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

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 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 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 encouraging private sector investments.

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) indicates.

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 in Vienna.

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

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

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.