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

  Dubai / Emirates Business Two teachers from the UAE are among the teachers from the Middle East who have been included in the top 50 shortlist for the Varkey Foundation Global Teacher Prize 2017. Now in its third year, the US$1 million award is the largest prize of its kind and is awarded under the patronage of His Highness ...

  Dubai / Emirates Business The Dubai Courts has entered into a strategic partnership with Zajel Courier Services for faster, more efficient and accurate postal service delivery of legal documents to its customers. The collaboration ensures one-day delivery period for Dubai Courts’ individuals, government and non-government customers living in Dubai and two days for those residing in other emirates. The ...

  Bloomberg OPEC said its agreement to cut production, while speeding up the re-balancing of the global oil market, won’t result in demand exceeding supply until the second half of next year. The Dec. 10 agreement between the Organization of Petroleum Exporting Countries and non-members such as Russia and Kazakhstan “will accelerate the reduction of global inventories and bring forward ...

  TUNIS / Reuters Oil and gas industry contractor Petrofac is halting gas production in Tunisia after two weeks of renewed protests on the southern Kerkennah islands, officials said on Wednesday. The announcement comes just three months after Petrofac restarted operations at Kerkennah’s Chergui gas field, following nine months of disruptions due to protests. Petrofac had threatened in September to ...

  CAIRO / Reuters Edita Food Industries, one of Egypt’s largest snack food producers, said on Wednesday it was raising prices by between 20 and 50 percent amid higher input costs due to the drop in the value of the Egyptian pound last month. Inflation surged to an eight-year high of 19.4 percent in November, propelled by a steep depreciation ...

  Bloomberg Oil retreated from the highest close since July 2015 as focus shifted to expanding US crude stockpiles after OPEC and other producing nations agreed to cut output to stabilize the market. Futures slid as much as 1.7 percent in New York after climbing 6.5 percent over the previous four sessions. US inventories rose by 4.68 million barrels last ...

  Bloomberg Saudi Arabian Oil Co. signed contracts with US companies to build dozens of oil rigs over 10 years as the kingdom builds for the long-term future of its most prized industry even while coordinating with other producers to cut output for six months to stabilize crude. The Saudi state producer known as Saudi Aramco signed a contract with ...

  Bloomberg Sharply falling water levels at Mozambique’s Cahora Bassa dam, sub-Saharan Africa’s biggest hydropower plant, are threatening electricity supplies to countries including South Africa, which buys about a third of its output. Levels are the lowest Phil Bezuidenhout, a lodge owner at the dam, has seen in the 24 years he’s operated on its shores in the country’s northwest. ...

  Rome / AFP Italy’s parliament on Wednesday endorsed a new government tipped to be so short-lived that its inauguration was seen as the start of battle for the next election. Incoming Prime Minister Paolo Gentiloni’s new line-up, appointed after Matteo Renzi quit a week ago following a crushing referendum defeat, was approved by 169 votes for to 99 against ...

  Washington / AFP President-elect Donald Trump tapped former Texas governor Rick Perry, who once famously said he would abolish the Energy Department, to serve as its secretary Wednesday. The nomination puts Perry, the oil-rich state’s longest-serving governor, in charge of a vast array of energy oversight, including enhancement of nuclear security and science and innovation in the energy field. “As ...