The GCC accounted for approximately 39% of emerging-market US dollar ESG debt issuance excluding China during the first nine months of 2026, according to Fitch Ratings. Regional ESG debt outstanding surpassed $72.9 billion by end-3Q26, driven primarily by issuers in the UAE and Saudi Arabia.
The Saudi Central Bank has concluded its formal participation in Project mBridge following the completion of a proof-of-concept phase in May 2025. The cross-border digital currency initiative was developed jointly with China and the UAE to facilitate non-dollar trade settlements. Operations continue among the remaining participants, including the central banks of the UAE, China, Hong Kong, and Thailand.
Chinese commercial display manufacturer MWE participated in the Dubai Business Forum – China in Shenzhen as part of its plan to open an office in the UAE. The event, organized alongside a 112-member Dubai Chambers delegation, brought together over 850 Chinese executives and investors. MWE aims to supply outdoor commercial display hardware designed for extreme climates to Middle Eastern infrastructure projects.
Petro Matad shares rose over 14 percent following an MoU signed between subsidiary SunSteppe Power and Saudi utility company ACWA Power. The partnership plans to build a 4.5-gigawatt renewable complex in Mongolia with 500 megawatt-hours of battery storage. The facility aims to export clean electricity directly across the border into China.
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