Banking, fintech, funds, capital markets and cross-border investment
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 authorities have intensified tax enforcement against wealthy individuals and offshore assets, levying a 20 percent tax on offshore trust gains and income. Taxpayers have been given a 90-day window ending October 22 to declare and settle liabilities dating back to January 2023. The drive follows declining local land-sale revenue and uses Common Reporting Standard information sharing.
The UAE has called for enhanced international judicial cooperation to address cross-border organised, cyber, financial, and environmental crimes during the 15th United Nations Congress on Crime Prevention and Criminal Justice in Abu Dhabi. Mubarak Al Neyadi, Undersecretary of the UAE Ministry of Justice, emphasised the need for resilient justice systems supported by information sharing and capacity-building. A key outcome of the gathering is the adoption of the Abu Dhabi Declaration, establishing a five-year roadmap for international legal partnerships.
Hong Kong Financial Secretary Paul Chan arrived in Doha to advance economic, trade, and financial cooperation between mainland China, Hong Kong, and the Gulf region. During the visit, Chan met with Asian Infrastructure Investment Bank President Zou Jiayi and Qatari Finance Minister Ali bin Ahmed Al Kuwari. Discussions centered on green finance, catastrophe bond issuance, bilateral investment, and Belt and Road initiatives.
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