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

Bloomberg Google’s parent firm plans to close its seven-story hub devoted to helping startups in London’s Shoreditch district and replace it with virtual services following the shift to home-working. The move comes after the pandemic showed Alphabet Inc that it could serve young firms across the country without the need for a physical space, according to a statement. Google was ...

Bloomberg Two blockbuster billion-dollar public offerings (IPOs) of tech unicorns set for later this year in Indonesia are fuelling demand for affiliated stocks, sending their shares to multiyear highs. Retailer PT Matahari Putra Prima has surged 929% this year while TV operator PT Elang Mahkota Teknologi gained 65% in the same period. Matahari is 4.7% owned by ride-hailing giant PT ...

Bloomberg Stocks and US futures were little changed on Tuesday as investors weighed prospects for economic growth against inflation worries ahead of testimony from Federal Reserve Chair Jerome Powell. Treasuries steadied after a retreat. European equities fluctuated as gains in energy shares offset a drop in technology shares, while US contracts were steady after the S&P 500 Index’s biggest jump ...

DUBAI / WAM Food aid operations of the “100 Million Meals” campaign have been completed in two refugee camps in Jordan, providing over 4.7 million meals in cooperation with the UN World Food Programme (WFP). The massive distribution comes a month after the 100 Million Meals campaign concluded, securing 216 million meals, double its target, to vulnerable communities in 30 ...

ABU DHABI / WAM Rashed Lahej Al Mansouri, Director-General of the General Administration of Abu Dhabi Customs, has said that Abu Dhabi possesses a solid logistical infrastructure and advanced digital technologies that enhance its trade globally. In an interview with the Emirates News Agency (WAM), Al Mansouri said that Abu Dhabi’s non-oil foreign trade through the emirate’s customs ports achieved ...

ABU DHABI / WAM The UAE on Monday sent 20 ambulances equipped with essential emergency, security and safety equipment to the Gaza Strip through the Rafah Border Crossing. The shipment of the aid, which was organised by the country’s humanitarian arm, the Emirates Red Crescent (ERC), aims to support Gaza’s health sector and improve local humanitarian conditions. The UAE always ...

Abu Dhabi / WAM Abu Dhabi Fund for Development (ADFD) has signed a cooperation agreement with the Emirates Red Crescent (ERC) to finance the development projects supported by the “Mother of the Nation” programme in the Comoros. As part of the funding, ADFD has provided AED35 million to the UAE government’s grant to the Comoros to support development projects within ...

Abu Dhabi / WAM Al Yah Satellite Communications Company PJSC (Yahsat) on Monday announced its intention to proceed with an initial public offering (IPO) of part of its existing shares and to apply for admission of all of its shares to listing and trading on the Abu Dhabi Securities Exchange (ADX). At least 30 percent of Yahsat’s issued share capital ...

DUBAI / WAM Abdulla Bin Damithan, DP World’s UAE Region and Jafza CEO and Managing Director, on Monday welcomed Unicef’s Regional Director for the Middle East and North Africa, Ted Chaiban, to Dubai as part of its ongoing efforts to leverage DP World’s facilities, infrastructure, and expertise to deliver critical Covid-19 supplies to countries most in need. In January, DP ...

SHARJAH / WAM The Sharjah Chamber of Commerce and Industry (SCCI) discussed ways to strengthen economic cooperation, develop trade relations and mutual investment between the Emirate of Sharjah and the Republic of Kazakhstan, during the visit of a delegation from the country at its headquarters, on Monday. The two sides discussed strengthening cooperation in many areas, and promising investment opportunities, ...