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.
Saudi Arabia's Future Investment Initiative Institute has postponed the 10th edition of its flagship investment summit, originally scheduled for October 26–29, 2026, in Riyadh, until 2027. FII Institute CEO Princess Dr. Maha Bint Mishari Al Saud said the decision aims to ensure the milestone event delivers its full scale and international impact. The institute confirmed that existing registrations and partnerships remain valid, with revised dates to be announced soon.
Dubai Chambers formalized four cooperation agreements with commerce chambers in Beijing, Shenzhen, Guangzhou, and Chongqing during the Dubai Business Forum in Shenzhen. Dubai's non-oil trade with China reached AED 363.5 billion in 2025 as Chinese firms expand presence across the Gulf.
The Saudi Central Bank has ended its formal participation in Project mBridge, the multilateral central bank digital currency platform developed with China and the UAE. While the central bank stated that its exit was planned following a completed proof-of-concept phase in May 2025, the disclosure has prompted debate over geopolitical pressures and non-dollar settlement systems. The platform continues operations among remaining central banks, including China, the UAE, Hong Kong, and Thailand.
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