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The battle to be the lead international market for Saudi Arabian Oil Company’s proposed mega-listing is turning in the London Stock Exchange (LSE)’s direction, according to a range of sources. Reuters news agency on 27 July said Saudi Aramco’s advisers had recommended the LSE for what is expected to be the world’s biggest initial public offering (IPO). A controversial plan by the UK Financial Conduct Authority (FCA) to create a new listing category for companies controlled by sovereign states has improved the LSE’s chances of hosting the Aramco IPO, which could be followed by other big Gulf listings, which could include Omani and Abu Dhabi oil assets.

Ras Al-Khaimah Investment Authority (Rakia) has chalked up a partial victory in a court hearing in London, in the latest stage of a wide-ranging effort to recoup money from former business partnerships that turned sour. In a 19 July judgement, the Court of Appeal in London agreed that Rakia and five other related entities could pursue claims for up to $42.6m against a number of companies linked to Gela Mikadze, Rakia’s former business partner in Georgia.

Abu Dhabi National Oil Company (Adnoc) has become the latest state-owned oil company to eye up local stock markets. Adnoc is planning to list minority stakes in some of its service company subsidiaries, according to a statement issued on 10 July. As yet, no specific units have been named as candidates, but any listings appear likely to go ahead on the Abu Dhabi Securities Exchange. Adnoc’s move follows similar plans previously announced for Saudi Aramco and Oman Oil Company.

As Qatar Airways manoeuvres to minimise the damage of the Gulf Co-operation Council (GCC) crisis, its two main rivals, Dubai-based Emirates and Abu Dhabi-based Etihad Airways, have been struggling to maintain their previously breakneck expansion at a time of slow global economic growth. They will not be helped by the recent partial reinstatement of US President Donald Trump’s travel ban on six counties, ahead of a Supreme Court hearing on the executive order later this year.

In an unusual move, Sharjah-based Dana Gas has been granted injunctions by courts in the UAE, UK and British Virgin Islands (BVI) to prevent bondholders disrupting its plans to have a $700m sukuk declared unlawful and unenforceable. On 13 June the energy company received an injunction from the Sharjah Federal Court of First Instance, pending a full hearing about the sukuk which is due to take place on 25 December.

The UK’s Serious Fraud Office (SFO) has charged Barclays plc and several former senior executives with conspiracy to commit fraud and the provision of unlawful financial assistance, for their actions around a multi-billion dollar rescue package from Gulf investors at the height of the financial crisis in 2008. The charges relate to $6bn of capital that Barclays raised in June and October 2008 from Qatar Holding and Challenger Universal (an investment vehicle of former prime minister Sheikh Hamad Bin Jassim Bin Jabr Al-Thani), as well as a $3bn loan given to Qatar’s Ministry of Economy and Finance in November 2008.

Incumbent Hassan Rouhani’s overwhelming victory in the presidential elections held on 19 May has reduced the risk that the January 2016 Joint Comprehensive Plan of Action (JCPOA) will be allowed to collapse and that new international sanctions might be imposed – a potential bilateral withdrawal by US President Donald Trump from the Iran nuclear deal notwithstanding. The result was welcomed by the international business community as marking a clear defeat for hardline conservatives – which some analysts see as part of a longer term move towards the centre in Iranian political life – and a green light for Rouhani’s economic reforms.

The Eurasian Economic Union (EEU), a customs union of five countries set up in 2015 that has been heavily promoted by Russia as a counterweight to the European Union is moving towards a free trade deal with Iran. In March, the prime ministers of the five member countries – Russia, Kazakhstan, Belarus, Kyrgyzstan and Armenia – signed a directive to prepare for a free trade deal with Tehran. The process now appears to be gathering momentum. Kazakhstan economy minister Timur Suleimenov told London daily The Financial Times: “We believe we can come up with something substantial by the end of the year”.

Saudi Aramco has been setting a fast deal-making pace in recent weeks, as the state oil giant continues to make preparations for its controversial stock market listing.On 20 May, Saudi Aramco announced up to $30bn of investment into Motiva Enterprises, the US refinery operation in Port Arthur, Texas which it recently acquired full control of. The investment includes $12bn now and up to $18bn more by 2023.

Deputy transport minister Asghar Fakhrieh Kashan has told local media that nine financial institutions from Europe and Asia have expressed interest in providing finance for Iran Air’s previously announced purchases of Airbus and Boeing aircraft. He did not name the institutions but said they came from Denmark, Ireland, Norway, the UK, China and Japan. Among those thought to be interested in supporting financing for some of the deals is UK Export Finance (UKEF).

Elements of Deputy Crown Prince Mohammed Bin Salman (MBS)’s economic policy have been viewed as visionary by boosters in the kingdom and abroad. These include a huge investment in ‘disruptive’ technology companies based on the US west coast. Institutional Investor (II), a monthly read for investment bankers and hedge funds, described MBS’s decision to invest in cutting-edge digital companies, as signalled by the Public Investment Fund (PIF)’s $3.5bn investment in San Francisco-based taxi app Uber Technologies, as “a rare embrace of modernity for deeply conservative Saudi Arabia”.

Gulf sovereign wealth funds (SWFs) are expected to play an active role in up to RUB100bn ($1.8bn) worth of investments that are due to be announced by the Russian Direct Investment Fund (RDIF) at the St Petersburg Economic Forum from 1-3 June. The RDIF – which has been reaching out to Gulf funds for the past five years – has investment partnerships in place with Bahrain’s Mumtalakat, the UAE’s Mubadala Development Company and Dubai-based DP World, Saudi Arabia’s Public Investment Fund, the Kuwait Investment Authority and Qatar Holding.

The cabinet approved draft laws on income tax and value-added tax (VAT) at a meeting on 3 May chaired by prime minister Sheikh Abdullah Bin Nasser Bin Khalifa Al-Thani. The new income tax law replaces existing statutes which provide an exemption for non-Qatari investors from tax on profits of some companies and investment funds. The VAT law is in line with the wider Gulf Co-operation Council plan to impose the sales tax from 2018.

Fitch Ratings has poured cold water on the idea that the Gulf may be on the cusp of a surge in bank mergers. Over recent months there have been a series of deals, including National Bank of Abu Dhabi and First Gulf Bank merging to create First Abu Dhabi Bank, and Qatar’s Masraf Al Rayan, Barwa Bank and International Bank of Qatar holding talks for a three-way merger. Saudi Arabia’s Alawwal Bank and SABB announced last month they were discussing a merger.

The private political risk insurance (PRI) market is open for Iraqi risks, sometimes with a degree more flexibility than its official export agency counterparts. “Contracts continue to be insured”, said Harry Doyne-Ditmas, the Dubai-based leader in JLT Specialty’s credit, political and security risk team covering the Middle East and Africa. He said JLT typically receives “one to two enquiries a month, which has been the case for the past couple of years”.