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

Bloomberg A closely watched researcher has cut its estimate of Amazon.com Inc.’s share of the US e-commerce market after incorporating new figures from the company. EMarketer Inc., among the most widely cited sources for estimates of US online retail sales, says it now expects Amazon to account for 37.7 percent of online commerce this year, down from a prior estimate ...

Bloomberg Walmart Inc. will fully integrate all Jet.com employees into the larger company and shrink the unit’s management team nearly three years after buying the e-commerce site. The changes, outlined in a memo from Jet co-founder Marc Lore, include the departure of Jet president Simon Belsham, who will seek another opportunity inside or outside the company after a transition period ...

Bloomberg American Airlines Group Inc. persuaded a federal judge to temporarily block an alleged work slowdown by mechanics that the carrier says has become “devastating” to its operations. American sought the order three weeks after asking for a temporary injunction against the TWU-IAM Association, which represents more than 30,000 mechanics, baggage handlers and other airport ramp workers. A July 1 ...

Bloomberg The SpaceJet is not going to take you to the moon or Mars, but it can get you to a smaller city on earth without having to switch flights in Atlanta, Dubai or another big airport hub. The newly renamed regional jet by Mitsubishi Heavy Industries Ltd. is being showcased at the Paris Air Show next week, along with ...

DUBAI / Emirates Business The Holy Month of Ramadan has been eventful for the Dubai property market in 2019, both in terms of the volume and value of property transactions concluded. Property deals cumulatively worth AED5.6 billion ($1.5 billion) were transacted in Dubai solely during Ramadan this year, reveals analysis by the Research & Data team at Property Finder, the ...

RIYADH / WAM The Official Spokesman for the Coalition to Restore Legitimacy in Yemen, Colonel Turki Al Malki, announced that a hostile projectile fired by the Houthi militia at 02:21 on Wednesday hit the arrivals hall at Abha International Airport through which thousands of passengers of different nationalities pass daily. The Saudi Press Agency (SPA) quoted Colonel Al Maliki as ...

ABU DHABI / WAM The UAE has strongly condemned the Houthi terrorist attack against Saudi Arabia’s Abha International Airport, which resulted in the injury of many civilians. In a statement, the MOFAIC said UAE strongly condemned this terrorist act which utilised military projectile capabilities, and deemed it as new evidence of the Houthi’s hostile and terrorist tendencies that seek to ...

Bloomberg Abu Dhabi Investment Authority (ADIA), one of the world’s largest sovereign wealth funds, plans to buy out Vornado Realty Trust’s 25 percent stake in the midtown Manhattan office tower at 330 Madison Ave, according to a person familiar with matter. The deal would give the Abu Dhabi fund, already the building’s majority holder, full ownership. Vornado said it agreed ...

ABU DHABI / WAM Aldar Properties on Wednesday launched Alreeman II, an AED1.7 billion master-planned residential community in the Alshamkha area of Abu Dhabi, available exclusively for purchase by UAE nationals. Alreeman II follows the success of Alreeman, launched in January 2019 which generated as much as AED1.6 billion in sales. Spread across an area of 2.4 million square metres, ...

ABU DHABI / WAM Hub71, a global tech hub driven by Mubadala Investment Company in collaboration with Microsoft, SoftBank Vision Fund and Abu Dhabi Global Market, has announced a new partnership with MIT Enterprise Forum Pan Arab, part of a global network of chapters dedicated to promoting and enriching the entrepreneurship ecosystem in the Arab region. With the joint mission ...