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

Bloomberg SoftBank Group Corp. charged ahead with its new public stock trading arm, increasing equity positions to more than $20 billion despite an initially skeptical response from shareholders, according to a person familiar with the investments. Bloomberg reported in August that SoftBank had been targeting more than $10 billion and that the sum could reach into the tens of billions. ...

Abu Dhabi / WAM The UAE cabinet, chaired by His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, approved a Resolution to endorse the Abraham Accords Peace Agreement and full diplomatic relations between the UAE and the State of Israel. It also directed the initiation of constitutional procedures to ...

Abu Dhabi / WAM ADQ, one of the region’s holding companies with a broad portfolio of major enterprises spanning key sectors of Abu Dhabi’s diversified economy, announced it entered into a non-binding agreement with Lulu International Holdings (LIHL) paving the way for an investment supporting LIHL’s expansion of operations in Egypt of up to $1 billion. The agreement was signed ...

Abu Dhabi / WAM An Emirati delegation, led by Khadim Abdulla Aldarei, Co-Founder and the Vice Chairman of Al Dahra Holding, has visited Israel upon an invitation from Netafim, one of Israel’s leading companies in the field of innovative irrigation solutions and advanced agriculture, under the patronage of the Ministry of Agriculture and Rural Development of Israel. During the visit, ...

Abu Dhabi / WAM Net international reserves in the UAE grew 1.1 percent during August this year to AED353.15 billion from AED349.25 billion in July, according to the statistics shown by the central bank of UAE. The balance of foreign securities, and other foreign assets increased to AED12.66 billion and AED32.43 billion, respectively during the same month. When a country ...

Bloomberg Oil steadied as Saudi Arabia vowed that Opec and its partners will do what’s necessary to balance the market. The Organisation of Petroleum Exporting Countries (Opec) will “nip negative trends in the bud” as uncertainty in the energy market persists, Saudi Oil Minister Prince Abdulaziz Bin Salman said at group’s Joint Ministerial Monitoring Committee meeting. At the same time, ...

Abu Dhabi / WAM Hub71 and the Saudi Ministry of Communications and Information Technology’s (MCIT) Digital Innovation Centre struck a new strategic partnership to increase collaboration that drives digital innovation and tech entrepreneurship between the UAE and Saudi Arabia. The three-year agreement aims to foster international knowledge exchange and talent growth in the UAE and Saudi Arabia, in addition to ...

Abu Dhabi / WAM The Ministry of Health and Prevention (MoHAP) announced that it conducted 77,291 additional Covid-19 tests over the past 24 hours, using state-of-the-art medical testing equipment. As part of its intensified testing campaign, MoHAP announced 915 new coronavirus cases, bringing the total number of recorded cases in the UAE to 116,517. The ministry also noted an additional ...

ABU DHABI / WAM Qasr Al Watan ”Al Watan Palace” is set to re-open its doors to the public on October 20. The Palace offers access to the public wishing to embark on the journey of a nation, an experience unlike any other. The long-anticipated reopening will include the implementation of strict precautionary measures for the safety of guests during ...

DUBAI / WAM Sharjah Municipality (SM) announced that the contractual value of construction permits issued in the city of Sharjah since the beginning of this year until the end of September amounted to approximately AED6.9 billion, and the engineering and buildings sector outputs witnessed a remarkable increase of 26% during the third quarter compared to the second quarter of this ...