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

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 ...

Rome / Bloomberg Italy’s deal with the European Commission on state guarantees for banks’ bad loans will help lenders reduce their stock of deteriorated debt, even though markets offered a skeptical reaction, Bank of Italy Governor Ignazio Visco said. “The guarantee mechanism will prove useful for facilitating the divestment of bad debts,” said Visco, who sits on the European Central ...

RiyadH / Bloomberg Saudi banking stocks have fallen to the lowest levels in at least a decade relative to their net assets, showing the slump in oil is stoking concern that bad loans will increase. Following a 10 percent slide this year, an index of 12 lenders on the Tadawul All Share Index is trading at an average 1.3 times ...

DUBAI / EMIRATES BUSINESS Sage Middle East, the leading provider of business management solutions, delived into the complex and exciting world of ubiquitous computing trends in business by hosting a luncheon discussion on trends in disruptive technologies at Dubai’s Shangri-La Hotel. The luncheon held in Dubai is the latest edition of Sage’s GCC series of discussions on trends in technology ...

Abu Dhabi / WAM The Abu Dhabi General Services, Musanada, has announced the completion of the Sheikh Khalifa Medical City Dialysis Centre, at a total cost of AED140 million. The Dialysis Centre will be handed over to Abu Dhabi Health Services Company this week. The construction of the centre comes within the framework of Musanada’s keenness to embody the vision ...