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

  Bloomberg Spain plans to invest 11 billion euros ($12.4 billion) to develop microchips and semiconductors in a bid to modernise its tourism-dependent economy. “We want our country to be at the vanguard of industrial and technological progress,” Prime Minister Pedro Sanchez said in Madrid, without giving more details. He said the project will be approved soon by his cabinet. ...

  Bloomberg Taiwan Semiconductor Manufacturing Co (TSMC) revenue rose to a record in the first quarter on demand for chips used in smartphones, computers and cars, while a prolonged shortage helped to boost prices. Revenue jumped 36% to NT$491.1 billion ($17 billion) in the three months through March, the company said in a statement. Analysts estimated NT$469.4 billion on average. ...

Dubai / WAM The UAE’s gross domestic product (GDP) for 2021 has broken international economic expectations, registering the highest rate in the region of AED1.489 trillion. “In a turbulent and changing world, the UAE has been moving steadily forward. Our economy is growing, our journey is accelerating, our competitiveness is advancing upwards, our future is going to be promising, and ...

Abu Dhabi / WAM International Holding Company PJSC (IHC), the Abu Dhabi-based conglomerate, announced on Friday that it had signed AED7.3 billion ($2 billion) Investment Agreement with Indian multinational conglomerate Adani Group, as primary capital in three Adani portfolio companies – Adani Green Energy Ltd (AGEL), Adani Transmission Ltd (ATL) and Adani Enterprises Ltd (AEL) which all are listed on ...

  Abu Dhabi / WAM The Emirates Red Crescent (ERC) supports its Ramadan programmes in 64 countries by allocating an additional budget to enlarge its scope of beneficiaries worldwide. Upon the directives of His Highness Sheikh Hamdan bin Zayed Al Nahyan, Ruler’s Representative in Al Dhafra Region and Chairman of the ERC, the ERC has implemented Ramadan Iftar, Zakat Al ...

  DUBAI / WAM Dubai International Financial Centre (DIFC) announced the launch of Studio Launchpad, the world’s first venture studio platform exclusively focused on ubiquitous finance and digital asset technologies. The initiative is a key part of DIFC’s efforts to achieve the goals of its 2030 strategy by attracting the best minds and companies from around the world to Dubai ...

DUBAI / WAM Emirati citizens accounted for nearly one-third of the total number of employees of Expo 2020 Dubai, which was due to the many initiatives aimed at empowering Emirati citizens and improving their overall skills as part of the country’s overall Emiratisation efforts. Emirati citizens comprised some 30 percent of all employees of Expo 2020 Dubai, with 248 working ...

  Abu Dhabi / WAM Zayed University, one of Dubai’s leading public universities, has signed an MoU with AD Ports Group, the region’s premier facilitator of logistics, industry, and trade in Abu Dhabi, to spearhead several sustainable development goals across several key areas. As part of the MoU, the two organisations will work closely together to advance development of innovative ...

  Geneva / WAM The International Air Transport Association (IATA) announced that air travel posted a strong rebound in February 2022 compared to January 2022, as Omicron-related impacts moderated outside of Asia. Total traffic in February 2022 (measured in revenue passenger kilometers or RPKs) was up 115.9% compared to February 2021. That is an improvement from January 2022, which was ...

  Abu Dhabi / WAM Edge, the region’s leading advanced technology group, and one of the top 25 in the world, has announced the appointment of Saif Ali Al Dahbashi to the position of chief executive officer (CEO) at its entity Al Taif, the leading UAE in-country provider of lifecycle support for military land platforms and systems through maintenance, repair ...