The Gulf Time Newspaper One of the finest business newspapers in the UAE brought to you by our professional writers and editors.

“Beware of Greeks bearing gifts.” As China appears set to acquire the Greek port of Piraeus, this timeless adage seems to be making its way from the Balkan peninsula to the gates of Beijing. Barely a week has passed since Athens accepted COSCO’s €370 million offer to acquire 67 percent of the Piraeus Port Authority that a new dispute that ...

US real gross domestic product grew at a 0.7 percent annualised pace in the fourth quarter of 2015, the government announced. Now, forget that number. It is the “advance estimate,” and the Bureau of Economic Analysis will revise it again and again over the coming months and years. These revisions tend to be especially big at points where the economy ...

As the market volatility and economic uncertainty persists, the UAE Cabinet held a retreat on post-oil phase. The meeting discussed ways to diversify the country’s economy while ensuring sustainability. Sustainable economic diversification is vital for economic prosperity. Any development that is not sustainable will not bring about long-term growth. Resources and expertise will have to be used in an innovative ...

Kuala Lumpur / EMIRATES BUSINESS Islamic finance is complementary to and a major enabler of making responsible investing more ubiquitous across emerging markets – and Asia is leading the way – but integrated reporting and governance remains gap for many investors. To attract long-term capital, many companies in Asia are becoming more aware of how investors integrate Environmental, Social & ...

Abu Dhabi / Emirates Business FGB, one of the leading banks in the UAE, achieved a record Group net profit of AED 6.01 billion for the full year 2015. Total income for the year grew by 6 percent, marking the 16th consecutive year of consistent growth in profitability for FGB. Full year 2015 Earnings Per Share amounted to AED 1.32, ...

Beijing / AFP China is struggling to reconcile its push for economic reforms and a freely traded currency with curbing massive outflows of capital sparked by worries over its slowing economy — and a lack of communication is fuelling fear. The thorny problem represents the so-called “impossible trinity”, as China’s ruling Communist Party seeks to control the exchange rate and ...

Abu Dhabi / Emirates Business Abu Dhabi Financial Group (“ADFG”), the multi-billion dollar alternative investment firm, has been recognised at the MENA Fund Manager Awards 2016 winning the accolade for UAE Asset Manager of the Year. The team, represented by ADFG’s Chief Operating Officer, Mustafa Kheriba, received the honour and said, “It is an honour to receive the award for ...

Abu Dhabi / Emirates Business Abu Dhabi Commercial Bank PJSC (“ADCB” or the “Bank”) has reported its financial results for the year ended December 31, 2015. Delivering strong performance and long-term value for shareholders ADCB has reported record level of net profit despite a challenging business environment As a result of the record performance in 2015, the bank has recommended ...

Doha / Bloomberg The Commercial Bank Qatar (Q.S.C.) announced its financial results for the year ended December 31, 2015. The bank delivered a net profit of QAR 1,458 million for 2015, a 24.9 percent decrease in profitability compared to 2014. On a quarterly basis, Commercial Bank generated net profit of QAR 117 million in the fourth quarter 2015, as compared ...

Dubai / EMIRATES BUSINESS Dar Al Sharia, Dubai Islamic Bank’s fully owned subsidiary, has cements its position as the leading provider of Islamic finance advisory and consultancy services across multiple jurisdictions and regulations. Over the past year, the subsidiary has been recognised for its stellar performance. Being the pioneer behind the concept of Islamic banking, DIB established Dar Al Sharia ...