The Saudi Central Bank confirmed its trial engagement with the mBridge cross-border digital currency platform officially ended on May 13, 2025, after testing without live settlement. Between mid-2024 and late 2025, the China-UAE-backed platform processed 4,868 transactions totaling $67 billion, with the digital yuan representing roughly 96% of the value.
The Saudi Central Bank confirmed its pilot participation in the mBridge cross-border digital currency platform ended on May 13, 2025. Between mid-2024 and late 2025, mBridge processed 4,868 transactions valued at $67 billion, with the digital yuan comprising 96% of volume.
Saudi Power Procurement Company has awarded China's Gotion High-Tech 6 GWh in the kingdom's first utility-scale battery storage tender, valued at roughly $1.16 billion. Gotion secured three core sites totaling 75% of the 2 GW/8 GWh G1 project. Separately, Hong Kong Financial Secretary Paul Chan visited Doha to discuss green finance and infrastructure cooperation.
Chinese battery manufacturer Gotion High-Tech has secured contracts to supply 6 gigawatt-hours of utility-scale battery energy storage systems in Saudi Arabia. The award covers three projects under the Saudi Power Procurement Company's first procurement group, valued at approximately $1.16 billion. The systems will connect directly to the kingdom's 380-kilovolt transmission network.
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