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

Bloomberg The world’s first all-electric vertical takeoff passenger jet could start operations from boutique hubs across Florida in coming years. German startup Lilium GmbH has struck a deal to build a network of at least 10 so-called vertiports with Spanish infrastructure giant Ferrovial SE, the companies said. Ferrovial owns 25% of London’s Heathrow Airport and manages three other terminals in ...

Bloomberg ByteDance Ltd. is said to be exploring a sale of the India operations of TikTok to rival unicorn Glance, in an attempt to resuscitate the once-thriving short video sharing app that’s been banned indefinitely in the South Asian nation. The discussions have been initiated by Japan’s SoftBank group conglomerate. SoftBank is a backer of Glance’s parent InMobi as well ...

Bloomberg Porsche AG is increasing spending to bolster the digital products and services supplementing its luxury sports cars to lure more tech-savvy customers, particularly in China. The German manufacturer now invests 900 million euros ($1.1 billion) a year on digitisation compared with 800 million euros previously, Chief Financial Officer Lutz Meschke said. The Stuttgart-based company also puts about 150 million ...

Bloomberg Facebook Inc. has been “helping” law enforcement identify people who posted photos of themselves at the January 6 riots at the US Capitol, “even after the attack was over,” said Monika Bickert, the company’s head of global policy management. Bickert said Facebook removed posts from several militant groups in the lead-up to the violent event and continued to remove ...

CAIRO/ WAM Ahmed Aboul Gheit, Secretary-General of the Arab League, congratulated the UAE for the successful entry of the Hope Probe into the orbit of Mars, stressing that this success is the outcome of an investment in knowledge and an academic and scientific renaissance, which was reinforced and supported by the government over many decades. In his statement issued on ...

ABU DHABI/ WAM The Abu Dhabi National Oil Company (Adnoc) announced on Wednesday the signing of an exploration concession agreement, awarding the exploration rights for Abu Dhabi’s Offshore Block 4 to Cosmo E&P Albahriya Limited, a wholly-owned subsidiary of Japan’s Cosmo Energy Holdings Co, Ltd (Cosmo). The award has been approved by Abu Dhabi’s newly formed Supreme Council for Financial ...

ABU DHABI / WAM First Abu Dhabi Bank (FAB) has announced it signed a five-year strategic partnership deal with Mastercard for the enablement of commercial cards and payments solutions. The move aims to simplify business-to-business (B2B) payments for companies in the UAE, making them more seamless, secure and convenient. Mastercard’s commercial cards and payment platforms will be made available to ...

ABU DHABI / WAM The UAE has strongly condemned and denounced the Iranian-backed terrorist Houthi militia’s terrorist and cowardly attack on the Abha Airport in Saudi Arabia that caused a fire in a civilian aircraft. In a statement by the Ministry of Foreign Affairs and International Cooperation (MoFAIC) on Wednesday, the UAE considered the onslaught a grave escalation and cowardly ...

Bloomberg Oil rose again to extend the longest run of gains in two years with a industry report showing falling US crude stockpiles the latest sign of tightening global supplies. While prices continue to surge, some of the biggest moves in the past day have come at the front of the futures curve. Brent’s nearest timespread has surged — a ...

ABU DHABI/ WAM Etihad Airways, the UAE national airline, has become the first airline in the world with all its operating pilots and cabin crew vaccinated to help curb the spread of Covid-19. In January 2021, Etihad was awarded Diamond status for ensuring the highest standards of cleanliness and sanitisation in the inaugural ‘APEX Health Safety, powered by SimpliFlying’ audit. ...