoin took the token to the cusp of scaling $25,000 for the first time since August amid broad gains in crypto markets as investors shook off concerns about a US regulatory clampdown. The largest digital asset rises as much as 3% on Thursday and was trading at $24,620 as of 8:15 am in London. Smaller ...
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16 February
Homes r Us expands its reach in UAE with newest store in Ajman
Ajman / Gulf Time In 2003, Homes r Us opened the door to their first-ever store in the UAE. Since then, the home-grown brand has extended its reach throughout the UAE and the Middle East, carving a space for itself as a quality home décor and furniture brand that is well-loved by generations. Over the past 20 years, the ...
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16 February
UAE President orders additional $50 million for quake-hit Syria
Abu Dhabi / WAM President His Highness Sheikh Mohamed bin Zayed Al Nahyan has ordered the provision of an additional $50 million as relief aid for quake-affected people in Syria, with $20 million of the sum to be allocated to implement humanitarian projects in response to the emergency appeal of the United Nations (UN) regarding Syria. The project will be ...
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16 February
UAE Food Bank in deal to save food from wastage, spoilage
Dubai / WAM The UAE Food Bank and the Regional Food Banks Network signed, in conjunction with the World Government Summit in Dubai, a partnership agreement to preserve food from wastage and destruction, and to strengthen the bonds of joint cooperation between them in their fields of work. The two parties seek joint cooperation in many fields, including learning ...
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16 February
UAE’s Edge takes majority stake in Estonia’s Milrem Robotics
Abu Dhabi / WAM The UAE’s Edge group has announced the acquisition of a majority stake in Estonia-based Milrem Robotics, Europe’s leading developer of robotics and autonomous systems. The transaction is the largest foreign investment in Estonia’s growing defence industry. Milrem Robotics will join Edge as a new entity within its Platforms & Systems cluster, complementing the group’s multi-domain ...
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16 February
Abu Dhabi to build green hydrogen, ammonia plant
Dubai / WAM Under the patronage of the Ministry of Energy and Infrastructure (MoEI), Brooge Energy, a Cayman Islands-based infrastructure provider, which is currently engaged in clean petroleum products and biofuels and crude oil storage, on Wednesday announced a partnership with Siemens Energy, one of the world’s largest energy technology supplier, to develop a plant to produce green hydrogen ...
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16 February
Investcorp set to invest $1b in GCC real estate market
Manama / WAM Investcorp, a Bahrain-based asset manager which counts Mubadala Investment Company as its biggest shareholder, announced on Wednesday that it is planning to invest up to $1 billion in the real estate market in the GCC over the next five years. This follows Investcorp’s first real estate acquisition in Saudi Arabia. The investment is a new, state-of-the-art, ...
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16 February
AD Ports net profit climbs 53% to AED1.3bn in 2022
Abu Dhabi / WAM AD Ports group on Wednesday announced its financial results for the 12 months ended December 31, 2022, reporting strong operational and financial performance, with revenue growth of 41 percent year-on-year (YoY) to AED5.5 billion (+23 percent year-on-year to AED4.8 billion organically). The group’s strong results were driven by the performance of its maritime and ports ...
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