Daily brief: Dubai builds nanometric satellite, Aramco may curb oil supply
Mohammed bin Rashid Space Centre signed an agreement with Dubai’s Municipality to design and build the region’s first nanometric satellite. In Saudi Arabia, Aramco informed Asian refiners that it may suspend a supply flexibility quote. Here are the top seven business stories you need to know about today.
Dubai SME to support UN’s Sustainable Development Goals
Dubai SME, the agency of the Department of Economic Development (DED) in Dubai mandated to develop the small and medium enterprise (SME) sector, has launched a campaign to raise awareness on the Sustainable Development Goals (SDGs) established by the United Nations and adopted by the Dubai SME 2021 Plan.
The Sustainable Development Goals, officially known as ‘Transforming our world; the 2030 Agenda for Sustainable Development’ are an intergovernmental set of ambitious goals supported by 193 countries. The 17 goals comprise 169 targets covering a broad range of sustainable development issues.
Mohammed bin Rashid Space Centre to launch region’s first nanometric satellite
The Mohammed bin Rashid Space Centre signed an agreement with Dubai Municipality, to design and build the first environmental nanometric satellite in the region.
Dubai Shopping Festival programme revealed
Final preparations are underway for the 22nd edition of the Dubai Shopping Festival, set to kick-off on December 26. The 34-day shopping, winning and entertainment event aims to grab the world’s attention this time, preparing for fashion shows, exclusive product launches, and opportunities for big wins.
BP strikes deal for 10 per cent stake in Abu Dhabi’s ADCO concession
BP became the second Western oil major to renew a 40-year onshore concession in Abu Dhabi on Saturday after almost two years of negotiations to improve terms to help operate the United Arab Emirates’ biggest oilfields.
Omnicom, Publicis get DoJ subpoenas over video production practices
Subsidiaries for advertising companies Omnicom Group Inc and Publicis Groupe SA were subpoenaed by the U.S. Department of Justice, both companies said on Friday.
The Justice Department’s antitrust division has been investigating whether ad agencies had rigged bids to favor in-house production units.
Saudi Aramco tells Asian refiners of possible oil supply restrictions
Saudi Aramco told Asian refiners it will suspend a supply flexibility clause – known as operational/lifting tolerance – from January until further notice, sources told Reuters.
Operational/lifting tolerance usually allows customers to request 5-10 per cent more crude than the volumes allocated by Aramco in case they need more oil.
Lufthansa teams up with Etihad in code-share deal
Lufthansa has struck its first cooperation deal with a Gulf rival, agreeing to sell tickets jointly with Etihad Airways on some routes and leaving the door open to further agreements in other areas.
Other airlines already work with fast-growing Middle Eastern carriers, however, and the code-sharing deal signed on Friday comes on top of Lufthansa’s agreement to lease planes and crew from struggling Air Berlin, which is 29-per cent owned by Etihad.