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The Saudi Central Bank has introduced sweeping reforms in the rules governing credit-card issuance and operation, aiming to reduce consumer costs, bolster transparency and align with global standards. The changes include mandatory fee notifications, reduced cash withdrawal charges, capped international transaction fees and improved disclosures.

SAMA will implement these updates within 30 to 90 days. Key changes include a requirement for issuers to send SMS alerts before any fee or term modification, allowing cardholders a 14-day window to cancel agreements without penalty under the updated terms. E-wallet top-ups using credit cards will now incur no charges, a move intended to incentivise digital payments.

Cash withdrawals of SR2,500 or less will carry a maximum fee of 3% of the transaction value; those of SR2,500 or more are capped at SR75. Previously, cash advance fees applied sharply until SR5,000 with a flat SR75, and beyond that 3%, up to SR300—making the new cap notably more favourable for larger withdrawals. International purchases will now attract a clear 2% fee of the transaction amount.

A notable enhancement allows customers to deposit amounts beyond their credit limit and withdraw them at any point without additional charges, enhancing flexibility and consumer agency. Account statements must now be issued via SMS at least 25 days before payment, detailing balances, due dates and fees. Immediate notifications must follow any credit-card transaction, including details such as merchant, amount and remaining limit. Issuers are also required to provide pre‑transaction tools for estimating international charges and reward benefits.

Repayment provisions maintain consumer safeguards: a 25-day minimum grace period is mandated before term costs apply. The rules prohibit levying additional fees for full balance payments and outlining clear terms for minimum payments and their implications.

These reforms are underpinned by standardised disclosure templates for fees and benefits, inclusive of promotional terms—a step towards consistency across the market. Issuers must emphasise APR, term costs and expiration timelines for rewards or promotions, with SMS reminders 14 days in advance.

SAMA’s emphasis on mandatory due diligence and creditworthiness checks prior to card issuance is reinforced under the new framework. Criteria now include explicit customer consent via authenticated channels, formal credit record assessments and eligibility conditions aligned with industry best practices.

Procedures for supplementary cards, default reporting and dispute resolution have also been clarified. For example, the minimum repayment remains 5% of the due balance, and any default procedures must include consumer advisory services before legal or collection measures begin.

SMS has been designated the primary channel for disclosures, with issuers obliged to inform customers of account activity, fee changes and promotional developments. Financial institutions must adhere to SAMA‑specified notification templates to promote uniformity and clarity.

According to a senior official within SAMA, the goal is to “establish minimum requirements to promote disclosure, transparency and fair practices, as well as to limit credit risk.” Industry reaction has been generally positive. Analysts from regional banks suggest the rules will “enhance consumer protection while supporting digital payment growth.” Critics, however, note potential implementation challenges—particularly in updating existing systems to align with stricter notification and compliance requirements.

The timing reflects SAMA’s broader strategy to modernise the financial sector and accelerate digital payments as part of Saudi Vision 2030. A 2020 directive mandated real‑time notifications for debit card and e-wallet transactions, laying foundational infrastructure for today’s enhanced SMS regime. Collaboration with global payment networks—such as Visa, MasterCard and American Express—has helped shape caps on international and cash advance fees.

Banks and fintech firms are now preparing compliance roadmaps. One major lender has initiated system-wide updates to include the new SMS templates, fee calculators and balance‑flexibility features. Industry trade bodies are urging transparency in implementation timelines to ensure consumers are well informed ahead of the rollout.

As SAMA positions Saudi Arabia’s credit‑card framework at par with international best practice, key areas to monitor include transparency in third‑party charges, enforcement mechanisms for non-compliant issuers, and feedback from consumer‑protection advocates.

Tel Aviv’s Ben Gurion Airport remains closed with no clear reopening date, while Iran, Iraq and Jordan have shut their airspace and forced rerouting, cancellations and suspensions across the region. Abu Dhabi-based Etihad has cancelled its Tel Aviv flights until 30 June, with several Beirut and Amman services rerouted. Emirates has suspended routes to Tehran, Baghdad and Basra until at least 30 June, and flights to Amman and Beirut through 22 June. Flydubai has halted operations to Iran, Iraq, Israel and Syria until 30 June. Air Arabia and Wizz Air Abu Dhabi have also imposed temporary bans or schedule alterations for various Middle‑East destinations.

A UAE Ministry of Foreign Affairs advisory urges citizens and residents to closely monitor airline updates and remain in touch with Twajudi, the national consular registration system for managing potential evacuations.

Regional airports are adapting under pressure. Dubai, Abu Dhabi and Sharjah have filed emergency plans to minimise disruption, deploying field teams and enhanced passenger support to handle thousands of affected travellers. Europe-bound flights are now navigating narrow air corridors via Turkey and Egypt, adding hours to journey times, increasing fuel consumption and driving up operational costs amid rising Brent crude prices.

Why airspace closures are widening disruption

Closure of airspace over Israel, Iran, Iraq, Jordan and Syria forces airlines to detail-call costly detours. Regional carriers like Emirates, Etihad and flydubai are most affected, but even Western carriers—Lufthansa, Air France-KLM, Ryanair, Wizz Air—have suspended affected routes through summer.

The cascading effect on schedules includes over 1,800 Europe-bound flight disruptions, approximately 650 cancellations, and delays across transatlantic routes. Airlines have expanded rerouting through Central Asia and the Mediterranean — and passengers are incurring higher ticket prices and longer travel times.

Passenger assistance measures

Major UAE carriers are offering rebookings, refunds or credits. Etihad and Emirates are assisting passengers with alternate routing, and flydubai has pledged support for stranded individuals. Wizz Air Abu Dhabi has suspended flights to Tel Aviv through 15 September, offering full refunds or rebooking.

Safety remains top priority amid military skirmishes. EASA flagged high risks over conflict zones following missile exchanges between Israel and Iran, aligning with airspace closures through October in Syria and ongoing risks in Lebanon and Jordan.

Wider implications for aviation and tourism

Analysts warn disruptions may prolong as long-range military assets remain in play—fueling concerns about further airspace restrictions. Already, the Middle-East tourism boom has stalled, with summer travel projections for 2025 downgraded across the UAE, Saudi Arabia and Qatar. Airlines are adjusting summer schedules and revising revenue forecasts amid cascading delays and costlier operations.

Governments and aviation bodies are in emergency sessions. The UAE’s aviation regulator is coordinating with international counterparts, while civil aviation agencies across Europe are recalibrating route permissions and contingency plans—potentially impacting global air connectivity for weeks.

Passengers are urged to monitor developments, confirm flight statuses directly with airlines or travel agents and consider flexible booking options as markets remain volatile.

Google’s array of AI‑powered services—Search, Ads, Play, Maps, YouTube and Gemini—delivered a Dhs21.8 billion uplift to the UAE’s economy in 2024, fueling digital transformation, consumer value and job creation.

Search and Ads alone generated Dhs20.2 billion by enabling thousands of local companies to reach new customers and expand operations. Gemini, Google’s AI assistant, has seen 63 per cent of UAE adults using it, with nine in ten users reporting gains in productivity and 71 per cent praising its Arabic‑language ease of use. Other tools, including Maps, Waze and mobile wallets, further enhanced daily routines.

The Google Maharat Min Google skilling initiative has equipped more than 430,000 people in the UAE with digital and AI competencies since 2018. Meanwhile, the Android and Google Play ecosystem supported around 30,000 jobs and generated approximately Dhs455 million in revenue for UAE‑based app developers in 2024.

Survey data from March 2025, with responses from over 1,100 consumers and nearly 400 business leaders, indicates that Google’s services offer an estimated average monthly benefit of Dhs683 per user. Half of adults describe Search as essential to their routine, 89 per cent rely on Maps or Waze for navigation, and 90 per cent use mobile payment platforms like GPay or GWallet to streamline transactions.

Adoption of AI tools among UAE businesses is nearing ubiquity, with 91 per cent reporting use of at least one AI product in workflows, while 97 per cent of public‑sector respondents confirm boosted productivity from Google’s AI solutions. Consumer engagement is likewise robust: 94 per cent use Search monthly to compare prices, 86 per cent check reviews before visiting venues, 80 per cent use mapping apps to locate businesses, and 73 per cent of 18–24‑year‑olds browse or shop via Search weekly.

Google’s platforms have also strengthened the creative and developer landscape: over 600 UAE‑based YouTube channels surpassed one million subscribers—a 15 per cent annual rise—and the Google News Initiative has trained more than 20,000 journalists and journalism students across the MENA region, including the UAE.

Anthony Nakache, Google’s Managing Director for the Middle East and North Africa, emphasised that the firm’s “investment in accelerating the country’s ambitious journey towards a diversified, AI‑powered economy” is reflected in the findings. He highlighted how local partnerships, AI‑driven tools and continuous skilling programmes contribute to “substantial economic value” and empower individuals, enterprises and communities within the UAE.

Public First’s Economic Impact Report, published mid‑June, is based on econometric modelling, consumer and business polling, case studies and secondary data. Survey responses were weighted to reflect the UAE’s national demographics.

Citigroup analysts warn that a shutdown of the Strait of Hormuz could lift Brent crude prices to approximately $90 a barrel, although they expect any halt to shipping to be brief. They cite the strategic importance of the strait—through which nearly 20 million barrels per day flow—suggesting market reaction would be sharp but short-lived as global efforts would swiftly aim to reopen the passage.

Citigroup’s forecast is embedded in a wider reassessment of global oil dynamics amid escalating Middle East tensions, particularly stemming from the Israel‑Iran conflict. With around 3 million barrels per day of output at potential risk and Iran among OPEC’s top producers, disruptions—even temporary—could reverberate across the energy market. Citi’s base-case scenario projects Brent at $75–78 per barrel if approximately 1.1 million barrels daily of Iranian exports are affected.

A total 3 million bpd disruption, sustained over months, could even hit the $90 mark, Citi warns. Still, analysts emphasise that broader supply resilience, including increased output from non‑OPEC producers and reduced demand growth—due in part to slowing Chinese purchases—might temper a sustained rally.

Other leading financial institutions draw a similar line: Goldman Sachs and Barclays point to heightened geopolitical risk premiums, respectively estimating $10 and $15–20 per barrel add-ons if Iran’s exports are severely cut—a situation that could push prices above $100 in extreme scenarios. JPMorgan outlines a worst-case blockade of the Hormuz strait leading to a $120‑130 spike, though such events would likely be fleeting.

Analysts and experts stress that while short-term oil supply disruptions would sharply affect spot prices, structural market factors could offset prolonged volatility. OPEC has spare capacity; U.S. shale output remains nimble; and China has begun trimming its purchases as inventories fill, helping absorb supply shocks.

Geosphere Capital’s Arvind Sanger assesses a 25 percent likelihood of an actual tactical attack on critical infrastructure such as Kharg Island or Hormuz, but holds that there is a 75 percent chance hostilities do not directly impact supply chains. Shipping insurance and risk premiums are rising, though long‑term disruption remains unlikely.

Diplomatic signals, particularly from Washington playing a stabilising role in response to Iranian threats, may also help contain risks. Historical precedent—such as Rapid US naval deployments near the strait in 2008—reinforces the view that any attempt to close Hormuz by Tehran would quickly provoke international counter‑measures.

Market movements reflect this delicate balance. Brent futures recently climbed above $78 before easing to the low‑to mid‑$70s, as traders weighed the potential for escalation against buffer capacity and broader production trends. Estimates from Rystad Energy suggest oil will likely remain capped below $80 unless dramatic escalation occurs—a view echoed by Midland Reporter‑Telegram coverage.

Citi’s note, authored by Anthony Yuen and Eric Lee, highlights that even though Hormuz closure would trigger a pronounced price spike, global strategic response and logistical imperatives would likely curtail its duration. They describe that, in their bullish scenario, “any closure of the Strait could lead to a sharp price spike … but … it should not be a multi‑month closure.”

Investors are advised to monitor diplomatic channels, oil inventories, and production shifts in Saudi Arabia, UAE and the US. While a temporary supply squeeze may lift prices—potentially to the $90 level—structural growth in non‑OPEC output and strategic reserves may prevent a prolonged energy shock.

Tata Consultancy Services confirmed its systems and user infrastructure remain uncompromised following the cyberattack that struck the retailer Marks & Spencer. At its annual shareholder meeting on 19 June, independent director Keki Mistry emphasised, “As no TCS systems or users were compromised, none of our other customers are impacted,” noting the ongoing M&S investigation does not extend to TCS systems.

M&S, which disclosed the cyber incident in April, continues to navigate significant disruption. The attack, attributed to the “highly sophisticated and targeted” Scattered Spider hacking group, reportedly utilised stolen help‑desk credentials from a TCS contractor. This led to the theft of personal data and forced the retailer to suspend online clothing sales for weeks—their online operations remain impaired, with recovery expected to extend into July.

Financial impact estimates remain stark. M&S anticipates a £300 million loss in operating profit, with weekly losses highlighted at approximately £40 million spanning clothing and food services. The retailer has drawn on its robust financial footing—boasting over £400 million in net funds before the incident—to support recovery measures. Insurance claims and cost containment strategies aim to offset roughly half of the losses.

The attack’s disruption extended to in‑store services, including payment systems and “meal‑deal” availability at stations, where stocks dwindled and meal‑deal offers were suspended. M&S CEO Stuart Machin described the incident as triggered by human error, stating that attackers duped a contractor’s help‑desk staff via social engineering tactics. Although M&S has not disclosed ransom payment details, hackers reportedly issued a ransom demand to Machin directly, claiming ransomware deployment across the retailer’s servers.

TCS had been internally probing whether its systems served as the breach gateway, an inquiry reportedly scheduled for completion by the end of May. With Mistry’s public assurance, TCS now distances itself from fault, while confirming its services to other clients—including the UK Co‑op—remained unaffected.

Beyond TCS, UK retailers Co‑op and Harrods have suffered similar breaches in recent weeks, prompting government authorities to call cybercrime “serious organised crime” and urge businesses to elevate cybersecurity priorities. The National Cyber Security Centre is rolling out new software security guidance for the sector.

M&S leadership has kick‑started accelerated IT modernisation, fast‑tracking system upgrades they had planned over two years into the next six months to strengthen defences. CEO Machin reaffirmed the retailer’s resilience, underlining transparency in communication and ongoing support to customers during the disruption.

While TCS’s reassurance quells immediate concerns among its client base, reputational challenges linger. Cybersecurity analysts warn that such high‑profile breaches erode trust in outsourcing vendors. Mumbai‑based brokerage Nirmal Bang commented that linkage to the attack would be “quite embarrassing” for TCS.

TCS’s absence of any formal probe initiation by regulators signals regulatory leniency. However, this episode spotlights the vulnerabilities inherent in third‑party access chains. As M&S works to restore its online footprint and TCS reaffirms its integrity, both firms face ongoing scrutiny over their cybersecurity governance.

Hackers claiming affiliation with Predatory Sparrow, possibly linked to Israel, have executed a cyber‑strike against Nobitex, Iran’s leading cryptocurrency exchange, erasing approximately $90 million worth of digital assets. The assault began in the early hours of 18 June 2025, when the group transferred diverse cryptocurrencies—including Bitcoin, Ethereum and Dogecoin—into vanishing crypto‑wallets designed without private keys, effectively “burning” the funds to send a deliberate political message.

Blockchain analytics firms, including Elliptic and TRM Labs, analysed the transactions and found the emptied addresses bore anti‑IRGC messages, confirming the operation was ideologically motivated rather than financially driven. Elliptic noted that the assets were moved into vanity addresses with embedded slogans denouncing the IRGC, and that the group leaking the funds would not retain the keys, ensuring permanent loss.

Noble objective remains politically charged

The group, using its Farsi‑named moniker Gonjeshke Darande—or “Predatory Sparrow”—publicly accused Nobitex of facilitating Iran’s sanctions evasion and funding militant groups, claiming the platform had enabled transactions for IRGC‑linked factions such as Hamas and Yemen’s Houthis. Elliptic has traced past ties between Nobitex and IRGC‑affiliated actors, including sanctioned individuals like Amir Hossein Niakeen Ravari and Ahmad Khatibi Aghada.

The hack comes amid heightened Israel‑Iran tensions. Reports indicate that Predatory Sparrow also targeted Iran’s state‑owned Bank Sepah on 17 June, triggering widespread service disruption, including to ATMs and fuel stations. Analysts interpret these cyber‑operations as extensions of conventional military retaliations between the two nations.

Nobitex disruptions raise alarm

Nobitex admitted to unauthorised access affecting both its app and website, temporarily shutting services while conducting assessments. Public updates from the exchange have been sparse, and customer inquiries have reportedly gone unanswered. Plans to recover or rebuild lost assets remain unclear, raising concerns among its claimed user base of over 7 million.

Despite accusations, Israel has not officially claimed responsibility. Media speculation within the country suggests government backing, but no formal confirmation has been issued. Predatory Sparrow, noted for previous impactful operations—from collapsing gas station networks in 2021 to prompting major fires at a steel mill in 2022—added this attack to its growing list of cyber engagements against Iranian infrastructure.

Impact and implications for crypto ecosystem

Cyber‑security analysts have labelled the hack “particularly significant given the comparatively modest size of Iran’s cryptocurrency market,” with Chainalysis intelligence chief Andrew Fierman underscoring the political overtones. The operation exemplifies how digital currencies and blockchain platforms are becoming tactical assets and vulnerabilities within geopolitical conflicts.

U.S. legislators, including Senators Elizabeth Warren and Angus King, previously raised concerns over Nobitex’s facilitation of sanctions avoidance, highlighting its role in enabling Iran’s IRGC and related proxies to move financial resources. This attack may intensify scrutiny on crypto exchanges suspected of abetting questionable transactions in sanctioned jurisdictions.

Decline of Iran’s crypto defences

Crypto adoption in Iran has long served as a hedge against economic instability, with citizens and state‑linked groups alike using digital currencies to escape inflationary pressures and circumvent banking restrictions. Nobitex, in particular, developed significant traction, drawing millions of users seeking alternative financial tools.

However, analysts warn this sabotage could erode investor trust, disrupt public confidence in digital assets, and invite heightened regulatory oversight. Exchanges in politically sensitive regions may now face new security standards and sanctions compliance demands.

A new frontier in cyber‑warfare

This development underlines a shift where cyber‑warfare transcends state boundaries, now targeting third‑party financial networks with tangible consequences. By obliterating rather than stealing funds, Predatory Sparrow signalled that its operation aimed to disrupt Iran’s crypto‑financing rather than profit from it.

Officials tracking these patterns warn that similar tactics may emerge as cyber‑tools of statecraft evolve, affecting financial systems across volatile regions. Experts suggest exchanges handling high‑risk jurisdictions should shore up defences and improve transparency around asset provenance and network resilience.

As Nobitex works to restore functionality, regulators, crypto stakeholders and intelligence services will closely examine the incident. The breach draws attention to the critical role of exchanges in global geopolitics, raising complex questions about neutrality, compliance and cybersecurity in an increasingly fraught digital economy.