Dear Colleague,

This week, the team behind the Rihla Initiative for Green Economic Growth was in Abu Dhabi for the inaugural Rihla Summit.

Mehran Haghirian, Shakhlo Kamaladinova, Vuyiswa Hlongwane, Nguyen Dang Dao, Imad Ahmed, Mohamed El Dahshan, and yours truly, helping bring the program to life, supported by Khuzama Wardeh from afar.

The landmark summit brought together over 150 participants, including Rihla Council Members, experts, practitioners, and investors from 6 regions and 60 countries to exchange perspectives and develop a policy agenda and implementation approaches for Gulf green investment.

Best regards,

Layla Saghafian

Engagement Coordinator

Events

The Rihla Summit was held in partnership with the prestigious Anwar Gargash Diplomatic Academy and took place at the academy’s campus in Abu Dhabi.

Here are several highlights from the inaugural Rihla Summit:

• Moving from policy to implementation: The agenda included sessions exploring how Gulf climate finance can support green industrialization, economic diversification, resilient infrastructure, and quality employment.

• Launching new tools to support the ecosystem: The summit marked the launch of the initiative’s next phase which will spearhead the development of new tools including a stakeholder mapping database and a first-of-its-kind Gulf green investment tracker.

• Building cooperation beyond the summit: The discussions identified opportunities for new partnerships and long-term collaboration among participating organizations from the Gulf and Global South.

• Executive education in climate finance: Participants will continue the program through a dedicated Executive Training Day on 30 September organized in partnership with Global Climate Finance Centre.

The summit represented an important milestone for the Rihla Initiative and the culmination of two years of work by the team. We look forward to building on these discussions as the initiative enters its next phase.

External Publications

Ozempic in Iran

Esfandyar Batmanghelidj - London Review of Books - 29 September

Media Engagements

This week, the Bourse & Bazaar Foundation expertise was featured across English, Arabic, Italian, and German-language media, reflecting the growing international reach of our work.

Senior Fellow Khalifa Al-Suwaidi was interviewed for the Al-Raqib Podcast about how the war has reshaped Gulf stability. The interview has already generated over 500,000 views on YouTube.

An article by Esfandyar and Policy Fellow Josefine Petrick on the effects of Trump’s new aviation sanctions on Iran’s medical supply chains was referenced extensively by the Financial Times and Italy’s HuffPost. Esfandyar’s analysis was also featured by the Italian news agency AGI and Germany’s Tagesspiegel.

Mehran was interviewed for an article in Arab News on Iran’s growing economic pressure and whether the U.S. naval blockade is leading Tehran to seek renewed diplomacy.

Finally, Analyst Ezana Tedla was interviewed for an Al Jazeera article about the risks Iran faces as it redirects trade from its blockaded southern ports toward the Caspian Sea.

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Dear Colleague,

This week we have published an important article by our CEO Esfandyar Batmanghelidj and Policy Fellow Josefine Petrick analyzing how Trump’s new sanctions targeting Iran’s aviation sector threaten to disrupt the country’s medical supply chains.

With more than 60% of Iran’s pharmaceutical imports arriving in the country by air, passenger flights operated by Iranian airlines have become increasingly important for delivering medical products. Esfandyar and Josefine argue that the Trump administrations’ aviation sanctions threaten these air-freight dependent imports and may leave many Iranians without reliable or affordable access to key medicines.

We have also published the second article in our series on Iran’s electricity sector. In his latest entry, energy systems expert Arya Kia looks at the consequences of perennial electricity underpricing in Iran. While cheap energy costs can protect household purchasing power and lower production costs in the short term, a pricing system which discourages efficient consumption has ultimately contributed to the deterioration of electricity reliability in Iran.

Best regards,

Layla Saghafian

Engagement Coordinator

Our Publications

How Underpricing Deepens Iran’s Electricity Crisis

By Arya Kia - 22 September

Trump’s New Aviation Sanctions Threaten Iran’s Medical Supply Chains

By Esfandyar Batmanghelidj and Josefine Petrick - 17 September

Announcements

Inaugural Rihla Summit to Convene in Abu Dhabi

The inaugural Rihla Summit will take place in just one week, on 29 September 2026, at the Anwar Gargash Diplomatic Academy in Abu Dhabi. The Summit is part of the Bourse & Bazaar Foundation’s flagship project, the Rihla Initiative for Green Economic Growth.

It will convene Rihla Council Members from six regions across the Global South to identify common priorities, examine investment barriers, and determine how to turn regional dialogue into mutually beneficial partnerships.

Follow the Rihla LinkedIn Page for updates and insights from the Summit.

Media Engagements

Amwaj Media highlighted Esfandyar and Josefine’s analysis on the threat to Iranian medical supply chains in their report on the Trump administration’s push to “shut down” Iranian airlines.

Esfandyar was quoted in a report by Susannah George of The Washington Post on how Iran’s leadership is enduring the impacts of Trump’s economic pressure campaign.

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Dear Colleague,

This week we are pleased to share a new article in The Sanctions Age, our platform for analysis of global sanctions issues.

Rachel Ziemba, an Adjunct Senior Fellow at the Center for a New American Security (CNAS), has written an “explainer” on the controversial U.S.-Venezuela oil deal. While the deal could bring benefits such as energy-sector investments and jobs for Venezuelan workers, Ziemba explains that sanctions allow the U.S. to retain leverage over the country’s economy. She also cautions that provisions of the agreement remain unclear, highlighting that there are no guarantees that the revenues will benefit ordinary Venezuelans.

We have also published a new article by our Executive Director of Research and Programs, Mehran Haghirian, who recently attended convenings in Abu Dhabi and Salalah. Mehran proposes a complementary track of regional diplomacy to run alongside the U.S-Iran talks, enabling the eight littoral states of the Persian Gulf to establish “shared principles and pooled interests” that can underpin new regional security arrangements.

Best regards,

Layla Saghafian

Engagement Coordinator

Our Publications

Explainer: The U.S. Government’s Oil Deal with Venezuela

By Rachel Ziemba - 14 September

The Gulf Region Needs Its Own MOU

By Mehran Haghirian - 11 September

Events

Policy Fellow Josefine Petrick spoke in a Middle East Council webinar on the Iran crisis, which discussed whether renewed U.S. sanctions can achieve what months of military force have not.

Mehran Haghirian, participated in a panel discussion in Salalah, Oman titled “What Shapes GCC - China Cooperation on Green Industries and Finance?” The discussion was co-organized by The Rihla Initiative for Green Economic Growth and the Shaheen Institute for Strategy and Development.

Media Engagements

In the past week, Mehran Haghirian was quoted in AFP on the resilience of economic ties between Iran and the UAE. The report was syndicated in France 24. It was also published in Persian by the Iranian state news agency, IRNA. He was also quoted in The National on Iran’s ability to wage an economic war against the U.S.

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Dear Colleague,

This week we are pleased to share a new Foreign Affairs essay by our CEO, Esfandyar Batmanghelidj, analyzing Iran’s ability to withstand the coercive effects of the Trump administration’s “economic onslaught.” While Iran’s leaders have recognized the detrimental effects of sanctions on the country’s economy, they continue to shift economic pressure onto ordinary people in a process of “financial repression.” Willing to sacrifice general economic welfare, Iranian authorities believe a slowing economy will help them persevere during the war with the U.S.

We have also published a new piece by energy expert Arya Kia, the first in a series of articles he has written examining the state of electricity generation in Iran. In this first entry, Arya unpacks Iran’s persistent shortfalls in generation capacity and examines a “paradox” whereby theoretical capacity is constrained by fuel constraints, maintenance requirements, aging equipment, water availability, transmission bottlenecks, and extreme temperatures.

Finally, a last reminder about our new account on X, where we post daily coverage of our experts’ media appearances and publications — follow us at @BourseBazaarFdn!

Best regards,

Layla Saghafian, Engagement Coordinator

External Publications

Why America Can’t Strangle Iran

By Esfandyar Batmanghelidj - Foreign Affairs - 8 September

Our Publications

Behind Iran’s Persistent Electricity Shortages Lies a Capacity Paradox

By Arya Kia - 8 September

Events

Executive Director of Research and Programs Mehran Haghirian spoke in a “Middle East Energy” roundtable focused on the Strait of Hormuz. The event was part of a long-running series hosted by the Baker Institute at Rice University, bringing scholars together with members of the energy industry and diplomatic community.

Mehran also participated in an EMANES webinar panel analyzing the economic consequences of the Iran war across the MENA region and Africa.

Media Engagements

In the past week, Esfandyar Batmanghelidj was quoted in the Wall Street Journal on how some leaders in Tehran view the growing economic pressure the country is facing.

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Dear Colleague,

Welcome to the third edition of the Bourse & Bazaar Brief.

This week, associate fellow Francesco Schiavi has written a fascinating article about how trucking is transforming the Middle East. As disruptions in the Strait of Hormuz persist, overland routes have emerged as an important alternative for sustaining regional trade.

Francesco has also published a new article for Al Monitor about the upcoming UAE-China air drills. The piece includes insight from senior fellow Khalifa Al Suwaidi.

We are also launching a new series of research notes called Critical Questions. Published every two weeks for clients of Bourse & Bazaar Advisory, these notes provide policymakers, executives, and investors the answers they need to understand evolving opportunities and risks in West and Central Asia.

The first note in the series, prepared by CEO Esfandyar Batmanghelidj and analyst Ezana Tedla, assesses the potential for an Iranian attack on undersea cables in the Strait of Hormuz.

Finally, a reminder about our new account on X—follow us at @BourseBazaarFdn!

Best regards,

Layla Saghafian, Engagement Coordinator

Our Publications

Why Hasn’t Iran Targeted Subsea Cables?

By Esfandyar Batmanghelidj and Ezana Tedla - 31 August

As Maritime Trade Struggles, Trucking Is Transforming the Middle East

By Francesco Salesio Schiavi - 27 August

External Publications

UAE-China Air Drills Deepen with Fourth Falcon Shield Exercise

By Francesco Salesio Schiavi - Al Monitor - 29 August

Media Engagements

In the past week, Esfandyar Batmanghelidj was quoted extensively on the Trump administrations effort to raise economic pressure campaign on Iran. His analysis focused on whether the Trump administration can coerce Iran into making larger concessions and what additional economic pain means for ordinary Iranians.

His analysis was featured in Politico, The Banker, The New York Times, the Financial Times, and Fortune. Esfandyar was also interviewed on ABC Radio and the Drop Site Live Stream.

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Dear Colleague,

Welcome to the second edition of the Bourse & Bazaar Brief.

This week, we are pleased to share an article on Syria sanctions relief authored by attorney and former OFAC Chief Counsel Rachel Alpert. Syria’s designation as a State Sponsor of Terror, the “last major legal barrier” preventing Syria’s reintegration into the global economy, has now been rescinded. Rachel explains the significance of the move.

We have also published a new analysis by the Bourse & Bazaar Foundation’s Executive Director of Research and Programs, Mehran Haghirian. The article unpacks the significance of the Makkah Agreement signed by Saudi Arabia, Turkiye, and Pakistan and suggests that “concentric arrangements” will come to underpin the new regional security architecture in West Asia.

We have set up a new account on X. Follow us at @BourseBazaarFdn.

Best regards,

Layla Saghafian, Engagement Coordinator

Internal Publications

New Concentric Arrangements Will Underpin Middle East Security

By Mehran Haghirian - 24 August

Explainer: U.S. Removes Last Major Legal Barrier to Syria’s Economic Reintegration

By Rachel Alpert - 21 August

Announcements

Inaugural Rihla Summit to Convene in Abu Dhabi

The inaugural Rihla Summit will take place on 29 September 2026 at the Anwar Gargash Diplomatic Academy in Abu Dhabi. The summit is part of the Bourse & Bazaar Foundation’s flagship project, the Rihla Initiative for Green Economic Growth.

The Summit will bring together 80 members of the Rihla Initiative’s Policy and Implementation Councils, alongside GCC policymakers, executives, and technical experts, to strengthen cooperation between the Gulf and the Global South in green economic development.

Welcoming Imad Ahmed and Chenjie Song

The Rihla Initiative for Green Economic Growth is welcoming two new team members. Imad Ahmed, a climate finance expert with extensive experience structuring renewable energy deals, has joined as a Senior Fellow. Chenjie Song, a PhD researcher at Johns Hopkins University with a focus on the GCC, has joined as an analyst focused on Gulf outward investment.

Media Engagements

In the past week, our CEO Esfandyar Batmanghelidj was quoted extensively on the Trump administration’s announcement of “Operation Economic Outcast,” a new push to isolate the Iranian economy. His analysis was featured in The New York Times, The Economist, AFP, NPR, The Telegraph, and Fortune. Esfandyar was also interviewed on BBC World Service and BBC Radio 4.

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Dear Colleague,

Welcome to the new weekly newsletter of the Bourse & Bazaar Foundation, the Bourse & Bazaar Brief.

As we aim to explain events and shape policy in West and Central Asia, we are publishing more analysis than ever before. Rather than inundate your inbox, we will now be sending you a single weekly newsletter email, enabling you to easily review our latest publications and media engagements.

Our latest analyses include commentary by economists Nader Habibi and Djavad Salehi-Isfahani, energy systems expert Aria Kia, and political scientist Anna Jordanová.

We are delighted to be sharing this newsletter with over 5,000 subscribers. Thank you for your readership!

Best regards,

Layla Saghafian, Engagement Coordinator

Internal Publications

Iran’s Leaders Eschew Wartime Rationing as Economic Pressure Mounts

By Nader Habibi - 20 August

Attacks Threaten Vital Corridor Spanning Caspian and Black Seas

By Anna Jordanová - 13 August

Iran’s First Geothermal Plant Brings Hope to a Battered Energy Sector

By Aria Kia - 11 August

Iran and the UAE are Working Together to Outlast Trump

By Esfandyar Batmanghelidj - 7 August

Gulf Export Credit Agencies Can Thrive in the Horn of Africa

By Ezana Tedla - 5 August

External Publications

Our board member, economist Djavad Salehi-Isfahani, published an op-ed with Project Syndicate arguing that in order to create sustainable peace, any diplomatic agreement must provide sanctions relief that creates jobs and gives ordinary Iranians access to international markets.

Writing in the The American Conservative, CEO Esfandyar Batmanghelidj, describes the mounting pessimism among Iran’s leaders that a deal with the Trump administration is possible.

Media Engagements

In the last two weeks, Esfandyar Batmanghelidj, was quoted in The New York Times, Al Jazeera, Gulf News, The National, and NZZ covering topics such as Iran’s decline in households consumption, the Strait of Hormuz as a regional “commitment mechanism,” and prospects for a return to the U.S.-Iran negotiations.

Our Executive Director for Research and Programs, Mehran Haghirian, spoke to NBC News about Tehran’s conditions for reopening the Strait of Hormuz and Iran’s approach to negotiations.

Senior Fellow Khalifa Al Suwaidi joined Becky Anderson on CNN International’s “Connect the World” to discuss what the GCC hopes to achieve with the bilateral Oman-Iran talks on the future management of the Strait of Hormuz.

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