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

Bloomberg Mike Ashley’s Sports Direct International Plc sold its stake in MySale Group Plc after the Australian fashion website withdrew from the UK market, another setback for the billionaire UK retailer. The sports retailer sold its 4.8 percent holding for an undisclosed amount, according to a regulatory filing. MySale shares began selling at $2.91 in June 2014, which would have ...

Bloomberg Southwest Airlines Co mechanics approved a new contract that provides pay increases and a retroactive bonus, closing out more than six years of negotiations that included a lawsuit and an alleged worker slowdown. The five-year agreement won 95 percent support from the Aircraft Mechanics Fraternal Association (AMFA), the union said. About 94 percent of eligible voters participated. The approval ...

DUBAI / WAM His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, has launched the ‘Golden Card’ scheme to grant permanent residency benefits to investors, entrepreneurs, specialised talents, researchers, and outstanding students. The Golden Card offers unprecedented benefits to the cardholders and their families, while creating an attractive environment ...

Bloomberg Trade tensions have derailed the global economy, plunging it onto a low-growth track that’s clouded by risks, according to the Organisation for Economic Co-operation and Development’s (OECD) latest outlook. The report sticks to the gloomy tone long held by the Paris-based organisation, which has warned that trade disruptions could ricochet throughout the world economy. Now that scenario has come ...

ABU DHABI / WAM The UAE and the US are bound by common interests and values and share similar views on a wide range of issues. The two countries share the same perception and face some common threats, and have managed to build a very strategic relationship at all levels over the years, former US Secretary of Defense James Mattis ...

ABU DHABI / WAM The Central Bank of UAE’s monetary aggregates, which include currency in circulation outside banks plus monetary deposits and quasi-deposits and government deposits, referred to as M3, increased 0.2 percent by the end of April, hitting as much as AED1.636 trillion against an amount of AED 1.632 trillion recorded the month before, according the UAE Monthly Monetary ...

Dubai / Emirates Business High net worth individuals and business owners globally are optimistic and looking for opportunities to invest as markets rebound in 2019, according to UBS Global Wealth Management’s new quarterly Investor Sentiment survey. The survey, which polled more than 3,600 wealthy investors and entrepreneurs in 17 countries, including the UAE, points to a rebound in bullish sentiment ...

DUBAI / WAM Expo 2020 Dubai has announced that the construction of its petal-shaped Thematic Districts is now complete, marking one of the most significant milestones on the road to welcoming the world to the UAE. More than 100 million working hours have now gone into developing the site, including the completion of all shell and core works for the ...

Dubai / Emirates Business All the features in the Emirates app are now available in Arabic, bringing the total number of languages supported to 19. The Emirates app currently receives an average of 600,000 monthly downloads and allows users to search, book and manage their flights as well as their Emirates Skywards accounts. Emirates is the only airline globally to ...

Sharjah / WAM Dana Gas on Tuesday announced it commenced drilling operations at its Merak-1 well, offshore Egypt. The location is in 755 metres of water in the North El Arish concession, also known as Block 6. This block is in the Eastern Mediterranean Basin where other giant natural gas discoveries have been made in recent years. The Merak-1 well ...