Russia says there's proposal from OPEC on production cuts and it's open to have a word on oil production cuts. Russia is a non-OPEC oil producing nation. Russian oil minister said that the proposal envisages five percent cut in the oil production to support falling oil price. However, there's no clarity over the proposal whether it was from OPEC or non-OPEC members.

Oracle has disclosed its expansion program in the Middle East for 2016 which involves setting up a data center and new offices in Abu Dhabi and internet cities in Amman and Riyadh. It also plans to increase its workforce to offer better service for the customers across the Middle East and Africa. The vibrant nature of the cloud market in the Middle East region and the ever growing cloud business therein has led the Californian tech giant to approach with larger investments.

Saudi Arabia has ruled out allegations that Iran has been targeted in the oil price war. Saudi Arabian foreign minister said that it's demand-supply situation that determines price in the global oil market. The low price is also hitting US shale oil, which involves high cost of production.

The Indian currency Rupee against the US dollar rose to highest since November 2015 on increasing outflows from Indian stocks and bonds. The Chinese markets were witnessing selloff and this also resulted in further withdrawal by foreign investors in Indian markets. The net outflow from Indian markets in January so far was at $686.2 million putting more pressure on currency reserves.

Deutsche Lufthansa AG invested €3 billion to support its new premium service in the Middle East as it sees potential growth in the region.

The long-haul aircraft requirement of Dubai for positioning itself as a major global hub in the Middle East (ME) Region has been mostly fulfilled by Boeing. Dubai-based Emirates Airlines is banking on Boeing 777 as its top priority and followed by Airbus A380. Emirates Airlines has emerged as the largest airline in the world operating both aircrafts. Emirates Airline has been working on its business strategy to transform Dubai into a global hub in the Region. It aims at becoming an unavoidable destination for passengers from Asia to Europe and the US. This makes the requirement of long-haul aircraft for the Emirates Airlines.

Russia will begin importing Iranian oil under a long-heralded oil-for-goods barter arrangement in the coming week, Iran's oil minister was quoted as saying, more than a year after negotiations began.

Middle East fund managers have on balance become bearish on the region's biggest stock market, Saudi Arabia, after oil's rally ran out of steam and the kingdom confirmed strict rules on foreign investment, a monthly Reuters survey shows.

OPEC is unlikely to change its production ceiling when the group meets in June, Iran's Oil Minister Bijan Zanganeh said on Sunday, according to the semi-official Mehr news agency.

Standard Chartered remains committed to Islamic banking and expects growth in its core markets, a spokesman for the lender said on Sunday, after the head of its Islamic arm departed.