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 First Abu Dhabi Bank (FAB) reported a net profit of AED12.5 billion, compared to AED10.6 billion in 2020, marking a 19 percent increase year-on-year for the full year ended December 31, 2021. Group revenue was up 17% supported by solid trading performance and growth in fee-generating business, helping to offset headwinds from low-interest rates. Operating ...

  Abu Dhabi / WAM Taweelah Reverse Osmosis (RO), the world’s largest RO water desalination plant, will begin early commercial operations in the first quarter of 2022, by providing 100 million gallons per day (MGD), said Othman Al Ali, Chief Executive Officer of the Emirates Water and Electricity Company (Ewec). In a statement to the Emirates News Agency (WAM), Othman ...

  Bloomberg Tata Sons Pvt formally took charge of debt-laden Air India Ltd., ending years of failed attempts to sell the money-losing airline that has been kept afloat with billions of dollars of taxpayer money. “It is indeed noteworthy that the disinvestment process of @airindiain has been brought to a successful conclusion in a time-bound manner,” aviation minister Jyotiraditya Scindia ...

Abu Dhabi / WAM The National Marine Dredging Company (NMDC) achieved record profits in 2021, totalling AED1 billion, eight times the previous figure. This achievement further enhances the company’s global leadership among major international companies in the engineering, supply, and marine drilling sectors. In 2021, the company completed 72 projects and won another 17 projects in the UAE and worldwide. ...

  Abu Dhabi / WAM The UAE has successfully enhanced the growth and development of the industrial sector, with the Ministry of Industry and Advanced Technology overseeing a historic rise in industrial exports from the UAE to foreign markets, which totaled approximately AED120 billion (around $33 billion) in 2021. During the Federal National Council session, addressing the development of the ...

  Dubai / WAM Russia has grown to become the second-largest source market for Dubai’s travel and tourism sector in 2021, climbing from eighth place in last year’s rankings, according to data released ahead of the next edition of Arabian Travel Market (ATM), which will take place at Dubai World Trade Centre (DWTC) from May 9-12. Commissioned by Reed Exhibitions ...

  DUBAI / WAM The Abdulla Al Ghurair Foundation for Education (AGFE) launched “Nomu”, a multi-sector partnership initiative in collaboration with University Leadership Council (ULC) to empower 25,000 Emirati youth by 2025. The initiative was announced during the Global Goals Week held at Expo 2020 Dubai and will offer high-quality learning opportunities as part of the nation’s sustainability strategy. The ...

  ABU DHABI / WAM The Integrated Transport Centre (ITC) of the Department of Municipalities and Transport in Abu Dhabi announced that it will launch “Abu Dhabi Link” on-demand bus service on Saadiyat Island on Friday, January 28. The service can be requested through the Abu Dhabi Link mobile application. This is a step that reinforces the principle of sustainable ...

  Abu Dhabi / WAM The Ministry of Culture and Youth organised a consultative meeting of Noura bint Mohammed Al Kaabi, Minister of Culture and Youth, with a group of Emirati playwrights to discuss the Ministry’s projects to support the growth of theatre in the country. The group discussed how the ministry could help enrich the theatre scene in the ...

  Dubai / WAM As Latin American and Caribbean countries begin to emerge from the pandemic, public and private sector stakeholders in these markets are increasingly looking to build and strengthen economic partnerships and boost international cooperation, and such prospects will be a key focus of the fourth edition of the Global Business Forum Latin America (GBF Latam) in Dubai. ...