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British Official to Asharq Al-Awsat: Saudi Crown Prince’s Visit Ushers in New Era of Ties

Saudi Crown Prince Mohammed is welcomed at London airport. (SPA)
Saudi Crown Prince Mohammed is welcomed at London airport. (SPA)
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British Official to Asharq Al-Awsat: Saudi Crown Prince’s Visit Ushers in New Era of Ties

Saudi Crown Prince Mohammed is welcomed at London airport. (SPA)
Saudi Crown Prince Mohammed is welcomed at London airport. (SPA)

The visit of Saudi Crown Prince Mohammed, Deputy Prime Minister and Minister of Defense, to London has made headlines across Britain. It marks the second stop of his international tour and serves as an opportunity to bolster Saudi-British ties. His first stop saw him visit Egypt for three days.

Talks in Britain will center on trade, supporting stability in the Middle East and preserving security partnership and expanding it to many fields.

A spokeswoman for the Foreign Office told Asharq Al-Awsat that Prince Mohammed’s visit “will usher in a new era of bilateral relations, focused on a partnership that delivers wide-ranging benefits for both of us.”

This includes creating and sustaining job opportunities in Britain and encouraging more social reform in Saudi Arabia.

“We are also seeking to bolster cooperation between our countries to tackle international challenges, including the conflict and humanitarian crisis in Yemen,” she added.

Days earlier, British Foreign Secretary Boris Johnson had declared that the future of the region and Muslim world depends on Prince Mohammed’s success in his reform mission. He highlighted the importance of security cooperation with Saudi Arabia, saying that intelligence information presented by Riyadh was a decisive factor in combating terrorism.

British MP Rehman Chishti told Asharq Al-Awsat that Saudi Arabia and Britain enjoy historic ties and the Crown Prince’s visit will bolster this relationship.

He highlighted the trade relationship between Riyadh and London, noting that exchange between them has risen 40 percent since 2010.

In addition, he said that Vision 2030 that was declared by Prince Mohammed provides major trade and investment opportunities for British companies. It allows them to offer their services and skills in the Saudi economy, which will benefit both countries and achieve economic growth.

The visit will also bolster security and defense ties, he said, while noting security cooperation between Saudi Arabia and Britain and the exchange of intelligence aimed at defeating terrorist plots.

Chishti expected Prince Mohammed and British officials to tackle the situation in the Middle East, saying that it would be “great opportunity” to address challenges in the region, including the situation in Syria.

He cited British Prime Minister Theresa May’s Gulf Cooperation Council speech in Manama in 2016 in which she stressed the need for cooperation to confront Iran’s threat to the region. He said that Prince Mohammed’s visit will serve as an opportunity to assess what has been done since then to counter Iran.

In addition, he said that as Britain nears its departure from the European Union, the Saudi Prince’s visit will open a new door of advanced trade relations with the Kingdom.

Prince Mohammed’s three-day visit will include two audiences with the British Royal family, a briefing with national security officials, and a prestigious visit to the prime minister’s country residence.

He will meet May on Thursday and the two leaders will launch a “UK-Saudi Strategic Partnership Council” - an initiative to encourage Saudi Arabia’s economic reforms and foster more cooperation on issues such as education and culture, as well as defense and security.

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Features

Undoing the ‘Tangled Nest’ of Iran Sanctions Won’t Be Easy or Quick

A veiled Iranian woman walks past an anti-US mural, depicting an Iranian and US negotiation table, next to the former US embassy in Tehran, Iran, 22 June 2026. (EPA)
A veiled Iranian woman walks past an anti-US mural, depicting an Iranian and US negotiation table, next to the former US embassy in Tehran, Iran, 22 June 2026. (EPA)
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Undoing the ‘Tangled Nest’ of Iran Sanctions Won’t Be Easy or Quick

A veiled Iranian woman walks past an anti-US mural, depicting an Iranian and US negotiation table, next to the former US embassy in Tehran, Iran, 22 June 2026. (EPA)
A veiled Iranian woman walks past an anti-US mural, depicting an Iranian and US negotiation table, next to the former US embassy in Tehran, Iran, 22 June 2026. (EPA)

Tehran stands to gain billions of dollars from a 60-day reprieve from US sanctions announced on Monday, but unwinding more than four decades of restrictions poses legal, political and commercial challenges that could take years.

At issue is whether an interim US deal with Iran can translate into lasting economic relief, given the complexity of dismantling a sanctions regime that spans US law, international measures and private-sector risk concerns.

The United Nations, the US and the European Union have imposed sanctions and trade embargoes and have frozen assets since the late 1970s over Iran's nuclear program, human rights violations and support for armed groups around the region.

Under a 14-point memorandum of understanding signed by the US and Iran last week, Washington is to start abolishing all types of sanctions using a schedule to be forged in a final deal within 60 days, a period that can be extended.

On Monday, the US Treasury issued a temporary general license allowing the production, delivery and sale of crude oil and petrochemical and petroleum products of Iranian origin through August 21.

Removing the remaining sanctions - if it happens - would represent a stark change in US policy toward the Middle East, which has long focused on curbing ‌Iran's influence and ‌using financial pressure to weaken its theocratic government.

It would also be difficult, requiring executive action for some measures, approval ‌by ⁠Congress for others ⁠and close coordination with the UN and other countries that have imposed their own sanctions. Companies, wary after decades of restrictions, could also blunt the impact.

"You have this tangled nest of sanctions, and it's not just executive orders, it's congressional sanctions," said Juan Zarate, deputy national security adviser for combating terrorism under former President George W. Bush.

CONGRESS IS SKEPTICAL

Washington first sanctioned Iran in 1979, after revolutionary students seized the US embassy in Tehran, holding diplomats hostage.

Since then, Congress has passed half a dozen sanctions laws and presidents have issued executive orders over Iran's nuclear program and its support for groups the US deems terrorist organizations including Hamas, Hezbollah and Yemen's Houthis.

Since early 2025, the Treasury's Office of Foreign Assets Control (OFAC) has imposed sanctions on more than 1,000 people, vessels and aircraft, according to Treasury data.

Delisting thousands of entities designated for ⁠sanctions would take OFAC at least a year, said Jeremy Paner, a partner at law firm Hughes Hubbard & Reed ‌and a former US sanctions official.

President Donald Trump can rescind executive orders issued on Iran, but some ‌measures - including sanctions on Hamas and Hezbollah - are mandated by law and will have to be removed or amended by Congress, where the interim deal has already sparked sharp ‌public criticism from his fellow Republican lawmakers.

Undoing 40 years of sanctions would be difficult, added Matt Zweig, managing director of policy at FDD ‌Action, the lobbying arm of the Foundation for Defense of Democracies.

"Any attempt to comprehensively remove layer upon layer of sanctions will be like peeling back an onion - exposing the administration - not just to legal complexities but political risks," said Zweig, a former aide on the House Foreign Affairs Committee.

The license issued on Monday could be worth up to $3 billion for Iran over two months, by some estimates.

That could swell to "at least tens of billions of dollars" if made permanent, erasing a discount on Iranian oil, allowing Tehran to ‌sell to additional buyers beyond China, and increasing exports, said Edward Fishman, senior fellow at the Council on Foreign Relations. China now buys about 90% of Iranian oil, despite the sanctions.

The new license is broader than ⁠the one issued in March, calling for ⁠inclusion of not just oil and petroleum products, but also banking, insurance and transportation related to the oil trade, giving Tehran quicker access to its revenues.

"There are a number of thorny issues involved," said Stephanie Connor, a former OFAC official now a partner with law firm Holland & Knight, adding that lifting sanctions could mean funds flowing to groups the US considers a threat.

"Are we really going to let money start flowing to Iran's Revolutionary Guard Corps?" she asked, referring to the powerful paramilitary force that the US has designated a foreign terrorist organization.

WARY COMPANIES

Banks, oil firms and insurers will face evolving regulations, tougher due diligence and exposure to sanctions-evasion risks tied to Iran links with countries such as China, North Korea and Russia. They also remain subject to separate sanctions from Britain, the UN, the EU and others.

"We've kind of beaten the markets up with the risk of doing business with or through Iran, so you can't just flip a switch and say, 'Oh, now it's okay to do business with Iran,'" Zarate said.

Companies that deal with Iran would still face lawsuits from victims of attacks, who can sue investors and companies for aiding designated groups under the 2016 Justice Against Sponsors of Terrorism Act, which aides say is unlikely to be repealed.

Given such risks, companies may steer clear of working with Iran to escape legal and reputational risk as long as the Iranian government remains in power, said Brett Erickson, principal with Obsidian Risk Advisors.

"We're not going to see massive multi-billion-dollar commitments until things are far more cemented and politically stable," he said. "There's just a long way to go."

Business

EU Bets on Digital Euro to Cut US Tech Addiction

Euro banknotes, Visa and Mastercard cards are placed on a keyboard in this illustration taken September 24, 2025. (Reuters)
Euro banknotes, Visa and Mastercard cards are placed on a keyboard in this illustration taken September 24, 2025. (Reuters)
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EU Bets on Digital Euro to Cut US Tech Addiction

Euro banknotes, Visa and Mastercard cards are placed on a keyboard in this illustration taken September 24, 2025. (Reuters)
Euro banknotes, Visa and Mastercard cards are placed on a keyboard in this illustration taken September 24, 2025. (Reuters)

The EU believes a digital euro is the answer to cutting its addiction to US payment systems, like Visa and Mastercard, as well as Apple Pay and Google Pay, as the bloc seeks to favor European firms over others.

Brussels hopes it could provide an alternative local option for any payments in shops or online since people could easily pay, just like other systems, using a card, an app or via their banking app.

The European Union will move one step closer on Tuesday to creating a digital euro when EU lawmakers hold a long-awaited vote on the virtual currency.

The European Central Bank first suggested the digital euro in 2020 because Europe lacked its own system before the EU executive made its formal proposal.

The digital euro cannot be created without the rules underpinning the project being approved by the EU capitals and the European Parliament.

What is the digital euro?

Don't confuse it with your cash in the bank. When you use your bank card, Apple or Google Pay, you pay with physical money that exists in your account.

Instead, your digital euros would be in a separate virtual wallet.

The ECB hopes the digital euro will be available to citizens in 2029 if the EU negotiators greenlight the rules by the end of the year.

If that timeline sticks, the ECB is ready to launch a pilot program in mid-2027 to test how it would work in practice.

Some say that is too long, but "banks and merchants need time to prepare so they can roll it out smoothly and at scale", Alessandro Giovannini, advisor to the digital euro director at the ECB told AFP.

How will it work?

Digital euros will have the same value as cash and banknotes.

Any user would need to create an account with a bank or a public institution, like a post office, and transfer money into it from another account or via a cash deposit.

Users can then pay with digital euros in shops, online and between individuals using different methods, including card, app or phone.

Officials stress the system would protect people's privacy, with no possibility to identify who made transactions, and an offline mode that would be as confidential as using cash.

"It wouldn't replace anything. Cash would still be available, and people could use existing private payment methods," the ECB's Giovannini said.

The digital euro would give more choice and let consumers "preserve their freedom to choose how to pay as daily life becomes more digital", he added.

Why does the EU want a digital euro?

Payment systems are "not neutral" but "instruments of power", centrist EU lawmaker Gilles Boyer said in a statement.

"We, Europeans, have had many wake-up calls about our dependence on the US. We're fully awake now, but we're not always acting," he said, adding Tuesday's vote would make "a sovereign, pan-European payment solution a reality".

EU officials often point to Washington's 2025 sanctions against International Criminal Court judges to illustrate the grip of US firms. French judge Nicolas Guillou has described how he lost access to his Visa card.

The digital euro is "a chance to end a dependence we have lived with for too long".

According to the ECB, nearly two-thirds of card payments in the euro area are handled by non-European companies -- mostly Visa and Mastercard.

And 13 out of 21 eurozone countries have no national card scheme for day-to-day payments in shops or online stores.

Who doesn't want it?

Banks. The main reason for their reticence is the cost.

Adapting the banking system to the digital euro will cost 18 billion euros ($20 billion), a report in April by the European Banking Federation said.

But the ECB insists it will cost the banking sector between four and 5.8 billion euros in investment costs.

Banks also fear the effects on their financial stability because if customers convert their money into digital euros, bank deposits would plummet.

The ECB says there is no risk.

"Thanks to its design that prevents large deposit outflows, the digital euro wouldn't cause these risks -- even in extreme and unlikely crisis situations," Giovannini said.

European banks also fear reduced demand for their online services and worry the digital euro is a rival to the pan-European payment system Wero.

Technology

Indian Startup Head Appointed as New WhatsApp Boss

The WhatsApp logo is seen in this illustration taken, August 22, 2022. (Reuters)
The WhatsApp logo is seen in this illustration taken, August 22, 2022. (Reuters)
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Indian Startup Head Appointed as New WhatsApp Boss

The WhatsApp logo is seen in this illustration taken, August 22, 2022. (Reuters)
The WhatsApp logo is seen in this illustration taken, August 22, 2022. (Reuters)

Meta has tapped Indian fintech founder Kunal Shah as the new head of WhatsApp, as the US tech giant seeks ways to monetize the messaging app's massive user base.

The announcement, made Monday night, was accompanied by news that Meta would also lead a $900 million funding round in Shah's consumer finance firm CRED.

"Kunal built CRED into one of India's most important technology companies," Meta chief Mark Zuckerberg said in a statement.

"He brings the kind of builder mentality and global perspective that will serve him well in running the world's biggest messaging app."

Shah, a serial entrepreneur and influential figure in India's fintech world, started CRED in 2018 after selling an earlier payments startup to Indian e-commerce giant Snapdeal for roughly $400 million.

He is also one of India's most prolific angel investors, according to data tracker Tracxn, with the local financial press often reporting how Shah agrees to seed funding pitches within minutes of hearing them.

But over the last few years, Shah has focused on building CRED -- which got its start by offering rewards to customers for timely credit card payments.

Since then, the company has aggressively expanded into offering wealth management, insurance and lending services to its 17 million users.

This experience is likely to help WhatsApp as it seeks new revenue streams that go beyond the core advertising business of Meta, which also runs Facebook and Instagram.

While India is WhatsApp's largest market -- with over half a billion users, according to 2021 government figures -- analysts say it has largely missed the chance to build an equally popular payments service.

In May, the messaging app offered businesses in India the ability to use artificial intelligence for services including responding to customers at all hours or booking appointments.

Shah acknowledged the scope for future growth, saying in a statement that the gap between "WhatsApp today and its full potential is massive".

India's startup ecosystem also celebrated Shah's appointment -- the latest example of an Indian-born executive becoming the leader of a Silicon Valley company.

Sajith Pai of Blume Ventures, an early stage Indian start-up backer said Shah was getting an "even bigger canvas to paint his bold brushstrokes in".

"Great news for everyone in the Indian startup ecosystem, and for India!"