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

BLOOMBERG Nigeria’s loose fiscal and monetary policies are creating excess liquidity, making it difficult for the naira to stabilise against the dollar two months after authorities allowed the currency to trade freely, the International Monetary Fund (IMF) said. Central bank transfers to the government are increasing the naira in circulation, depressing interest rates, discouraging savings and deterring the dollar inflows ...

BLOOMBERG European equities fell, tracking markets lower in Asia, as  concern about local government debt in China and hawkish language from a US central banker put traders in a risk-off mood.  The Stoxx 600 index dropped 0.8%, snapping two days of gains and trimming its fourth weekly advance in five. US equity futures edged lower and the 10-year Treasury yield ...

AL DHAID / WAM UAE President His Highness Sheikh Mohamed bin Zayed Al Nahyan on Thursday condoled Abdullah Muhair Al Ketbi, Minister of Federal Supreme Council Affairs, and his brothers on the passing of their mother during a visit to the condolence tent in Al Dhaid, Sharjah. His Highness expressed his sincere condolences and sympathy to the family of the ...

VIENNA / WAM The Organisation of the Petroleum Exporting Countries (Opec) forecast that the UAE’s economy will continue its robust performance in 2023, after recording a growth of 7.9 percent year-on-year in 2022. According to Opec’s Monthly Oil Market Report for August, this robust performance will be delivered through constant contributions from the non-oil sector, especially from tourism, leisure and ...

AMDJARASS / WAM The Amdjarass-based field hospital, established by the UAE to support Sudanese refugees in Chad, continues to provide its services, recording 3,509 cases treated in the first month since its inauguration. The hospital conducted 24 surgeries, while the cases treated comprise 1,897 adults and 1,612 children. The hospital is part of the UAE’s humanitarian, relief and medical aid ...

ABU DHABI / WAM The Department of Culture and Tourism – Abu Dhabi (DCT Abu Dhabi) on Thursday signed a memorandum of understanding (MoU) with Franco-Dutch airline group Air France-KLM, forging a strategic partnership that will enhance connectivity between Abu Dhabi and Europe, further positioning the emirate as a preferred tourist destination. The signing ceremony, held at the Louvre Abu ...

ABU DHABI / WAM The General Women’s Union (GWU) and Maqta Gateway, a subsidiary of the AD Ports Group, jointly organised an induction session for interns of the fifth batch of the “ATLG” programme under the patronage of HH Sheikha Fatima bint Mubarak, Chairwoman of the General Women’s Union (GWU), President of the Supreme Council for Motherhood and Childhood, Supreme ...

DUBAI / WAM Enoc Group, a leading integrated global energy player, have signed a memorandum of understanding (MoU) with Alsayer Group Parts & Logistics in line with the group’s wider strategy to further expand its lubricants network in the region. The agreement will see Alsayer expanding its product range in Kuwait to introduce technologically advanced products from Enoc, including industrial, ...

WASHINGTON / WAM A high-level delegation from the Government Experience Exchange Office showcased the UAE’s model for global capacity-building as well as foreseeing and shaping the future during a series of meetings in Washington, US. The Government Experience Exchange Programme is a knowledge-sharing platform aiming to transfer the UAE’s experience and best practices in the field of government development and ...

DUBAI / WAM Fitch Ratings has reaffirmed Etihad Credit Insurance (ECI), the UAE’s Federal export credit company, with an ‘AA-’ (Very Strong) rating for Insurer Financial Strength (IFS) and Long-Term Issuer Default, both with stable outlooks. This rating reinforces ECI’s financial robustness, pivotal role in the UAE’s economic diversification, and its systemic importance in providing insurance to UAE-based businesses and ...