Diversification

Moelis & Co as Sole Adviser on Saudi Aramco IPO

New York based investment bank, Moelis & Co, has been chosen as the sole independent adviser for the planned initial public offering (IPO) of Saudi Aramco.

Saudi Aramco Eyes $5b Investment in Renewables

Saudi Aramco is considering as much as $5b of investments in renewable energy firms as part of plans to diversify from crude production.

Egypt Speeds up 300MW Solar Power Plant Project in Minya

Egypt's Prime Minister Sherif Ismail demanded completion of ongoing technical and financial studies for the 300 MW solar power plant in Minya as a prelude to signing the final agreement of the project.

Saudi Arabia to Invest $109b in 54 GW of Renewable Energy

Saudi Arabia plans to spend $109b to install 54 GW of renewable energy by 2040, aiming to diversify the Kingdom's energy profile and preempt energy demand expected to rise 45% in this period of time.

Oman Adopts Austerity Budget Boosting Non-Oil Revenues

Oman has adopted an austerity budget for 2016 with a projected deficit of $8.6b in order to tackle the 50% decline in state revenue by introducing economic diversification, increasing non-oil revenues, and encouragin ...

Petrochemicals Record Growth via Innovation Strategies

Some 80 % of major petrochemical and chemical producers in the GCC are pursuing innovation strategy as a key business priority, a recent survey conducted by the Gulf Petrochemicals and Chemicals Association (GPCA) in ...

UAE Supports OPEC Oil Policy

The United Arab Emirates expressed support for OPEC in maintaining stable, cost effective, and efficient crude supplies, UAE's Minister of Energy, Suhail bin Mohammed Faraj Faris Al Mazrouei said at the OPEC summit i ...

Kuwaiti Government Studys Gasoline Reforms, Parliament Notwithstanding

Kuwait's government is studying whether to raise fees for its services, Finance Minister Anas al-Saleh told the local press.

Oil Prices Prompt Saudi to Sell Airports

Saudi Arabia will begin privatizing its airports and related services in the first quarter of 2016, the country’s General Authority for Civil Aviation (GACA) said on Sunday

IMF to Help Saudi with Tough Choices, Lagarde

The decline in oil prices has increased the importance of reforms to switch the focus of growth from the public sector to the private sector in Saudi Arabia, said Christine Lagarde, managing director of the IMF.

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