Since the Presidential elections in May 2023, Turkey has shifted back to orthodox economic policymaking. This included the appointment of Mehmet Şimşek, a well-respected figure, as finance minister, and adopting more conventional economic policies.

With a renewed focus on containing inflation, stabilising the currency, and attracting foreign investors, Turkey is slowly recovering from years of economic strain. 

Notably, diplomatic relations with the UAE and Saudi Arabia have improved, leading to increased investment and trade.

 In our 11th episode, we spoke to Atilla Yesilada, a respected economist and political commentator.

In this episode we spoke about several topics including:

• Turkey's political economy dynamics
• The current political and economic environment 
• Ankara's rapprochement with Gulf states

Intro theme song-'Tales of the Arabian Nights' composed by StudioKolomna via Pixabay

In our 10th episode, we spoke to Matteo Mantovani, co-founder of Baly, an Iraq-based ride-hailing and super app.

 Matteo has dedicated a significant portion of his career to Iraq's advancement, managing multimillion-dollar projects in Basra and overseeing critical infrastructure initiatives.

As a co-founder of Baly, Matteo has observed first-hand Iraq’s thriving entrepreneurial spirit.

In 2022, Baly secured $10.5 million in funding from a consortium of investors including Kingsway Capital and Majid Al Futtaim. This funding catapulted the start-up into prominence and marking a significant moment in Iraq's tech history, showcasing the potential of its emerging start-up ecosystem.

Topic discussed in this episode include:

• Matteo's background
• His journey to and work experience in Iraq
• Matteo's account (opportunities and challenges) of running a start-up in Iraq

Intro theme song-'Tales of the Arabian Nights' composed by StudioKolomna via Pixabay

In recent years, Tanzania's venture capital scene has been flourishing.

In just 2022, the East African country reached a significant milestone, raising $24 million across 6 deals, according to Magnitt, a Dubai-based VC data platform. 

Industries like FinTech, Agriculture, and E-commerce have been driving this growth with numerous successful funding rounds.

In tandem, Tanzania's Islamic finance sector is also progressing, despite the absence of specific regulations. Activities such as sukuk and takaful are gaining momentum.

In our ninth episode, we spoke to Salum Awadh, CEO of SSC Capital, an investment banking firm in Tanzania. 

In this episode, we touched on topics, including:

• Opportunities and challenges facing Tanzania's VC ecosystem
• The development of Islamic banking & finance in Tanzania
• Tanzania's trade relations with Islamic countries

Intro theme song-'Tales of the Arabian Nights' composed by StudioKolomna via Pixabay

Over the past decade, Middle Eastern bond markets have experienced significant growth. With governments and corporates tapping into these markets, bonds have become an essential tool.

In parallel, the emergence of private credit has added a new dimension to the region’s financial landscape. Furthermore, Islamic finance and sukuk in particular continue to thrive as a distinct and influential segment of the MENA's financial ecosystem.

In our eighth episode we spoke to Sharif Eid. Sharif is a Partner and Co-Head of Fixed Income at Amwal Capital Partners, a MENA-focused investment manager. He has been an investor in MENA debt markets for the past 15 years, covering public and private markets.

Topics discussed in this episode include:

• Sharif's thoughts and outlook on EM and macro-risks
• His outlook on MENA fixed income for 2024
• Looking at the emergence of private credit in the MENA and globally
• The challenges in the sukuk market from an investor's perspective

Intro theme song-'Tales of the Arabian Nights' composed by StudioKolomna via Pixabay

Islamic finance has seen remarkable growth over the past couple of decades. Its principles have gained traction not only in Muslim-majority nations but also in non-Muslim countries.

However, despite its growing popularity and an industry worth an estimated $4 trillion, questions persist regarding the authenticity of Islamic finance. For example, whilst Islamic banks adhere to Sharia, there are concerns about whether they genuinely uphold the spirit of Sharia or merely fulfil the legal requirements. This raises fundamental questions about the ethical and moral dimensions of Islamic finance.

In our seventh episode, we spoke to Harris Irfan. Harris is CEO of Cordoba Capital Markets and the former co-founder of Deutsche Bank's Islamic finance team.  He is also the author of "Heaven's Bankers: Inside the Hidden World of Islamic Finance".

In this episode, we spoke about several topics including:

• Harris' involvement in landmark Islamic finance transactions
• Why it is difficult to adopt a more wholesome Islamic finance system
• The state of Islamic finance in the UK
• Harris' thoughts on Bitcoin

Intro theme song-'Tales of the Arabian Nights' composed by StudioKolomna via Pixabay

Over the past decade, the financial world has undergone a notable transformation, marked by the substantial rise of Environmental, Social, and Governance (ESG) principles and Socially Responsible Investing (SRI). 

This surge has not only reshaped the financial landscape but has also brought integrating ethical considerations into investment strategies to the forefront.

Similarly, within the framework of Islamic finance, Sharia principles guide investment decisions.

However, whilst there are similarities, what are the differences? And how do these forms of finance help Muslim nations meet their climate commitments? And are they having a real impact or are they just labels like green or faith washing?

In our sixth episode, we spoke to Blake Goud, CEO of RFI Foundation. 

RFI’s mission is to enable financial players in OIC markets and Islamic finance to deliver sustainable values through research, training and implementation programs.

In this topic, we discussed topics including:

• The similarities and differences between ESG, SRI and Islamic finance
• The role of ESG-linked sukuk and whether they have a real impact
• Why IFIs are not adopting frameworks like the PRI and PRB
• Assessing whether Cop28 was successful and what climate risks facing OIC countries

Intro theme song-'Tales of the Arabian Nights' composed by StudioKolomna via Pixabay

Since 2016, under the leadership of Crown Prince Mohammed bin Salman, Saudi Arabia has been experiencing something of an economic transformation. At the heart of this shift is Vision 2030, an ambitious and visionary plan for a post-oil economy.

As the world's largest oil exporter, Saudi Arabia is an important country. Its economic transformation has far-reaching implications, not only for the Kingdom but for the Middle East and the rest of the world.

In our fifth episode, we spoke to Tim Callen, a former assistant director in the Middle East and Central Asia department at the International Monetary Fund. He served as the IMF’s mission chief for Saudi Arabia and as the chief of the Gulf Cooperation Council countries’ division from 2012-2021.

He is currently a visiting fellow at the Arab Gulf States Institute in Washington.

In this episode we touch on topics including:

• Saudi Vision 2030 and assessing the progress so far
• The development of the kingdom's financial and capital markets
• Looking at FDI levels into the kingdom
• The increasing influence of the PIF in the economy
• Challenges facing Saudi Arabia's economy in 2024 and beyond

Intro theme song-'Tales of the Arabian Nights' composed by StudioKolomna via Pixabay

Unlike other countries in the region, Iraq does not have a thriving start-up ecosystem and largely goes unnoticed by most regional or international venture capital investors.

However, an increase in new start-ups, an improving political and security environment as well as an improving economy could change this in the coming years.

The year 2022 was the biggest year for funding in Iraq's start-up ecosystem, with over $18 million being deployed, according to Magnitt, a Dubai-based data platform on MENA start-ups.

In our fourth episode, we spoke to Mohammed Khudairi, the Managing Partner of Khudairi Group, a family holding company operating businesses in the US, Europe and the Middle East.

He is also General Partner of Iraq Venture Partners, a Baghdad based early-stage venture capital firm. Mohammed is also the co-founder of Iraq Tech Ventures, an early-stage investment firm.

In this episode we touch on several points including:

• Why Iraq should be considered a tech ecosystem
• The opportunities within Iraq's emerging start-up ecosystem
• Specific challenges and risks facing start-up founders, users and investors
• The future outlook for Iraq's start-up scene

Intro theme song-'Tales of the Arabian Nights' composed by StudioKolomna via Pixabay

Located on the ancient Silk Road crossing Central Asia and South Asia, Uzbekistan has a deep historical legacy and rich culture.

Over the past six years, Uzbekistan has engaged in a reform agenda and has been a success both in economics and foreign direct investment. 

Despite impressive growth, the country faces domestic challenges as well as broader risks including the impact from the Russia-Ukraine conflict, a faltering global economy and increasing geopolitical risk.

In our third episode, we spoke to Odilbek Isakov, the former Deputy Finance Minister from 2019 to 2023. Prior to this, he served as an Advisor to the Minister and Head of the newly established Debt Management Office in September 2018.

He is currently the CEO and Co-Founder of Infrasia Capital, an advisory firm based in London and Tashkent focusing on infrastructure projects in Uzbekistan and other frontier markets.

During the conversation we touched on topics including:

• Key reforms since 2017
• Uzbekistan's journey in the international capital markets
• The potential of Islamic finance and sukuk in Uzbekistan
• FDI levels and opportunities
• How Tashkent manages geopolitics
•  Emerging climate risks in Uzbekistan

Intro theme song-'Tales of the Arabian Nights' composed by StudioKolomna via Pixabay

Despite possessing 7% of the world's oil reserves and housing one of the largest sovereign wealth funds globally, the spotlight on Kuwait often dims in comparison to the UAE, Saudi Arabia, or Qatar.

In our second episode, we had a conversation with Issam Al Tawari, a Kuwaiti banker and academic. He has a wealth of experience in debt markets, financial consulting, and venture capital across the GCC.

Currently serving as Managing Partner at Newbury Economic Consultancy, a Kuwait-based debt capital markets advisory, Issam provided insightful perspectives on a range of topics, including:

• Kuwait's political system: A historical overview and analysis of the current landscape
• Economic diversification efforts in Kuwait
• Exploring the background and challenges associated with the proposed public debt law
• Urgently needed reforms, including insights on the implementation of VAT
• Assessing climate risks facing Kuwait
• Issam's outlook for Kuwait as we approach 2024

Connect with Issam:

• LinkedIn: Issam's LinkedIn
• Twitter: Issam's Twitter