Iran has permitted commercial ships from China, India, Iraq, and Qatar to transit the Strait of Hormuz without passage restrictions. Iranian officials stated the move toward Chinese vessels aims to build diplomatic ties and gain political backing from Beijing. Iran continues to levy transit fees on Chinese and Indian vessels while allowing Qatari ships free passage.
Exports to Iraq from six major trading partners fell 29% year-on-year to $23.7 billion in the first half of 2026, according to customs data cited by economist Manar Al-Obaidi. Shipments from the UAE fell 25% to $10.6 billion, while Chinese exports dropped 42% to $5.2 billion. The sharpest contractions occurred in capital and investment goods, while consumer and food items proved more resilient.
The 12th World Green Economy Summit in Dubai reported that outstanding GCC green sukuk and bonds have reached $73 billion. GCC issuers accounted for approximately 40 percent of emerging market US-dollar ESG debt outside China during the first nine months of 2026. Multilateral experts highlighted the UAE's capital reserves and policy frameworks for advancing green hydrogen exports and heavy industry decarbonisation.
Satellite images from the European Union's Copernicus network show that an offshore oil spill from a damaged tanker has widened, approaching coastal areas in the northern UAE. Authorities have responded by temporarily shutting beaches across Umm Al Quwain, Ras Al Khaimah, and parts of Sharjah while containment efforts proceed. Industry experts told Reuters that the spill originated from the tanker Gem No. 2, which was struck by a projectile last month.
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