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

Bloomberg The vast supply chain that produces and sells clothing has a massive carbon footprint. That makes the clearance rack a problem, says Gap Inc Chief Executive Officer Art Peck. The carbon footprint of a blouse with an unpopular print that ultimately sells for 99 cents is “inexcusable at the end of the day,” Peck said at the Bloomberg Sustainable ...

Bloomberg Ryanair Holdings Plc joined a chorus of European carriers in warning that a fare war and weakening economies may hold back earnings this year. Shares of the region’s biggest discount airline fell the most in six months on Monday as it posted a 39 percent drop in net income for the 12 months through March and said profit could ...

Bloomberg Efforts by Opec and its allies to balance the global supply and demand of oil aren’t complete because crude inventories continue to rise, according to United Arab Emirates Oil Minister Suhail Mohammed Al Mazrouei. “The job is not complete,” Al Mazrouei told reporters in the Saudi Arabian city of Jeddah. “We are still seeing some inventory buildup and we ...

SHARJAH / WAM Real estate transactions valued AED5.2 billion in the Emirate of Sharjah in the first quarter of this year, according to Sharjah Real Estate Registration Directorate (SRERD). The latest figures show that the emirate recorded 13,195 transactions, including 1,131 sales in 122 areas that covered 10 million square feet. Investors from 31 nationalities worldwide were involved in these ...

ABU DHABI / WAM The United Arab Emirates has welcomed the Custodian of the Two Holy Mosques King Salman bin Abdulaziz Al Saud’s call to the leaders of the Gulf Co-operation Council (GCC) and other Arab League states for two emergency summits in Makkah on May 30, on the critical circumstances the region is going through and their consequences on ...

DUBAI / Emirates Business Jebel Ali Free Zone (Jafza), the Middle East’s leading special economic zone and key growth engine of Dubai’s economy, announced it will waive an estimated AED 35 million ($9.53 million) in fines owed by its customers, in commemoration of the UAE Government’s designation of 2019 as the Year of Tolerance. Jafza’s decision to waive fines is ...

Abu Dhabi / Emirates Business Emirates Steel, the only integrated steel plant in the UAE and a subsidiary of the General Holding Corporation (Senaat), launched its fourth annual CSR initiative on the occasion of the Holy Month of Ramadan, titled ‘We Give You Smile’. As part of the company’s commitment to families and communities in the UAE, sixty volunteers from ...

Dubai / WAM Roads and Transport Authority (RTA), achieved electricity saving as much as 21.7 Gigawatt Hours (GWh), in 2018, which is a reduction of 9,340 tonnes of carbon emissions through replacement of conventional HID lamps by LED lighting units. RTA adopted a plan for harnessing the LED lighting units following a 50 percent saving generated by trial projects undertaken ...

Abu Dhabi / Emirates Business Ramadan is a month of spiritual reflection and a special time for family and friends to come together to strengthen their bonds. In keeping with the spirit of the holy month, Etisalat has introduced its Ramadan Bonus on Recharge promotion to enable its customers to spread joy, share Ramadan moments as and when they happen, ...

Dubai / Emirates Business Gulf Navigation Holding, the Dubai Financial Market listed maritime and shipping company, announced its financial results for the first quarter of 2019. During Q1 2019, the company achieved operating revenue of AED 45 million compared to AED 37.7 million during same period of 2018, a year-on-year increase of 19 percent. The company reported net loss of ...