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

DUBAI / WAM Emirates airline has announced the first arrivals of its double daily A380 services to Muscat. Flights EK 862 and EK 864 were each welcomed with water cannon salutes upon arrival, ushering in the new services to Oman’s capital, Muscat. EK862 departs Dubai at 08:25, arriving in Muscat at 09:40. The return flight, EK 863, departs Muscat at ...

DUBAI / WAM Dubai Chamber of Commerce and Industry has announced that it has joined more than 450 other chambers of commerce from around the world in signing the Chambers Climate Coalition, a groundbreaking global initiative that aims to take bold and collective climate action. The Coalition, unveiled during the 11th World Chambers Congress in Rio de Janeiro, commits chambers ...

ABU DHABI / WAM The UAE Cabinet, chaired by HH Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, has approved the sectors and economic activities eligible for up to 100 percent foreign ownership in the UAE. The decision aims to support the growth environment and to reaffirm UAE’s position on ...

Dubai / Emirates Business The non-oil private sector economy in UAE accelerated in the second quarter of the year, according to Emirates NBD Purchasing Managers’ Index (PMI) survey for June. The headline seasonally adjusted index — a composite indicator designed to give an accurate overview of operating conditions in the non-oil private sector economy — posted 57.7 in June, down ...

ABU DHABI / WAM Al Dhafra Petroleum, a joint venture between the Abu Dhabi National Oil Company (Adnoc), the Korea National Oil Company (KNOC) and GS Energy, and one of Adnoc’s youngest operating companies, announced it has begun producing crude oil from Abu Dhabi’s Haliba field and discovered potential resources in three new fields in its concession area. According to ...

ABU DHABI / WAM The UAE is advancing its stature in the area of global competitiveness in the telecommunications sector, by taking the lead in adopting 5G technology. Etisalat is the first telecommunications operator in the Middle East and North Africa to launch a 5G network investing in the future of connectivity via its infrastructure network, driving innovation and digital ...

Bloomberg Venezuela’s state-owned oil company is taking an unusual step to try and increase production: shut fields. From this month, Petroleos de Venezuela SA will prioritise 13 fields in the Faja, a 55,000 square-kilometer (21,235 square-mile) strip north of the Orinoco River containing heavy crude oil that former president Hugo Chavez turned into the nation’s oil flagship project, according to ...

Bloomberg South Africa is working on a policy to govern the development of oil and gas resources after calls by potential investors to shield the industry from a long-running debate over laws that apply to mining exploration. The finalising of oil legislation has become more urgent since Total SA announced the first significant deep-water oil find off the coast of ...

Bloomberg Hong Kong’s old Kai Tak airport was famed for its hair-raising landings, as planes skimmed apartment rooftops before touching down just minutes from bustling Kowloon. Now, the site is morphing into one of the city’s biggest real estate developments with multi-million dollar apartments slowly filling up even as new parcels of land go for record prices. China Resources Land ...

Bloomberg The heaviest downpour since 2005 inundated Mumbai, delaying trains and planes and spurring the city administration to declare a holiday. Flights to Mumbai were delayed, diverted or cancelled after a Boeing Co 737 aircraft operated by SpiceJet Ltd overshot the runway amid heavy rains. Precipitation over the past 24 hours was the second-heaviest on record, said KS Hosalikar, deputy ...