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

Reuters Turkey’s central bank said it will keep monetary policy tight until the inflation outlook displays a significant improvement, after it kept rates steady for the third straight meeting. Current elevated levels of inflation and developments in core inflation indicators pose risks to pricing behaviour and the bank would deliver further monetary tightening if needed, it said. It kept all ...

Bloomberg The South African Reserve Bank’s fight against its detractors escalated this week, and now even has President Jacob Zuma in its sights. The central bank in court papers accused Public Protector Busisiwe Mkhwebane of bias and being part of a campaign to undermine its independence after documents showed the anti-graft ombudsman held a secret meeting with Zuma’s lawyers before ...

Bloomberg Kenyan lenders risk needing to raise expensive debt on local markets next year to shore up their core capital levels, which may be eroded by new accounting standards the country is introducing that compel banks to classify losses differently. That’ll be a double whammy for an industry already reeling from the effects of interest-rate caps introduced a year ago, ...

Bloomberg Bitcoin’s meteoric summertime surge risks coming to a painful end as Chinese policy makers move to restrict trading amid growing warnings of a market bubble. The biggest cryptocurrency dropped as much as 40% since reaching a record high of $4,921 on 1 September, cutting about $20 billion in market value. The collapse extended to as much as 30% this ...

Dubai / WAM His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, announced the largest single-site Concentrated Solar Power (CSP) project in the world, which will be built at a total cost of AED14.2 billion. The CSP project, which represents the fourth phase of the Mohammed bin Rashid Al ...

Abu Dhabi / WAM The United Arab Emirates (UAE), has been ranked the most attractive destination for Foreign Direct Investment (FDI), among the Arab countries in 2016, accounting for 29 percent, or US$9 billion, of the total inflow investment, according to a study issued by the Ministry of Economy. “The UAE also topped the Arab countries in terms of new ...

Abu Dhabi / WAM Tawazun Economic Council has hosted its 7th annual Defence Contractors Council, DCC, meeting in London, featuring successful partnerships and potential opportunities and projects. The meeting was attended by representatives from international defence companies, key industry players and other Tawazun partners. Tareq Abdul Raheem Al Hosani, CEO of Tawazun Economic Council, said, “The Defense Contractors Council is ...

Dubai / Emirates Business Dubai Land Department (DLD) announced that it signed an agreement with Mashreq Bank concerning banking solutions for the transaction services of the ‘Tarweej’ real estate promotion initiative. The agreement was signed by His Excellency Sultan Butti bin Mejren, Director General of DLD, and His Excellency Abdul Aziz Al Ghurair, CEO of Mashreq Bank. Commenting on the ...

Dubai / WAM His Highness Sheikh Hamdan bin Rashid Al Maktoum, Deputy Ruler of Dubai and UAE Minister of Finance and Chairman of Dubai Municipality, has approved the awarding of an AED1.3-billion contract for rain and groundwater drainage system for districts around the Al Maktoum International Airport, Expo Dubai 2020 and near urban centres. The project will cover a total ...

Dubai / WAM In the first week of the current school year, the Roads and Transport Authority (RTA), has installed ‘smart signs’ to interact with motorists whilst driving in school zones. The smart signs are capable of detecting and displaying driving speeds, and sending direct friendly messages to the motorists through expressive emoticons. According to a statement released by RTA, ...