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

Bloomberg Norwegian Air Shuttle, the debt-ridden low-cost airline, is returning to capital markets in a bid to raise potentially more than $300 million. Norwegian is contemplating a private placement of as many as 27.25 million new shares, representing about 20% of its share capital. The company also wants to sell convertible bonds for as much as $175 million, it said. ...

Bloomberg Shake Shack Inc tumbled to what would be its lowest level since July after the burger chain’s third-quarter comparable sales trailed estimates and management reduced its sales target. “After seeing improved trends over the last two quarters, 3Q results — as well as 4Q commentary — were a sobering reminder of the volatility in results that often accompanies the ...

Bloomberg Marks & Spencer Group Plc’s efforts to turn around its troubled clothing business showed signs of life in the autumn, boosting the UK retailer after a weak first half of the year. The division’s full-price and planned promotional sales rose 2.7% in October, the company said on Wednesday. The shares gained as much as 7.9% in early London trading, ...

DUBAI / WAM Dubai FDI, the investment development agency of Dubai Economy, has announced the signing of a Memorandum of Understanding with Standard Chartered Bank, to facilitate consultation, cooperation and exchange of information in areas of mutual interest and objectives. In line with Dubai FDI’s efforts to consolidate the emirate’s position as a preferred global Foreign Direct Investment (FDI), destination, this ...

London / Emirates Business Etihad Airways, the national airline of the United Arab Emirates, on Tuesday announced a partnership with Tourism Malaysia to attract visitors from Europe and the Middle East to Malaysia, via the airline’s Abu Dhabi hub. The agreement was signed at the World Travel Market in London, attended by representatives from both organisations and trade partners. The ...

Abu Dhabi / WAM The total assets of UAE-based commercial banks increased to circa AED2.457 trillion by the end September, AED173 billion ($47.1 billion) of which were recorded over the past nine months only, accounting for 81.3 percent of the UAE banks’ total assets, statistics by the Central Bank of the UAE showed on Tuesday. Up to 19.7 percent of ...

DUBAI / WAM The key initiatives launched by the UAE since the start of the year reflect the country’s vision to combat extremism and promote openness with other cultures, making it a leading regional and international centre of spreading these values, through hosting major conferences and forums attended by influential intellectuals and scholars. Specialist events and initiatives organised monthly by ...

RIYADH / WAM His Highness Sheikh Mohamed bin Zayed Al Nahyan, Crown Prince of Abu Dhabi and Deputy Supreme Commander of the UAE Armed Forces, and Prince Mohammed bin Salman bin Abdul Aziz, Saudi Crown Prince, Deputy Prime Minister and Minister of Defence, on Tuesday attended the signing of the Riyadh Agreement between the Yemeni Government and the Southern Transitional ...

Dubai / WAM DMCC – the world’s flagship Free Zone and Government of Dubai Authority on commodities trade and enterprise – announced on Tuesday that it registered 202 new companies in the month of October – the highest figure in a single month for nearly two years. The sharp increase signals investor confidence in Dubai, and both the appeal of ...

ABU DHABI / WAM Aldar Properties announced on Tuesday that it has achieved a significant milestone in the delivery of two of its flagship developments on Saadiyat Island, having started phased handovers of Mamsha Al Saadiyat and Jawaher. Mamsha Al Saadiyat is an exclusive mixed-use development located in the Saadiyat Cultural District offering beachfront residences with access to diverse retail, ...