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

Dubai / WAM The number of Indian tourists travelling to the GCC is expected to increase 81 percent from 5.4 million in 2018 to 9.8 million in 2024, growing at a Compound Annual Growth Rate (CAGR), of 10 percent, according to the latest data published ahead of Arabian Travel Market (ATM, 2020). As destinations throughout the Middle East prepare to ...

Dubai / Emirates Business Halcon, a regional leader in the production and supply of precision-guided weapons, has signed a $1 billion (AED3.6 billion) contract to deliver its Desert Sting-16 (DS-16) range of precision guided weapons to the UAE Armed Forces. Saeed Al Mansoori, CEO of Halcon, announced the landmark deal at Dubai Airshow 2019. Speaking on the sidelines of the ...

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, recognised the winners of the 2019 REACH Awards on Tuesday at a ceremony held during the Reaching the Last Mile Forum in Abu Dhabi. Established by the Crown Prince of Abu Dhabi, the biennial ...

Abu Dhabi / WAM HH Sheikha Fatima bint Mubarak, Chairwoman of the General Women’s Union and President of the Supreme Council for Motherhood and Childhood, said that children have the right to live in safety and security, urging the international community to shoulder its responsibility towards children and to work with full capacity to enforce mechanisms and policies that would ...

Dubai / WAM Dubai Islamic Bank (DIB), successfully closed a $750 million 5-year Sukuk with a profit rate of 2.950 percent per annum, which is equivalent to 140bps over the 5-year Mid Swap Rate. The transaction is DIB’s second foray into the international capital markets in 2019, first being a $750mn Additional Tier 1 sukuk priced earlier this year. The ...

Abu Dhabi / Emirates Business Sanad Capital (Sanad), the aerospace asset leasing and financial solutions company, has completed delivery of its 12th engine to Etihad Airways. The delivery marks the final tranche of a $280 million, 12 engine deal signed between the two Abu Dhabi aerospace companies in 2016. The 12-year sale and lease-back agreement between Etihad Airways and Sanad, ...

Bloomberg While the Federal Reserve has said short-term interest rates are back under control following September’s upheaval, its solution may be having knock-on effects for money-market investors. The amount of cash that was parked at the central bank’s facility for overnight reverse-repurchase agreements spiked to $27 billion. That’s the most since the end of the first half of 2019, when ...

Bloomberg Zimbabwe’s central bank halved its key interest rate to 35%, joining the finance ministry in efforts to revive an economy hobbled by years of mismanagement. The decision reverses a move by the southern African nation’s newly formed Monetary Policy Committee (MPC) in September, which raised the rate from 50%. It follows the unveiling last week of the 2020 budget ...

Bloomberg The State Bank of Vietnam, in its latest easing move, cut its interest-rate cap for dong deposits and ordered lenders to lower interest rates to support key business sectors. The limit on interest rates was cut to 5% from 5.5% for dong deposits with maturities of one month to less than 6 months, the central bank said in a ...

Bloomberg “Nothing is priced in,” said David Bloom, global head of foreign-exchange strategy at HSBC Holdings Plc, in an interview with Bloomberg Television. “The political outcome will determine the future of the currency.” An election result that paves the way to a UK-European Union deal on Brexit could send the pound up to $1.45 by the end of next year. ...