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

Bloomberg Bolt Technology OU, which competes with Uber Technologies Inc in Europe and Africa, doubled its valuation to $4.8 billion after raising money to finance a grocery-delivery service. The Estonia-based company raised 600 million euros from investors including Sequoia Capital and Tekne Capital Management to finance a 15-minute grocery delivery service called Bolt Market in 10 European countries over the ...

Bloomberg Ferrari NV largely met expectations with its last set of earnings before the supercar maker installs a new chief executive from outside the auto industry as it goes through a period of dramatic upheaval. Adjusted earnings before interest, taxes, depreciation and amortisation rose to 386 million euros ($459 million) during the second quarter, Ferrari said, compared with an average ...

Bloomberg European stocks climbed on Monday along with US index futures as positive corporate earnings and economic data offset lingering concerns over China’s regulatory crackdown and the spread of the delta virus variant. Carmakers and retailers led the advance in the Stoxx Europe 600 index. Earnings beats from the likes of HSBC Holdings Plc, Axa SA and Heineken NV buoyed ...

Bloomberg European equities kicked off August with a bang, rising to a new record on earnings updates and easing concern about China’s regulatory crackdown. The Stoxx Europe 600 Index was up 0.6% in London, with cyclicals such as automakers and miners leading a broad advance. Banks also outperformed as HSBC Holdings Plc posted results that beat estimates. Meggitt Plc surged ...

ABU DHABI / emirates Business The Emirati company “G20” signed a strategic partnership agreement with the American company PharmXGen, so that “G20” will be the exclusive agent to supply and distribute in the Middle East and North Africa the newest Rapid Antigen tests in the world. The agreement was signed by His Excellency Dr Mubarak Hamad Marzouq Al Ameri, Chairman ...

Bloomberg Oil posted its fourth straight monthly gain as steady demand and tight supplies calmed concerns that a new wave of Covid-19 infections would cripple energy consumption. Futures in New York ended the week 2.6% higher. While cases of the virus’s delta variant have surged in recent weeks, mobility and other data point to strong demand in key economies that ...

DUBAI / WAM His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President, Prime Minister and Ruler of Dubai, has issued Decision No (26) of 2021 on the Board of Directors of the Mohammed Bin Rashid Space Centre (MBRSC) and Decision No (27) of 2021 on the Board of Trustees of the Mohammed Bin Rashid Al Maktoum Humanitarian and Charity ...

VIENNA / WAM UAE Ambassador to Austria Ibrahim Salim Al Musharrakh has praised the distinguished UAE-Austria economic and trade relations, especially in tourism and aviation sectors. The ambassador’s remarks came on the occasion of the arrival of the first Etihad Airways flight to the Austrian capital Vienna and Fly Dubai flight to Salzburg Airport, the second largest airport in Austria. ...

ABU DHABI / WAM Emirates Global Aluminium, the largest industrial company in the UAE outside the oil and gas sector, on Sunday signed an agreement with Gulf Extrusions, which is owned by the Al Ghurair Group, on the innovative reuse of industrial by-products derived from production operations, as an alternative to using raw materials. The agreement adds to the efforts ...

RAS AL KHAIMAH / WAM RAK Properties, one of the UAE’s leading property development and tourism infrastructure companies, has announced its financial results for the first half of 2021. RAK Properties continued its strong performance, with profits increasing during the first half of this year by 348 percent, reaching AED119.8 million, compared to AED26.7 million in the first half of ...