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

Bloomberg Gildan Activewear Inc. said it won a contract to produce men’s underwear for a major retailer, part of the clothing maker’s bid to capitalise on companies’ growing preference to sell their own lines of apparel. The Montreal-based company, which also owns American Apparel, said it secured a contract for 2019 to manufacture men’s innerwear for its “largest mass retail ...

Bloomberg Ryanair Holdings Plc was prevented by a Dutch court from involuntarily transferring workers from Eindhoven, raising the cost of the carrier’s plan to shut down the base following clashes with unionised staff. The decision in Den Bosch marks a setback for Ryanair, which recently recognised unions and is now in negotiations across Europe. The court ruled the carrier misused ...

Bloomberg Starbucks Corp. broke out of its home-market slump, posting better-than-expected sales in the US that sparked a share rally in late trading. Comparable sales — the key gauge of retail performance — rose 4 percent in the Americas, beating analysts’ estimate for a gain of 2.8 percent and far-outpacing the previous quarter’s sluggish pace. Sales also beat globally. Starbucks ...

DUBAI / WAM Dr Thani bin Ahmed Al-Zeyoudi, Minister of Climate Change and Environment, announced the UAE will contribute $1.5 million annually for the period 2019 to 2021, cumulatively amounting to $4.5 million, to fund the projects carried out by the Global Green Growth Institute (GGGI). The announcement was made at GGGI’s Assembly and Council, held at the South Korean ...

ABU DHABI / WAM Abu Dhabi National Insurance Company (Adnic) announced its financial resu- lts for first nine months of the year. Adnic reported net profit of AED218.8 million for the period, up 22.6% compared with the same period of last year. Sheikh Mohamed bin Saif Al-Nahyan, Chairman of Adnic, said, “The results stand as testament to the company’s continuous ...

DUBAI / WAM UAE-based Emirates Integrated Telecommunication Company (du) has signed a network installation outsource for services (NIO) agreement with Ch-ina Communication Services International (CCS). The contract will enable CCS UAE to provide services for installation and maintenance works acr-oss du’s vast “Access and Transport Network”. Osman Sultan, CEO of du, said, “This contract signifies another bold step towards the ...

DUBAI / WAM Transactions on the Nasdaq Dubai Murabaha platform for Islamic financing have exceeded a total of $100 billion, reflecting its popularity with corporate and individual users. Established jointly by Nasdaq Dubai and Emirates Islamic, the platform meets needs ranging from funding for corporate growth and expansion to personal finance for retail customers. Transactions so far in 2018 have ...

ADDIS ABABA / WAM The United Arab Emirates and the Federal Democratic Republic of Ethiopia have agreed on a draft MoU in the field of manpower and domestic aid workers. This came during a meeting involving delegates of the Ministry of Human Resources and Emiratisation and the Ethiopian Ministry of Labour that took place in the capital Addis Ababa in ...

ABU DHABI / WAM Meilenstein, a real estate developer that traces its origin in Germany, has announced its foray in the UAE’s real estate market with eight projects with a development value exceeding AED1.2 billion ($327 million). The projects are set to be built in several locations across Dubai, including Mohammed Bin Rashid City (MBR City) within Meydan City, Al ...

DUBAI / Emirates Business Schneider Electric, the leader in digital transformation of energy management and automation, announced that energy efficiency innovations are enabling the UAE’s $72 billion worth of energy investments during the recent Innovation Day Dubai. Boosted by the UAE Energy Strategy, which aims to generate 50 percent of its energy from clean energy, and the Dubai Clean Energy ...