Daily earnings for Very Large Crude Carriers on the Arabian Gulf to China route exceeded $1.2 million per day in late September 2026. According to the Baltic Exchange, round-trip earnings for shipments from Ras Tanura to Ningbo hit $1,235,414 a day amid shipping bottlenecks near the Strait of Hormuz. LSEG data showed spot rates reached an absolute high of $1.27 million on September 21.
Chinese smart electric vehicle manufacturer XPeng has appointed Mohsin Automobiles LLC as its official distributor in Oman. The agreement marks XPeng's official entry into Oman and represents its fourth market in the Gulf Cooperation Council. Mohsin Automobiles will establish a sales, showroom, and after-sales service network across the Sultanate.
The Saudi Central Bank confirmed its trial engagement with the mBridge cross-border digital currency platform officially ended on May 13, 2025, after testing without live settlement. Between mid-2024 and late 2025, the China-UAE-backed platform processed 4,868 transactions totaling $67 billion, with the digital yuan representing roughly 96% of the value.
The Saudi Central Bank confirmed its pilot participation in the mBridge cross-border digital currency platform ended on May 13, 2025. Between mid-2024 and late 2025, mBridge processed 4,868 transactions valued at $67 billion, with the digital yuan comprising 96% of volume.
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