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

SHARJAH / WAM The Sharjah National Oil Corporation (SNOC) and its Italian partner ENI, have announced a successful new discovery of natural gas and condensate onshore at the Mahani field in Sharjah. The discovery at Mahani-1 exploration well, with flow rates of up to 50 million standard cubic feet per day, comes within the first year of the partnership and ...

ABU DHABI / WAM Mohammed bin Ahmed Al Bowardi, Minister of State for Defence Affairs, received Pavan Kapoor, Ambassador of India to UAE, to discuss ways of promoting bilateral ties between UAE and India. The two sides explored ways of enhancing cooperation relations across various fields. They also reviewed issues of mutual interest and exchanged views on regional, international developments. ...

Bloomberg Oil tumbled to the lowest in more than three months on fears China’s deadly coronavirus will hit demand in a market that already has plentiful supply. Futures plunged more than 3% as China reported an increase in fatalities and infections. While the country extended the Lunar New Year holiday to control the outbreak, more cases have been reported in ...

DUBAI / WAM Emirates NBD has announced that it delivered a strong set of results with net profit up 44% y-o-y to AED14.5 billion in 2019. According to a press statement issued by the bank on Monday, net interest income increased 26% due to loan growth and non-interest income grew 38% due to higher foreign exchange and credit card related ...

RAS AL KHAIMAH / WAM HH Sheikh Saud bin Saqr Al Qasimi, Supreme Council Member and Ruler of Ras Al Khaimah, has issued compensation of AED9 million to those affected by the recent rain in the Emirate. A committee was established under Sheikh Saud’s directions, including the directors of several departments and local bodies in the Emirate, to assess the ...

DUBAI / Emirates Business Emirates Central Cooling Systems Corporation (Empower), the world’s largest district cooling services provider, reported a net profit of AED871 million in 2019, representing a remarkable increase of 8.3% year-over-year (YoY). The company has achieved a total revenue of AED2.19 Bn an increase of 7.9% YoY. Commenting on Empower’s financial results at the annual press conference, Ahmad ...

Abu Dhabi / WAM His Highness Sheikh Mohamed bin Zayed Al Nahyan, Crown Prince of Abu Dhabi and Deputy Supreme Commander of the UAE Armed Forces, held talks with Kassym-Jomart Tokayev, President of the Republic of Kazakhstan at the Al Watan Palace in Abu Dhabi, where they addressed bilateral ties and ways to strengthen them. They also discussed the developments ...

Abu Dhabi / WAM Abu Dhabi Commercial Bank (ADCB) on Monday reported its full year financial results for 2019, announcing a net profit of AED5.244 billion with double-digit annualised return on tangible equity of 11.2%. The Board of Directors has recommended a cash dividend of AED0.38 per share, translating to a pay out of AED2.644 billion, equivalent to 50% of ...

DUBAI / WAM The Mohammed bin Rashid Al Maktoum Knowledge Foundation (MBRF) unveiled the ‘Digital Knowledge Hub’ – a comprehensive online platform to facilitate self-education and promote development – following the directives of MBRF Chairman Sheikh Ahmed bin Mohammed bin Rashid Al Maktoum. Launched on the occasion of the United Nations’ International Day of Education on January 24, at a ...

DUBAI / WAM A charity initiative sponsored by the Emirates Red Crescent Authority (ERC) in Dubai saw the distribution of 3,440 food parcels to orphans, workers, farmers and low-income families. With the help of some 300 employees and customers of destination management company ’24 Degrees’ and ‘Grace Conservation’, foods including oil, rice, lentils, sugar, tea, wheat flour, legumes and canned ...