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 Masdar, one of the world’s leading renewable energy companies, and Hassan Allam Utilities, the investment and development arm of Hassan Allam Holding Group, announced that they have signed two memorandums of understanding with leading Egyptian state-backed organizations to cooperate on the development of green hydrogen production plants in the Suez Canal Economic Zone and on ...

Abu Dhabi / WAM The United Arab Emirates has expressed its sincere condolences and solidarity with the Federal Republic of Nigeria over the victims of the oil refinery explosion in the southeast of the country, which resulted in dozens killed. In a statement on Monday, the Ministry of Foreign Affairs and International Cooperation (MoFAIC) expressed its sincere condolences and sympathy ...

  Abu Dhabi / WAM Emirates Global Aluminium on Monday announced the company has agreed a revolving credit facility tied to the Term Secured Overnight Funding Rate (SOFR). SOFR is the emerging replacement to the US dollar London Interbank Offering Rate (LIBOR), which has been the global lending benchmark for decades but has been the subject of market manipulation accusations. ...

Dubai / WAM Emirates Development Bank (EDB) has announced the signing of a memorandum of understanding (MoU) with Food Tech Valley, which is being developed by wasl Asset Management Group, to provide financing solutions to small and medium enterprises (SMEs) and start-ups operating within the project. The MoU will help support entrepreneurship and innovation as well as contribute to Food ...

  Dubai / WAM Dubai Electricity and Water Authority (Dewa) power capacity has increased from 43 megawatts (MW) in 1970 to 13,417 MW in 2021, a 300-fold increase. Its water production capacity increased from zero to 490 million imperial gallons per day (MIGD). Originally, there were no desalination stations as Dubai only had groundwater wells. Saeed Mohammed Al Tayer, MD ...

  Abu Dhabi / WAM Abu Dhabi Global Market (ADGM), the International Financial Centre in Abu Dhabi, has welcomed Kraken to its fast-growing virtual asset community and financial ecosystem. Kraken is the first global cryptocurrency exchange to receive a Financial Services Permission (FSP) licence to operate a regulated virtual asset exchange platform in the ADGM to service the needs of ...

Sharjah / WAM Sharjah’s gross domestic product (GDP) expanded by an annual 4.8 percent in 2021, as per official data released by the emirate’s Department of Statistics and Community Development (DSCD). With nearly AED130.5 billion in GDP earnings last year compared to AED124.6 billion in 2020, the emirate’s economy, particularly the non-oil sectors, accelerated reinforcing its growing status as a ...

  Dubai / WAM Emirates Development Bank (EDB) has announced the signing of a memorandum of understanding (MoU) with Food Tech Valley, which is being developed by wasl Asset Management Group, to provide financing solutions to small and medium enterprises (SMEs) and start-ups operating within the project. The MoU will help support entrepreneurship and innovation as well as contribute to ...

  KHARTOUM / WAM The Emirates Red Crescent (ERC), through the UAE Embassy in the Republic of Sudan, has presented three integrated solar-powered stations to provide water in areas experiencing scarcity of this vital resource in Sudan’s North Kordofan State. The initiative is part of ERC’s efforts to expand the scope of Suqia UAE projects in many countries that face ...

  Abu Dhabi / WAM Air Arabia Abu Dhabi, the capital’s first low-cost carrier, has announced the introduction of a new service to Ahmedabad, the largest city in the state of Gujrat in India, starting from May 13. The vibrant city of Ahmedabad is the perfect mix of modern trends in a vintage city structure. Its delicious food and colorful ...