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Dubai's Burj Khalifa was illuminated on October 1 to celebrate the 77th anniversary of the founding of the People's Republic of China. The light show, designed by China Media Group, projected Chinese national symbols and cultural landmarks across the 828-meter tower. Spectators and tourists gathered around Downtown Dubai to watch the spectacle alongside the fountain show.
The UAE Federal Tax Authority issued Public Clarification VATP047 regarding the reverse charge mechanism for domestic metal scrap transactions. Under the clarification, the VAT accounting obligation shifts from the supplier to the VAT-registered buyer. The guidance outlines mandatory documentation, supplier declarations, and verification rules for the industrial sector.
China Securities has secured regulatory authorization to operate in the Dubai International Financial Centre, while JINGDONG Property signed a deal to build a 150,000-square-metre smart logistics facility in Abu Dhabi. Chinese outbound direct investment into the UAE rose to $2.6 billion, pushing cumulative investment stock to $12.47 billion as bilateral non-oil trade crossed $100 billion.
Brent crude climbed past $102 per barrel on October 2, 2026, driven by Strait of Hormuz transit concerns and fuel export suspensions by Chinese refiners. Middle East crude exports recovered to 17.5 million barrels per day, while refined product shipments remained constrained at 58% of pre-disruption levels.
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