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Gulf Cooperation Council Secretary-General Jasem Al-Budaiwi called for concrete progress in cross-border banking cooperation between the GCC and China. The remarks were made during a Bangkok meeting between GCC central bank governors and People's Bank of China Governor Pan Gongsheng. The discussions aimed at linking financial markets, supporting trade facilitation, and maintaining monetary stability.
UAE Presidential Special Envoy Khaldoon Khalifa Al Mubarak met Chinese Foreign Minister Wang Yi in Beijing to advance the Comprehensive Strategic Partnership. Concurrently, Dubai Crown Prince Sheikh Hamdan bin Mohammed reported that non-oil trade between Dubai and China grew 172-fold over 35 years to AED 363.5 billion in 2025.
His Highness Sheikh Mohammed bin Rashid Al Maktoum issued Decision No. (24) of 2026 forming the Board of Directors of the Economic Security Centre of Dubai. Talal Humaid Belhoul was appointed Chairman, with Awad Hader Al Muhairi serving as Vice Chairman. The decree came into legal effect immediately upon its issuance.
China's Ministry of Finance and the State Taxation Administration announced plans to cut the value-added tax export rebate for new energy vehicles from 13 percent to 9 percent, taking effect April 1, 2027. In addition, export rebates on battery products will be fully eliminated starting January 1, 2027. Existing consumption tax refund and exemption mechanisms will remain unaffected.
Ministry of Finance, State Taxation Administration
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