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

ABU DHABI / WAM The UAE has welcomed the adoption of the United Nations Human Rights Council (UNHRC) resolution on countering religious hatred as incitement to discrimination, hostility, or violence, stressing the importance of enhancing respect for religions, tolerance, and peaceful coexistence, which are the most effective principles to achieve prosperity, development, and harmony. In a statement, the Ministry of ...

BRUSSELS / WAM Dr Sultan bin Ahmed Al Jaber, Minister of Industry and Advanced Technology, and COP28 President-Designate, has called on governments, industry, and all stakeholders to “disrupt business as usual” and take decisive action to tackle the climate crisis. Speaking at the Ministerial on Climate Action in Brussels, convened by the environment ministers of the European Union, Canada, and ...

ABU DHABI / WAM Emirates Steel Arkan (ESA) has signed a memorandum of understanding (MoU) with the Sultanate of Oman’s leading steel products manufacturer Al Jazeera Steel Product Company (AJSP) to establish a strategic framework for collaboration, further benefitting from joint product expertise and seizing new opportunities in the steel business ecosystem. This MoU comes at a time when AJSP ...

The Bank of Korea (BOK) held its policy rate steady for a fourth-straight meeting and pledged to retain a restrictive policy stance for a considerable time as it seeks to put a lid on consumer inflation. The central bank kept its seven-day repurchase rate at 3.5% as predicted by all 15 economists surveyed by Bloomberg News. The BOK pledged in ...

BLOOMBERG  Wells Fargo & Co has hired a couple of mergers and acquisitions bankers from Barclays Plc and Citigroup Inc as it builds up its Wall Street advisory business, according to a person familiar with the matter. Tom Drake is joining the San Francisco-based bank from Barclays as a managing director in its M&A group focussing on healthcare services and ...

BLOOMBERG  Senator Elizabeth Warren called on the Federal Reserve to halt interest-rate increases as the US inflation rate slid to a more than two-year low. “Take yes for an answer, Chair Powell, and let’s stop with the rate increases,” Warren, a Massachusetts Democrat, said in an interview. She has famously called Jerome Powell, the central bank’s chairman, a “dangerous man ...

BLOOMBERG  Hong Kong plans to raise the maximum protection on bank deposits in a move designed to better shield people during times of severe stress. The Hong Kong Monetary Authority (HKMA) proposed to increase the amount of savings covered by the government guarantee in the event of bank failure to HK$800,000 ($102,272) per depositor at each Hong Kong bank, up ...

DUBAI / WAM Dubai Electricity and Water Authority (Dewa) has received the Net-Zero statement of verification and assurance certificate in recognition of its relentless efforts in climate action. This followed a comprehensive assessment conducted by W3 Solutionz – USA through CanaGulf International Standardisation, based on the International Workshop Agreement Guidelines IWA 42:2022. These were announced for the first time during ...

RAS AL KHAIMAH / WAM Ras Al Khaimah Economic Zone (Rakez) is committed to fostering connections and driving growth in the emirate. The economic zone regularly organises networking events across industries, recognising the power of working together in today’s ever-changing business landscape. These networking events serve as regular platforms for businesses to meet, exchange ideas, and unlock new possibilities. The ...

ABU DHABI / WAM The Ministry of Education (MoE) concluded its participation in the G20 Education Working Group meeting, the premier forum for international economic cooperation. The meeting was hosted by the Republic of India under the theme “One Earth, One Family, One Future.” Dr Ahmad Belhoul Al Falasi, Minister of Education, and his accompanying delegation, participated in the Education ...