Industry News

Saudi-Chinese Consortium Secures $306 Million Qiddiya Stadium Facade Contract

IKK Fangda JV Co., a joint venture between China Fangda Group and Saudi-based Isam Kabbani & Partners, has been awarded an SR1.15 billion ($306 million) contract for Qiddiya's Prince Mohammed bin Salman Stadium. The consortium will design, supply, and install curtain-wall facades for the venue, which is planned for the 2034 FIFA World Cup. The contract represents 60.7 percent of China Fangda Group's audited operating revenue in 2025.

Industry News

Saudi Arabia Ranks as China’s Third-Largest Crude Oil Supplier in September

Customs data released on October 20, 2026 showed Saudi Arabia was China's third-largest crude oil supplier in September, delivering 2.70 million tonnes. Over the first nine months of the year, Brazil surpassed Saudi Arabia to become the second-largest supplier. Russia remained China's top crude oil supplier during September.

Policy & Legal Updates

UAE Launches Upgraded AI Digital Tourist VAT Refund System at Major Airports

The UAE Federal Tax Authority has launched an AI-powered digital platform for tourist VAT refunds at major airports, cutting processing times from nine days to one. Operating with scheme operator Planet, the paperless system links roughly 16,700 retail points across the country.

China–UAE News

China and UAE Sign Investment Pacts and Expand Digital Financial Services

Chinese and UAE financial and trade authorities signed multiple cross-border investment agreements to strengthen bilateral capital flows. Key developments include an MoU between CSC Financial and the UAE Ministry of Investment, alongside two UAE central bank payment licenses granted to Ant International.