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

Bloomberg Marks & Spencer Group Plc plans to close around a third of its large UK stores over the next four years, as the retailer belatedly adapts to the rise of e-commerce. M&S will close more than 100 stores that sell both clothing and food by 2022, the company said in a statement. The London-based retailer intends to increase the ...

Bloomberg Airbus SE may end up with a significant new customer as Ryanair Holdings Plc looks to beef up a newly acquired unit that uses planes from the European manufacturer. Ryanair, which previously operated only Boeing Co. aircraft, will expand the fleet at Austria’s LaudaMotion to as many as 50 Airbus A320s over four years and the narrow-body model could ...

Bloomberg A ban on mohair by dozens of clothing retailers, including Hennes & Mauritz AB and Esprit Holdings, is threatening a $117 million industry in South Africa, the world’s biggest producer of the fibre. Almost 70 clothing companies worldwide have announced they’ll stop using mohair following the release this month of video footage from twelve Angora goat farms in South ...

Bloomberg US regulators have approved a Buck Rogers makeover of Boeing Co.’s revamped 777 jetliner that will allow the tips of its massive wings to fold upward after landing so the plane can park at existing airport gates. The new wings, the largest ever created by the Chicago-based planemaker, are taking shape as Boeing builds the first of its 777X ...

ABU DHABI / WAM A delegation from the Abu Dhabi National Oil Company (Adnoc) attended, a special event at the Karnataka oil storage facility, in the Indian city of Mangalore, to celebrate the unloading of the first cargo of Adnoc crude oil sent to the Indian Strategic Petroleum Reserves Ltd (ISPRL). The cargo, which was loaded in Abu Dhabi at ...

DUBAI / WAM Artificial intelligence (AI) has the potential to boost economic growth in the United Arab Emirates by 1.6 percentage points and add $182 billion to the national economy by 2035, according to a recent report by Accenture. The report looked at 15 industries in the UAE and 13 in Saudi Arabia to determine the potential sector-specific impact of ...

ABU DHABI / WAM The net income of Abu Dhabi-based commercial and Islamic banks amounted to around AED7.9 billion during Q1 2018, up 2.8 percent over the corresponding period of 2017. According to figures released recently by the Statistics Centre — Abu Dhabi, the net income of commercial banks operating in the UAE capital, reached AED6.56 billion by the end ...

DUBAI / WAM Nasdaq Dubai, the international stock exchange in the Middle East, is preparing to launch equity futures on leading companies listed in Saudi Arabia. The futures will give investors new hedging tools to take long and short positions on the companies, at a time when international investor interest in the Saudi stock market is increasing rapidly. The Saudi ...

Dubai / Emirates Business Dubai Airport Freezone Authority (Dafza), one of the UAE’s leading free zones, has further strengthened its ties with China through a series of initiatives focused on expanding bilateral trade and investment this year. This includes a senior government delegation visit from China that was welcomed by HE Dr Mohammed Al Zarooni, Director General for Dafza. He ...

Abu Dhabi / WAM UAE Cabinet approves new long-term visa for international investors and professional talents… and 100% investors’ ownership by year end In line with UAE’s position as a primary destination for international investors and a global talents, the UAE Cabinet, chaired by His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE ...