The UAE has called for the revival of joint Gulf defence and security cooperation following repeated missile and drone attacks targeting Saudi Arabia. Operations at Riyadh's King Khalid International Airport remained suspended as parts of Saudi airspace were shut down. Saudi Energy Minister Prince Abdulaziz bin Salman stated that economic and energy development initiatives will proceed uninterrupted.
A report by ForkLog details how central bank digital currencies and digital rails are transforming cross-border trade settlements between China and the UAE. According to cited Atlantic Council data, the multilateral mBridge platform has processed over 4,000 transactions totaling $55.5 billion, with roughly 95% settled in e-CNY. Furthermore, CNPC and Bank of China established a Macau-UAE settlement corridor, and China's CBETS cross-border system connected participants across the UAE and Qatar.
A consortium comprising POWERCHINA, Elsewedy Electric, and Sinohydro has signed an EPC contract for Saudi Arabia's Rabigh 2 CCGT expansion project. The project will add approximately 2,400 MW of power generation capacity on Saudi Arabia's western coast. The milestone follows the recent financial close achieved by project developer ACWA Power.
The benchmark TD22 supertanker freight rate for shipping crude oil from the US to China slipped to $634,974 per day after hitting an all-time peak of $637,675 on October 8. Elevated chartering costs have prompted Chinese refiners to turn to Middle Eastern and Latin American suppliers for crude supplies.
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