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

  The Norwegian government is resisting calls for its $873 billion sovereign wealth fund, the world’s biggest, to add unlisted infrastructure projects to its portfolio of stocks, bonds and real estate. It should relent, recognizing both the financial and societal benefits from expanding the universe of potential investments available to the fund. Last week, the Conservative-led government rebuffed a second ...

  Since China’s four major state-owned banks reported results last week, analysts have been cheering. Profit growth was up and non-performing loan ratios were down. Much has been made about progress in improving underwriting standards. But it would be wise to hold off on the euphoric pronouncements — and to take a closer look at how the banks produced these ...

  SAN FRANCISCO / AP Uber is scoffing at claims that its expansion into self-driving cars hinges on trade secrets stolen from a Google spinoff, arguing that its ride-hailing service has been working on potentially superior technology. The legal defense, presented in documents filed in San Francisco federal court, marks Uber’s first detailed response to explosive allegations that its self-driving ...

  Bloomberg Huawei Technologies Co.’s earnings grew at their slowest pace in five years, as China’s biggest maker of telecommunications gear sank money into research and a marketing blitz to gain ground on Apple and Samsung in smartphones. Huawei, founded by former army engineer Ren Zhengfei three decades ago, has emerged as one of China’s most recognizable consumer brands. A ...

  Dubai / Emirates Business P&O Ports, owned by the Government of Dubai, has won a 30-year concession for the management and development of a multi-purpose port project at Bosasso in the Puntland State of Somalia. The approximate investment for the modern multi-purpose facility will be USD336mn divided into two phases: $136 million for Phase 1 and $200 million for ...

  SHARJAH / WAM The Sharjah Electricity and Water Authority (SEWA) and the Sharjah National Oil Corporation (SNOC) discussed ways to jointly promote innovation and sustainable development in the emirate. This step aims to strengthen their strategic plans to preserve the environment, enhance Sharjah’s competitiveness and focus on the implementation of relevant research studies to apply the vision and guidance ...

  DUBAI / WAM The UAE, represented by the General Civil Aviation Authority (GCAA) together with state officials and representatives from the ICAO Member States, as well as regional and international organisations, acknowledged the “Dubai Declaration on Cyber Security in Civil Aviation”. President of ICAO Council Dr Olumuyiwa Benard Aliu made the announcement during the ICAO Cyber Summit & Exhibition, ...

  DUBAI / Emirates Business Ezdan Holding Group QPSC priced its 2nd Sukuk transaction, under its US$ 2bn Sukuk EMTN Programme established in 2016. The successful US$ 500 million 5 year Sukuk attracted an order-book of more than US$ 1.2 billion, with 129 investors from around 30 countries participating. Investors from the Middle East took 58% of the issuance, with ...

  DUBAI / Emirates Business Majid Al Futtaim, the leading shopping mall, communities, retail and leisure pioneer across the Middle East, Africa and Asia, announced the upcoming launch of Orbi, a supercharged indoor nature experience and a first in the Middle-East. Collaboratively developed by SEGA Holdings Co., Ltd. and BBC Worldwide, Orbi fuses BBC Earth’s world-leading nature content with SEGA’s ...

  ABU DHABI / WAM Continuing the profit reaping spree in Thursday’s session, UAE financial markets continued to perform favourably high, spearheaded by the leading shares which rose remarkably over the past three days, driving the general indexes of Abu Dhabi Securities Exchange and Dubai Financial Market to reach all-time-highs in more than two months. The transactions conducted over five ...