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

Dubai / Emirates Business Dubai-based developer Omniyat has signed a facility agreement with Ajman Bank for AED 500 million. The financing will be used for the construction of an iconic mixed-use project at Dubai Water Canal in Business Bay. The project is a partnership between Omniyat, Saudi’s Rashed Al Rashed Group and Jenina Real Estate Development Company Ltd. — one ...

ABU DHABI / WAM The first unified electronic platform for unmanned aerial vehicles (UAVs) and air vehicles to be used in the UAE for recreational, ser-vice and commercial purposes has been announced. The platform, entitled “Unified Pilot System for Unmanned Aircraft Products and Systems,” is in line with UAE government’s keenness to provide a civil aviation environment and a safe ...

DUBAI / Reuters The English Court of Appeal has refused an application by Dana Gas to appeal a decision allowing fund manager BlackRock to participate in English court proceedings over Dana’s $700 million of sukuk, Dana said on Monday. Dana is refusing to redeem its Islamic bonds on the grounds that they are no longer sharia-compliant and have therefore become ...

Bloomberg It’s Brexit, and not Warsaw’s escalating conflict with the European Union over democratic values, that presents a bigger threat to inflows of the bloc’s assistance to Poland, according to the government official in charge of funds absorption. While the EU’s executive is set to move ahead this week with plans to slap unprecedented political sanctions on Poland, Deputy Development ...

Bloomberg Russian President Vladimir Putin spoke with Donald Trump for the second time in four days, this time to thank the US president for Central Intelligence Agency information that lead to the breakup of a suspected IS cell. The information helped disrupt a group that had been planning to blow up Kazan Cathedral and other locations around St. Petersburg, according ...

NEW DELHI / Reuters A dozen Arab ambassadors have asked India to clarify its position on the US recognition of Jerusalem as Israel’s capital, diplomatic sources said, after New Delhi’s muted response suggested a shift in support for the Palestinian cause. US President Donald Trump abruptly reversed decades of US policy this month when he recognised Jerusalem as Israel’s capital, ...

Bloomberg Australian Prime Minister Malcolm Turnbull is seeking to use victory in a weekend special election to kick-start his ailing government and draw a line under a difficult 2017. His ruling Liberal-National coalition reclaimed its one-seat parliamentary majority, lost during this year’s dual-nationality fiasco, after John Alexander won the Sydney-based seat of Bennelong. While the victory is a relief for ...

Bloomberg Billionaire Sebastian Pinera swept to victory in the second round of Chile’s presidential election, putting him back in charge of Latin America’s wealthiest country after four years of anemic growth that drew millions of voters to his pro-business agenda. It was a victory for those who believe fervently in growth first — and equality second — and it was ...

Abu Dhabi / WAM His Highness Sheikh Mohamed bin Zayed Al Nahyan, Crown Prince of Abu Dhabi and Deputy Supreme Commander of the UAE Armed Forces, on Monday received Team Abu Dhabi, who recently won the Formula 1 Powerboat World Championship title. The winners were accompanied by His Highness Dr Sheikh Sultan bin Khalifa Al Nahyan, Adviser to the UAE ...

Abu Dhabi / WAM The Statistic Centre Abu Dhabi (SCAD), predicted that the coming period will witness further growth and prosperity in various areas, including in the sectors of commerce, manufacturing and services while stressing that Abu Dhabi’s import and export activities are key to its economic development. SCAD confirmed an increase in the value of imports during the third ...