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

  Reuters Kuwait has begun operating its first-ever solar power plant at the Umm Gudair oil field, a landmark for the OPEC member country as it seeks to diversify its sources of energy to meet fast-rising local demand. The 30-million Kuwaiti dinar ($99 million) project, Sidrah 500, will produce 10 megawatts (MW) of electricity, half of which will be supplied ...

  Jeddah / Emirates Business JLL, the world’s leading real estate investment and advisory firm, released its Q3 2016 Jeddah Real Estate Market Overview report which assesses the latest trends in the office, residential, retail and hotel sectors. The latest market summary report discusses the opening of two internationally branded hotels — the Movenpick City Star Hotel (228 keys) and ...

  AFP Samsung Electronics on Thursday reported an expected 30 percent profit plunge on the back of a highly damaging recall crisis that hammered the reputation of the world’s largest smartphone maker. The third quarter earnings were announced just hours before the start of an annual shareholder meeting which was set to approve the latest step in a complex generational ...

  Bloomberg Stresses among Singapore’s oil and gas companies are deepening, the head of Southeast Asia’s second-largest lender said, signaling that more firms grappling with the slump in energy prices may face difficulties repaying their debts. “I don’t think the oil and gas sector is in a situation where it is in a recovery mode yet, and continues to be ...

  Bloomberg Profits of China’s industrial corporations are holding up this year thanks to a boost from steel and refining, even as last month’s earnings slowed from a three-year high. Industrial profits in January-September rose 8.4 percent from a year earlier to 4.64 trillion yuan ($685 billion), the National Bureau of Statistics said Thursday. Earnings last month rose 7.7 percent ...

  Bloomberg New Zealand has overtaken Singapore as the best country in the world to do business, according to the World Bank. Singapore slipped to second in the bank’s 2017 “ Doing Business” report after topping the ranking for a decade. Finland dropped out of the top 10, falling to 13th. Macedonia, which placed 92nd a decade ago, improved two ...

  Bloomberg Nintendo Co.’s plan to get its business back on track with mobile games and a new console is coming up against a hard reality: the core business is getting weaker. Pokemon Go, which gave investors and customers an early indication of the company’s potential to carve out a significant share of the smartphone gaming market, delivered a 12 ...

  Arbil / AFP The United States said on Thursday that up to 900 IS group extremists have been killed in the offensive to retake Iraq’s Mosul, as camps around the city filled with fleeing civilians. Iraqis who fled their homes expressed joy at escaping IS’s brutal rule as they were given shelter and assistance, in some cases reuniting with relatives ...

  Ankara / AFP Turkish authorities ordered the detention of 73 air force pilots as part of the probe into the group blamed for July’s failed coup, state media reported on Thursday. At least 45 had already been detained after police operations began on Thursday across the country including the central Konya province and the capital Ankara, the official Anadolu news ...

  Ankara /AFP Turkish President Recep Tayyip Erdogan said on Thursday that the military operation supporting Syrian opposition fighters in northern Syria will target the IS-held city of Raqa. Erdogan said the rebels were now advancing on the important city of Al Bab to clear IS group elements. After retaking the city, they will target Manbij, captured by Syrian Kurdish ...