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 Al Yah Satellite Communications Company (Yahsat) announced on Tuesday its consolidated financial results for the nine months ended on September 30. Revenue and Normalised Ebitda grew 3% for the first nine months of the year versus the prior year to reach AED1.2 billion [$323 million] and AED713 million [$194 million], respectively. Net Income more than doubled ...

ABU DHABI / WAM The Global Aerospace Logistics – Advanced Military Maintenance, Repair, and Overhaul Centre (GAL AMMROC) has signed a memorandum of understanding with UCS, a Thai company, to enhance opportunities for mutual cooperation in providing integrated services, logistics, and innovative solutions that contribute to the development of capabilities, investment opportunities, and sustainable growth. The memorandum of understanding (MoU) ...

ABU DHABI / WAM HH Sheikh Abdullah bin Zayed Al Nahyan, Minister of Foreign Affairs, has met with Cardinal Pietro Parolin, Vatican Secretary of State, on the sidelines of the Global Faith Summit on Climate Action. During the meeting, the two sides discussed bilateral relations and the two nations’ efforts to promote values of tolerance, coexistence and human fraternity. They ...

ABU DHABI / WAM A recent report revealed that 29 initial public offerings (IPOs) were recorded in the Middle East and North Africa (Mena) region during the first nine months of this year, with total proceeds of $5.8 billion. The report, issued today by Ernst Young (EY) on IPO activity in the region, stated that all IPOs executed in the ...

BLOOMBERG Stocks retreated and the dollar rose after a Federal Reserve policymaker dampened hopes of speedy interest rate cuts from the US central bank.  Europe’s Stoxx 600 equity index opened around flat, and US equity futures contracts slipped about 0.2% as it became clear central banks will lean against traders’ rate-cut bets. Financial shares rose, led by UBS Group AG, ...

BLOOMBERG South Korea’s benchmark stock index fell, as a jump on November 6 triggered by the nation’s sudden ban on short-selling ran its course. The benchmark Kospi finished 2.3% lower — while the small-cap Kosdaq Index slid 1.8% — after foreign and local institutional investors reduced equities. Kospi had surged 5.7% on November 6, its best performance since March 2020, ...

DUBAI/ GULF TIME Aafaq Islamic Finance, a leading provider of innovative Islamic financial services and products and Al Ansari Exchange, the largest outward personal remittance and foreign exchange company in the UAE, and a subsidiary of Al Ansari Financial Services PJSC [DFM: ALANSARI], has forged a strategic collaboration with Aafaq Islamic Finance, a prominent provider of Sharia-compliant financial solutions. Together, ...

ABU DHABI/ WAM The United Arab Emirates and Bosnia and Herzegovina have taken a significant step towards strengthening bilateral relations with the signing of a memorandum of understanding (MoU) on visa exemption. The MoU, signed on November 6, aims to facilitate and promote travel, trade, and people-to-people exchanges between the two nations. Under the MoU, UAE and Bosnia and Herzegovina ...

DUBAI/ WAM The first Emirates flights operating with sustainable aviation fuel (SAF) provided by Shell Aviation have taken off from Dubai International Airport (DXB). Emirates’ flight EK 412 bound for Sydney on October 24 was among the first to operate with SAF. Shell has supplied 315,000 gallons of blended SAF for use at the airline’s hub in Dubai. This first-ever ...

ABU DHABI/ WAM The UAE’s EDGE Group has announced the acquisition of a 52% majority shareholding in ANAVIA, a Switzerland-based company that specialises in the design, development, and manufacturing of versatile vertical take-off and landing (VTOL) systems of up to 750 kilogrammes, and their associated capabilities. The move will see EDGE become a market leader in this highly-specialised domain. ANAVIA ...