business π¦ Saudi Arabia ramps up scrutiny on UAE bank transfers
Saudi Arabia has quietly started scrutinizing bank transfers destined for the United Arab Emirates with extra caution. This action involves Riyadh's central bank directing major banks to treat UAE settlements like high-risk country transactions. The move reportedly started after the UAE quit OPEC on April 28th, causing payment delays for businesses. Sources suggest this reflects a deepening rift between the two Gulf powers over regional politics. Businesses are now routing payments through third countries to bypass the bottleneck. πΈ