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

DUBAI/ WAM Dubai Miracle Garden, the largest natural flower garden in the world, today opened its doors for visitors, marking a momentous 12-year anniversary for the renowned international attraction. The 12th season comes at the back of immense success last year, during which the garden provided families and children with the opportunity to celebrate the region’s biggest sporting event, the ...

BLOOMBERG The European Union’s probe into Beijing’s electric-vehicle (EV) subsidies is meant to protect its carmakers from a flood of cheap Chinese cars. But if it leads to tit-for-tat tariffs, Mercedes-Benz Group AG and BMW AG’s biggest moneymakers will be most exposed. For Germany’s high-end manufacturers, including Porsche AG, China has proven an insatiable market for their most expensive models, ...

BLOOMBERG One automaker is looming larger than any other in the investigation of electric vehicles flowing into the European Union from China: Tesla Inc. During the evidence-gathering that precipitated last month’s surprise announcement of an EU anti-subsidy probe into Chinese EVs, the US carmaker was among the companies found to have likely benefited, according to people familiar with the matter. ...

ABU DHABI / WAM In his capacity as Ruler of Abu Dhabi, His Highness Sheikh Mohamed bin Zayed Al Nahyan, President of the UAE, has issued a law establishing the Department of Government Enablement – Abu Dhabi. The objectives of the department are to provide Abu Dhabi Government entities services that enhance human capital and digitisation; deliver digital government services; ...

ABU DHABI / WAM The Central Bank of the UAE (CBUAE) and the Central Bank of Egypt (CBE) have on Thursday entered into a Bilateral Currency Swap Agreement between the UAE Dirham (AED) and the Egyptian Pound (EGP). The agreement, signed by Khaled Mohamed Balama, Governor of the Central Bank of the UAE, and Hassan Abdalla, Governor of the Central ...

ABU DHABI / WAM Institutional investors are optimistic about the UAE stock market, as evidenced by their net purchases of nearly AED 8 billion in local shares during the first nine months of 2023. This trend is driven by a number of factors, including the availability of broader investment opportunities, the strong growth trajectory of the national economy, and the ...

ABU DHABI / WAM Abu Dhabi Future Energy Company PJSC – Masdar, and PLN Nusantara Power (PLN NP), have signed an agreement to develop Phase II of the successful Cirata floating photovoltaic (FPV) power plant in Indonesia by up to 500MW, in a major expansion to Southeast Asia’s largest FPV plant. The signing ceremony was witnessed by UAE Minister of ...

BLOOMBERG Oil prices pushed closer to $100 a barrel, stoking expectations interest rates will stay higher for longer and keeping pressure on global markets. The US benchmark oil price briefly surpassed $95 a barrel for the first time in more than a year and Brent traded near $97 after a drop in stockpiles at a major storage hub underscored a ...

ABU DHABI / WAM The financial markets of the United Arab Emirates topped the Arab stock exchanges during last week’s trading, according to the Arab Monetary Fund (AMF). The fund, in its weekly bulletin on Arab financial markets, which monitors the performance of 13 exchanges, said that the UAE markets achieved monthly market gains of over $6.2 billion, distributed at ...

ABU DHABI / WAM The Energy Industries Council (EIC), the leading energy trade association, announced its participation in the Abu Dhabi International Petroleum Exhibition Conference (Adipec) 2023, where it will host the UK Pavilion. This year’s Adipec, from  October 2-5 in Abu Dhabi, celebrates EIC’s 20th year at this premier energy event. Adipec has evolved into the world’s most influential ...