Chinese and UAE officials met in Beijing on October 22, 2026, to align national development strategies and expand bilateral trade following $110 billion in non-oil trade in 2025. Meanwhile, Gulf sovereign wealth funds deployed $14.2 billion into China and Hong Kong during the first nine months of 2026, led by Saudi Arabia and UAE funds.
The Oman Tax Authority has amended its VAT executive regulations under Decision No. 189/2026 to introduce mandatory electronic invoicing starting April 1, 2027. Businesses with annual supplies above approximately $13 million will be subject to the first phase, with other VAT-registered entities following on October 1, 2027. The updated rules mandate approved electronic formats, 15-day issuance deadlines, and robust cybersecurity and business continuity controls.
Brent crude climbed to an intraday high of $117.45 per barrel on Friday following Houthi attacks on energy infrastructure in Saudi Arabia and a reported oil spill off the UAE coast. Brent futures gained 2.81% to reach $116.35, while US West Texas Intermediate rose 3.52% to $102.97. UAE authorities confirmed a tanker spill off Umm Al Quwain, though the vessel and cause remain unidentified.
Emirates Shipping Line will introduce a new container service connecting China with Egypt, Jordan, and Saudi Arabia in November. Marketed as the China Red Sea Connector, the route will deploy four ships of approximately 2,500 TEU operating on a fortnightly schedule. The service will directly connect Shanghai, Ningbo, and Nansha with Sokhna, Aqaba, and Jeddah.
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