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

BLOOMBERG A top-performing Chinese macro hedge fund blamed global capital for sinking the country’s stocks to the lowest levels since November. Foreign funds are primary drivers of Chinese stocks’ recent selloff, said Li Bei, founder of Shanghai Banxia Investment Management Center. Overseas investors stirred up market volatility and, “taken together, they are a bunch of aimless flies,” she said in ...

BLOOMBERG Nasdaq futures signalled further gains in US tech shares after August 21’s rally, while the sector also outperformed in Europe and Asia. Contracts on US stock gauges climbed, with those on the Nasdaq 100 Index rising 0.4%. Nvidia Corp gained 1.4% in premarket trading, after an 8% jump onAugust 21 that buoyed tech stocks amid optimism about its earnings ...

ABU DHABI / WAM The Central Bank of the UAE’s  (CBUAE) public budget reached an all-time high of AED650 billion by the end of June 2023, as revealed by its latest fiscal report. The report for June 2023 showed that a monthly increment of 0.2 percent led the public budget to rise to AED649.42 billion at the end of June, ...

ABU DHABI / WAM The Federal Tax Authority (FTA) confirmed that its flagship “Muwafaq Package” and “Specialised Tax Agent” transformational projects, which were both launched this year, have achieved remarkable results, effectively facilitating compliance procedures for taxpayers. Launching these projects forms part of the authority’s strategy to contribute to the government’s efforts to design major and rapid transformational projects that ...

ABU DHABI / WAM The Ministry of Economy has announced that Holiday Swap, a vacation exchange and booking platform with more than one million monthly users worldwide, is the latest company to join its NextGenFDI programme, the multistakeholder initiative that provides pioneering businesses from around the world with the market-entry fundamentals required to establish and scale their operations in the ...

SHARJAH / WAM The emirate of Sharjah has accelerated efforts to complete its developmental and environmental projects and find solutions to build sustainable cities that help achieve sustainable economic development, support green investments, and create a pure and healthy environment in accordance with the principles of sustainable development. The “Sharjah Sustainable City” project translates the UAE’s vision to achieve climate ...

DUBAI / WAM Dubai’s rise as one of the world’s best cities to live and work has been underpinned by a sustainability strategy prioritising harmony with nature. At the core of this strategy is a commitment to optimising the use of the emirate’s natural resources. An ambitious water reclamation programme, spearheaded by Dubai Municipality for over five decades, has been ...

LA DIGUE / WAM Peggy Vidot, Health Minister and Principal Secretary of Seychelles, thanked President His Highness Sheikh Mohamed bin Zayed Al Nahyan for providing humanitarian aid to her country. She also praised HH Sheikha Fatima bint Mubarak, Chairwoman of the General Women’s Union (GWU), President of the Supreme Council for Motherhood and Childhood, Supreme Chairwoman of the Family Development ...

ABU DHABI / WAM The Abu Dhabi Chamber of Commerce and Industry has signed a memorandum of understanding with the Ethiopian Investment Commission (EIC) to foster the robust economic collaboration between the UAE and Ethiopia and establish a framework for cooperation that advances trade, investment, and economic relationships between the two sides. The signing of the MoU was held on ...

DUBAI / WAM HH Sheikh Sultan bin Ahmed bin Sultan Al Qasimi, Deputy Ruler of Sharjah, and President of the University of Sharjah (UOS), attended the wrap-up of the first Asian Cup for Universities in Powerlifting, organised by the University in cooperation with the Emirates Bodybuilding and Fitness Federation (EBFF). Kicked off on August 16, the tournament sparked the fire ...