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

BLOOMBERG Five months after being pulled into the rescue of Credit Suisse, UBS Group AG’s decision to break free of a government backstop is set to accelerate the historic takeover of its smaller rival. Switzerland’s biggest bank said it will voluntarily end a safety net negotiated as part of its purchase of Credit Suisse, including a 9 billion-franc ($10.3 billion) ...

DUBAI/ GULF TIME: O! Millionaire, the foremost provider of an environmentally conscious draw, marked a significant milestone in its 64th episode, where the Grand Prize reached a staggering AED81.5 million. The last draw, with hosts Maradona Rebello and special guest Mark Ilano, a prominent Filipino blogger and influencer, added an extra dose of excitement and fun to the event. During ...

ABU DHABI / WAM The Department of Culture and Tourism – Abu Dhabi (DCT – Abu Dhabi) has reduced government fees applied to hotels in the emirate, supporting the continued growth of the hospitality and tourism sector, and enhancing Abu Dhabi as a leading global leisure and tourism destination. The government fee amendments include reducing a tourism fee issued to ...

AARHUS / Denmark / WAM The Department of Culture and Tourism – Abu Dhabi (DCT Abu Dhabi) presented three papers on its latest archaeological findings in the emirate during the 2023 Seminar for Arabian Studies, held this year in Aarhus, Denmark. The annual international forum is dedicated to revealing the latest academic research on the Arabian Peninsula, covering a wide ...

BLOOMBERG Huawei Technologies Co grew sales for a third straight quarter, after new businesses like cloud services and a resurgent smartphone unit helped mitigate the fallout from US sanctions. Revenue rose 4.8% to 178.8 billion yuan ($24.7 billion) in the three months ended June, according to calculations by Bloomberg News based on the company’s first-half numbers. Net income almost tripled, ...

BLOOMBERG California regulators voted in favour of robotaxi operators expanding their paid driverless services in the city of San Francisco, a major milestone toward commercialising the technology. The state’s Public Utilities Commission voted 3 to 1 to allow General Motors Co’s Cruise LLC and Alphabet Inc’s Waymo to increase the areas of the city where they can operate a car ...

GULF TIME From July 28 to September 23, activities themed “2023 SCO Summer” are being held in Qingdao, China. During this period, dozens of performing arts groups and media organisations from more than a dozen countries will gather in Qingdao to have nearly 50 special activities such as media think tank forums, cultural and art performances, special commodity promotions, and ...

SHARJAH / WAM Air Arabia, the Middle East & North Africa’s prominent low-cost carrier operator, on Friday reported a record second quarter and first half 2023 financial and operational results, as the airline continues to demonstrate remarkable performance and growth. Air Arabia registered a net profit of AED459 million during the second quarter ending on June 30, an increase of ...

ABU DHABI / WAM Abu Dhabi National Insurance Company (Adnic) reported its financial results for the six-month period ended on June 30, recording a net profit of AED204.4 million. Commenting on Adnic’s performance, Sheikh Mohamed Bin Saif Al-Nahyan, Chairman of Adnic, said, “Adnic has had a strong start to the year with an insurance revenue of AED2.14 billion. As we ...

ABU DHABI / WAM The United Arab Emirates (UAE) sent an aid plane carrying 13 tonnes of food supplies to the Republic of Chad this morning to provide urgent humanitarian support for Sudanese refugees and the local community, especially the most vulnerable groups, including the sick, children, the elderly, and women. Sultan Al Shamsi, Assistant Minister for Development and International ...