The article examines the specific features of the presence of oil and gas transnational corporations (TNCs) in the Islamic Republic of Iran in the 21st century under conditions of combined sanctions pressure and domestic institutional constraints. It is argued that the specificity of Iran’s post-revolutionary economic model — characterized by a strong role of the state, selective admission of foreign capital, and contractual restrictions in strategic sectors — creates an unstable environment for the long-term participation of foreign companies. The paper analyzes the main forms of TNC involvement in Iran’s oil and gas sector, including buyback contracts and the Iran Petroleum Contract (IPC), as well as practical cases involving Western, Chinese, and Russian companies (Total, Shell, Sinopec, CNPC, LUKOIL, Rosneft, Gazprom, etc.). It is demonstrated that even during periods of relative foreign policy détente, the participation of foreign corporations was predominantly project-based and limited in scope, and after the restoration of the sanctions regime in 2018 became even more fragmented. The study concludes that the current model of interaction between Iran and oil and gas TNCs is characterized by selective and situational use of foreign capital without the formation of a stable investment presence. The specific features of TNC operations are determined both by external sanctions risks and by the internal structural characteristics of the Iranian economy.

Keywords: Iran, oil and gas sector, transnational corporations, TNCs, sanctions, foreign investment, Iran Petroleum Contract, buyback contracts.

JEL Classification: F13, F23

For citation
Kashbrasiev R.V., Mamontov A.V. Specific Features of Oil and Gas TNC Operations in Iran. Economy of the Middle East, 2025, vol. 2, no. 2, pp. 5–11. https://doi.org/10.65324/eme001

This paper examines the congruence between modern managerial best practices and the procedural principles of Islamic congregational prayer. While traditional Islamic management literature focuses on normative values like justice (adl) and trust (amanah), we derive fifteen novel, operational principles from the ritual of prayer, including merit-based leadership, real-time error correction, and seamless scalability. Utilizing 2025 World Bank data, we highlight a persistent managerial performance gap in Muslim-majority countries. We argue that adopting contemporary evidence-based practices is not a rejection of religious identity but is, in fact, deeply consistent with the behavioral training embedded in Islam’s central collective act of worship.
Keywords: organizational management, leadership political economy, managerial economics, Islam.

JEL Classification: F30

For citation
Al-Ubaydli O., El Barhoumi M. Islamic Foundations of Modern Managerial Best Practices: The Case of Congregational Prayer. Economy of the Middle East, 2025, vol. 2, no. 2, pp. 12–25. https://doi.org/10.65324/eme002

The article analyzes the role of global motorsport and the Formula One World Championship as a complex global product with advanced technological and organizational features within the strategic frameworks of the Gulf Arab monarchies — Bahrain, the United Arab Emirates, Qatar, and Saudi Arabia. The study examines key aspects of infrastructure development and the organization of international competitions, as well as mechanisms of sponsorship and human capital attraction. Particular emphasis is made on the economic, image-related, and geopolitical effects of motorsport events, including enhanced tourism and media attractiveness, national branding promotion, and the use of motorsport within economic diversification and international positioning strategies. The analysis covers race calendars, ticket pricing policies, attendance dynamics, the participation of local athletes, and sponsorship involvement by Middle Eastern companies and other types of organizations. The study also traces the history of motorsport commercialization since the late 1960s and the engagement of Middle Eastern countries in its development since the 1970s, examines the contemporary economic model of Formula One and its unique organizational structure, and addresses motorsport international governance through the Fédération Internationale de l’Automobile (FIA) and national motorsport federations. The author concludes that financial investments by the Gulf Arab states ensure the long-term stability of global motorsport development, particularly that of Formula One, by compensating for the financial inefficiency of its European stages. For the Arab monarchies, participation in global motorsport serves a comprehensive function which encompasses international image-building, innovative potential demonstration, enhanced tourism and infrastructure development, stronger regional influence and regional competition management, and support for national economic diversification programs.

Keywords: Motorsport, Formula 1, Arab monarchies, Persian Gulf, Bahrain, United Arab Emirates, Qatar, Saudi Arabia, sports diplomacy, economic diversification, national branding, international image, international sporting events.

JEL Classification: L62, L83

For citation
Polyakova A.A. Global Motorsport and Formula One in the Geopolitical, Economic, and Image-Building Strategies of the Gulf Arab Monarchies: The Cases of Bahrain, UAE, Qatar, and Saudi Arabia. Economy of the Middle East, 2025, vol. 2, no. 2, pp. 26–59. https://doi.org/10.65324/eme003

The paper examines the transformation of BRICS from an economic forum into a comprehensive geopolitical platform representing an alternative model of multipolarity in the world economy. The evolution of the alliance is analyzed from its formation in 2009 to the expansion into the BRICS+ format in 2024 with the inclusion of Egypt, Ethiopia, Iran, and the UAE. The study demonstrates how the 2008–2009 financial crisis became a catalyst for BRICS institutionalization, exposing structural vulnerabilities of the Western-centric model of global governance. Particular attention is paid to the internal heterogeneity of the alliance, including ideological diversity, regional rivalry, and significant asymmetry in the economic potential of participants. The philosophy of BRICS+ is examined as a project oriented not toward creating an anti-Western bloc, but toward forming a polycentric world with equal representation of developing countries in global institutions. Specific economic mechanisms of the alliance are analyzed: the activities of the New Development Bank, which has financed approximately 120 projects worth $39 billion, dedollarization processes in international settlements, and experiments with central bank digital currencies. Statistics are presented demonstrating the growth of BRICS+ share in global GDP to 37% by purchasing power parity and increased use of national currencies in bilateral trade. The potential of BRICS+ as a counterweight to traditional institutions of global economic governance is assessed amid growing fragmentation of the world order. The work emphasizes the ambivalence of the alliance, balancing between declared ambitions and practical limitations conditioned by internal contradictions and external challenges of emerging multipolarity.

Keywords: BRICS+, multipolarity, dedollarization, New Development Bank, global governance, national currencies.

JEL Classification: F02, F23, F53

For citation
Kraikin A.P. BRICS+ as an Alternative Model of Multipolarity in the Global Economy. Economy of the Middle East, 2025, vol. 2, no. 2, pp. 60–68. https://doi.org/10.65324/eme004

This article explores the relationship between global financial regulation and national economic security in a geoeconomic context, specifically critiquing the dominant representation of regulatory standards as technocratic instruments. By examining Basel Accords and FATF compliance frameworks in a variety of juriregulatosdictions, we highlight how regulatory alignment generates asymmetric advantages due to the interplay of institutional strength and geoeconomic position. Using a comparative institutional analysis of 47 countries from 2010–2024, we show regulatory convergence facilitates (1) positive security through enhanced financial stability and access to global financial markets to finance the domestic economy, while also (2) generating negative security by creating dependencies or constraints on the ability to respond to domestic policy interests. Accordingly, while often thought to be a zero-sum, the evidence above suggests that regulatory alignment also presents diverse opportunities for potential cooperative governance frameworks to balance global standardization with national flexibility. Calibrated compliance frameworks enabling emerging economies to take advantage of compliance benefits through a balanced deduction of regulatory dependence and efficacy to promote development while maintaining policy space are representative of a geoeconomic financial regulation framework, one where geoeconomic positioning derives value not through dominance and resistance but rather efforts in strategic complementarity, that should balance both emergent opportunities for stability as well as sovereignty. This conclusion yields important implications for international competitiveness in the BFSI sector domestically and economic resilience in a condition of regulatory fragmentation.

Keywords: Financial regulation, Geoeconomics, Basel Accords, FATF compliance, Economic security, BFSI governance.

JEL Classification: F52, G28, F55, G21

For citation
Tamhane V. The Geoeconomics of Financial Regulation: How Global Standards Shape National Economic Security. Economy of the Middle East, 2025, vol. 2, no. 2, pp. 69–80. https://doi.org/10.65324/eme005