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

ABU DHABI / WAM The Abu Dhabi government and the Abu Dhabi National Oil Company (Adnoc) has signed the first of a series of concession agreements with Italy’s multinational oil and gas company Eni, awarding it a 25 percent stake in its offshore ultra-sour gas mega project. The Ghasha Concession consists of the Hail, Ghasha, Dalma and other offshore fields. ...

DUBAI / WAM Dubai external trade in foodstuff recorded AED44.24 billion in H1 of 2018. Imports made AED27.68 billion, exports touched AED7.71 billion, and re-exports recorded AED 8.84 billion, according to recent figures released by Dubai Customs in conjunction with the launch of Gulfood Manufacturing Exhibition 2018 in Dubai. Rice took the lion’s share of foodstuff trade with AED2.43 billion, ...

Bloomberg Amazon announced it has selected New York City and Arlington, Virginia, as the locations for new headquarters, with hiring at both locations beginning in 2019. Amazon will invest $5 billion and create over 50,000 jobs across two new headquarters. It selected Nashville as new operations center of excellence with over 5,000 jobs. The Washington DC metro headquarters in Arlington ...

DUBAI / WAM Emaar Development, owned by Emaar Properties, has recorded a growth in net profit of 19 percent during the first nine mon-ths of 2018, to AED2.498 billion ($680 million), compared to AED2.106 billion ($573 million) during the same period in 2017. Total revenue for the first nine months is AED10.033 billion ($2.732 billion), an increase of 54 percent ...

DUBAI / WAM Brand Dubai, the creative arm of the Government of Dubai Media Office (GDMO) and the Dubai International Financial Centre Authority (DIFC) signed a Memo- randum of Understanding (MoU) to foster growth of art, culture and creativity in Dubai. Under the MoU, Brand Dubai and the DIFC Authority, will collaborate to expand cultural development in Dubai and initiate ...

Bloomberg Driving electric cars and scrapping your natural gas-fired boiler won’t make a dent in global carbon emissions, and may even increase pollution levels. Higher electrification may lead to oil demand peaking by 2030, but any reduction in emissions from the likes of electric vehicles will be offset by the increased use of power plants to charge them, according to ...

DUBAI / WAM His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, ordered another airlift of humanitarian aid to Jordan, as current weather systems threatens those affected by the floods. Further to the directives of His Highness Sheikh Mohammed, HRH Princess Haya bint Al Hussein, wife of His Highness ...

ABU DHABI / WAM The Abu Dhabi National Oil Company (Adnoc) on Tuesday hosted senior oil, gas and technology leaders at the inaugural Adnoc Artificial Intelligence (AI) Forum. The event was held at Adnoc HQ in its state-of-the Panorama Digital Command Centre, to discuss radical industry shifts, the rise of AI and how collectively, the industry can accelerate AI advancement ...

ABU DHABI / WAM ExxonMobil is very impressed by Abu Dhabi National Oil Company’s (Adnoc) growing focus on the downstream industry, according to Christian G. Lenoble, ExxonMobil President and UAE Lead Country Manager. “The vision is comprehensive and aimed at maximising value across the value chain, not only crude oil, but also gas and petrochemicals. It’s very ambitious goal; but ...

Abu Dhabi / WAM The oil and gas industry must secure more than US$10 trillion worth of investment over the next 22 years if it is to meet the forecast growth in demand for energy and industrial petroleum-based products. According to figures from the OPEC World Oil Outlook 2040, the total oil and gas value chain will need around $10.5 ...