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

BLOOMBERG India’s property stocks advanced to the highest in 15 years, signalling a potential breakout, as robust sales added to the optimism over the central bank’s decision to keep interest rates unchanged. The S&P BSE Realty Index rallied as much as 4.8% Tuesday to its highest level since September 2008, as strong second-quarter sales reported by several developers lift expectations ...

BLOOMBERG Deutsche Bank AG’s sales of foreign-exchange derivatives to small companies in Spain are being examined by securities regulator CNMV, adding to scrutiny of the lender over the matter. The focus of the assessment is whether the sales complied with rules that effectively ban marketing complex derivatives to inexperienced buyers, a spokesman for the regulator said. He declined to provide ...

BLOOMBERG The Bank of England (BOE) warned that house prices are likely to fall further in many economies and flagged significant downside risks in the Chinese property market. A further deterioration in activity and prices could pose risks to the Chinese economy and financial sector, which could spill over into the UK and other jurisdictions, the central bank said in ...

DUBAI/WAM Emirates Development Bank (EDB) has announced that since the launch of its new strategy in April 2021, the bank has approved over AED 721 million financial support for food security projects. EDB has allocated AED30 billion to support 13,500 SMEs in five priority sectors: manufacturing, renewables, technology, healthcare, and food security. The announcement was made today as EDB concluded ...

ABU DHABI/ WAM ADNOC Drilling announced an interim dividend payment of $358 million, or 8.22 fils per share, for the first half of 2023. This represents another 5 percent year-on-year increase, in-line with the company’s progressive dividend policy. The interim dividend distribution will be on or around October 27, 2023, to all shareholders of record as of October 19, 2023. ...

MARRAKESH/ WAM The International Monetary Fund (IMF) has forecast that the UAE’s real GDP will grow by 3.4 percent in 2023 and 4 percent in 2024. The IMF’s forecast is in line with that of the World Bank, which released a similar estimate two days ago. The IMF said that the UAE’s current account balance is expected to be about ...

ABU DHABI / WAM President His Highness Sheikh Mohamed bin Zayed Al Nahyan has sent a message of condolence to the Custodian of the Two Holy Mosques, King Salman bin Abdulaziz Al Saud of Saudi Arabia, expressing his sincere sympathy over the death of Prince Mohammed bin Saad (II) Al Abdulrahman Al Saud. His Highness Sheikh Mohammed bin Rashid Al Maktoum, ...

ABU DHABI / WAM H.H. Sheikh Abdullah bin Zayed Al Nahyan, Minister of Foreign Affairs, discussed ways to stop the escalation between the Palestinian and Israeli sides and protect civilians during a telephone call with Yōko Kamikawa, Minister of Foreign Affairs of Japan. The UAE top diplomat discussed with his Japanese counterpart the repercussions of the ongoing escalation, especially the ...

ABU DHABI/ WAM President His Highness Sheikh Mohamed bin Zayed Al Nahyan has directed the provision of US$20 million in humanitarian aid to the Palestinian people. The aid, which will be channelled through the United Nations Relief and Works Agency for Palestine Refugees in the Near East (UNRWA), comes as part of the UAE’s policy to provide urgent relief and assistance ...

ABU DHABI / WAM UAE President His Highness Sheikh Mohamed bin Zayed Al Nahyan held discussions by telephone on Monday with the Federal Chancellor of the Republic of Austria, Karl Nehammer, to review bilateral ties and explore opportunities to build upon the strategic partnership between the UAE and Austria for the benefit of both nations. His Highness and the Austrian Chancellor also ...