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

SHARJAH / WAM The real estate sector in Sharjah achieved a trading value of AED13.4 billion during the first half of 2023, with an increase of 19.2 percent compared to the same period last year. According to the semi-annual report issued by the Sharjah Real Estate Registration Department on the real estate in the emirate, there were 40,843 transactions in ...

ABU DHABI / WAM Tayba Al Hashemi, Chair of Adipec 2023 and CEO of Adnoc Offshore, said that Adipec 2023, the largest and most influential energy gathering of its kind, will connect the energy industry leaders, innovators, policymakers and consumers to accelerate the credible solutions needed to tackle the biggest challenges of the journey to a net zero world. In ...

ABU DHABI / WAM The UAE, represented by the Federation of UAE Chambers of Commerce and Industry (FCCI), participated in the 35th meeting of the Board of Directors of the Islamic Chamber of Commerce, Industry and Agriculture (ICCIA), which was held in the Azeri capital, Baku. The two-day event co-organised by the National Confederation of Entrepreneurs (Employers) Organizations of the ...

AJMAN / WAM His Highness Sheikh Ammar bin Humaid Al Nuaimi, Crown Prince of Ajman, commended the high level of professionalism reached by the UAE Armed Forces under the strategic vision of President His Highness Sheikh Mohamed bin Zayed Al Nahyan, Supreme Commander of the UAE Armed Forces. Sheikh Ammar said the UAE Armed Forces had made a paradigm shift ...

BLOOMBERG Ola Electric Mobility Pvt is in line for an initial public offering (IPO) sooner than its founder previously imagined, reflecting the Indian startup’s whirlwind pace of growth since it started selling electric scooters in late 2021. “I thought it would take me four to six years of revenue to go public,” Founder and Chief Executive Officer Bhavish Aggarwal said ...

BLOOMBERG China’s economic recovery lost momentum in the second quarter, adding to risks for the world economy as Beijing hints that any stimulus measures will be targeted rather than broad. Gross domestic product (GDP) grew at a slower-than-expected pace of 6.3% in the second quarter compared with a year earlier, when dozens of Chinese cities were in lockdown, but just ...

BLOOMBERG  Deutsche Bank AG has drawn fresh criticism from the European Central Bank (ECB) over foreign-exchange (FX) sales even after the lender completed an internal probe into past practices that led to initial changes. An ECB supervisory team has told Deutsche Bank that it needs to improve oversight and checks at its business that pitches FX derivatives such as swaps ...

BLOOMBERG  Mitsubishi UFJ Financial Group Inc and Morgan Stanley will merge some operations at their Japan-based joint ventures, in the first major reorganisation since the two entities were formed more than a decade ago. The companies will integrate Japan equity sales for institutional clients, along with corporate access, research and a part of execution services, MUFG and Morgan Stanley said ...

BLOOMBERG  Swedbank AB delivered better-than-expected income from lending activities in the second quarter, joining peer Nordea Bank Abp in enjoying the benefits of rising interest rates. Net interest income at Sweden’s second biggest bank rose 7% to 12.77 billion kronor ($1.2 billion) in the three months through June, compared to the first quarter, according to a statement on Tuesday. Analysts ...

BLOOMBERG In most countries, the currency turning from the world’s worst to best in the space of a month would be good news. Not in the largely dollarised economy of Zimbabwe, where the local dollar has recouped nearly half of its value against the US dollar after a 90% plunge this year. That’s hurting businesses selling goods using exorbitant exchange ...