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

  ABU DHABI / WAM Abu Dhabi National Oil Company (Adnoc) on Monday announced the award of an AED2.01 billion ($548 million) contract to build a new main gas line at its Lower Zakum field offshore of Abu Dhabi. The award will increase the Lower Zakum field’s gas production capacity from 430 million to 700 million standard cubic feet per ...

  Dubai / WAM Salik Company, Dubai’s exclusive toll gate operator, on Monday announced its intention to proceed with an initial public offering (IPO) and to list its ordinary shares for trading on the Dubai Financial Market (DFM). In a statement on Monday, Salik stated that one billion five hundred million (1,500,000,000) shares each with a nominal value of AED0.01 ...

  DUBAI / WAM The 1 Billion Meals initiative has announced that it distributed 3.6 million meals in refugee camps in Jordan. The meals, in the form of instantly redeemable smart vouchers, were distributed directly to beneficiaries in collaboration with the United Nations’ World Food Programmeme (WFP). The contributions from the 1 Billion Meals initiative, organised by Mohammed bin Rashid ...

  Abu Dhabi / Gulf Time Klickl is the latest global virtual asset service provider to receive the in-principle approval (IPA) of the Financial Services Permission (FSP) from Abu Dhabi Global Market (ADGM) to operate as a broker-dealer and to provide custody in the digital asset place. “We are excited that Klickl obtained an IPA from ADGM and will soon ...

  Abu Dhabi / WAM The UAE has strongly condemned the terrorist attack that targeted a convoy of vehicles in the Hiran region in central Somalia, which resulted in the death and injury of dozens of people. In a statement, the Ministry of Foreign Affairs and International Cooperation (MoFAIC) affirmed that the UAE expressed its strong condemnation of these criminal ...

  Abu Dhabi / WAM First Abu Dhabi Bank (FAB) on Monday announced its partnership with Silver Birch Finance Limited to offer inventory solutions to their local and international clients. Silver Birch, headquartered in the UK, is a specialist working capital structuring, advisory and execution firm that supports financial institutions by enabling them to offer corporate clients non-debt solutions to ...

  Bloomberg Europe’s energy crisis is getting worse, piling pressure on the commodities industries that provide building blocks for the continent’s economy. Power- and gas-intensive sectors such as steel, fertilisers and aluminum — the most widely used base metal — are being forced to close factories or pass on soaring costs to customers. Even sugar makers are feeling the pinch. ...

Bloomberg Lawmakers in Sweden and Finland are reviewing their $33 billion emergency backstop plans devised over the weekend to prevent utilities from defaulting after a fresh surge in energy prices. The two governments announced liquidity facilities made up of loans and credit guarantees to avoid some power companies going into technical defaults over climbing collateral requirements. The aim is to ...

  US-based airlines canceled more than 100,000 flights between January and July, surpassing the number of cancellations that took place during the same period in pre-Covid 2019. The impact on passengers is significant. Not only must they find alternative transportation; they must also obtain a refund for their advance purchases. That’s harder than it should be. In fact, difficulty obtaining ...

We know that the US economy is currently weak, but the real economy is really weak, and the Federal Reserve’s commitment to precipitate a recession to curb high inflation will make this reality obvious to seemingly oblivious investors. Real gross domestic product dropped for two consecutive quarters, and although the National Bureau of Economic Research has yet to declare that ...