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US Approves $5B Saudi Arms Sale; Turkish Bank Hit With Iran Sanctions; Lebanon Launches New BDL Audit
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Sunday, September 6, 2026
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The US has approved a proposed $5 billion arms sale to Saudi Arabia as regional tensions intensify, Washington has sanctioned Turkey’s Golden Global Bank over alleged financial links to Iran, and Lebanon has launched a new forensic audit of Banque du Liban, examining crisis-era transactions linked to its foreign assets.
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US Approves $5 Billion Bomb Sale to Saudi Arabia
🔹 What Is It About
The US has approved a proposed $5 billion sale of bombs, guidance kits and other military equipment to Saudi Arabia, as the Kingdom faces heightened regional security threats. The State Department has notified Congress of the package, which still requires review by US lawmakers before it can move forward.
🔹 Why It Matters
Saudi Arabia has faced Iranian and Houthi missile and drone attacks since the US-Israeli war against Iran began earlier this year. Washington said the package would “improve Saudi Arabia’s airborne defense capability” against current and future threats, strengthen homeland defense and improve interoperability with US forces and other Gulf partners.
🔹 What’s Next
The proposed sale is not yet final, with Congress now set to review the package. Washington says strengthening Saudi security supports its foreign policy and national security objectives, describing the Kingdom as a Major Non-NATO Ally. The direction of the Iran conflict and any further attacks on Saudi territory will remain key factors to watch.
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US Sanctions Turkish Bank Over Alleged Iran Transactions as Pressure Campaign Widens
🔹 What Is It About
The US has sanctioned Golden Global Bank and two subsidiaries, accusing the Turkish lender of facilitating tens of millions of dollars in transactions for Iran’s IRGC-Quds Force. Washington alleges the bank helped move Iranian oil revenues from China to Turkey through gold and cash. Golden Global denies the allegations and says it will pursue legal action.
🔹 Why It Matters
The sanctions place the lender on the OFAC Specially Designated Nationals list, effectively cutting it off from the US financial system. Treasury Secretary Scott Bessent said institutions are learning “the hard way” that Washington is serious about its Operation Economic Outcast campaign targeting Iran’s financial networks.
🔹 What’s Next
Golden Global says it will challenge the decision, maintaining that the entities cited by Washington were never its customers. The move follows US action against Banque Misr’s UAE branches, while Bessent has indicated another bank sanction could follow next week, signalling further pressure on institutions Washington believes facilitate Iranian transactions.
Lebanon selects Alvarez & Marsal for new audit of central bank
🔹 What Is It About
Lebanon’s central bank has formally launched a new forensic audit by Alvarez & Marsal, examining selected foreign-asset operations between October 2019 and December 2023. The review will trace fund flows linked to subsidies, transfers to banks and the public sector, and letters of credit used for fuel imports.
🔹 Why It Matters
The period covers the first four years of Lebanon’s financial crisis, when Banque du Liban drew billions of dollars from foreign-currency reserves. The audit will examine whether transfers had legal authorization, followed required procedures and ultimately reached their intended beneficiaries.
🔹 What’s Next
Alvarez & Marsal began work on August 17 and could address gaps left by its first BDL audit. Published in 2023, that review estimated financial-engineering operations under former governor Riad Salameh cost nearly $76 billion, but auditors said banking secrecy prevented access to some requested information.
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🦄 World of Startups
ChatFeatured, Canada-based AI startup, raised $2M in a pre-seed funding round from BY Venture Partners (UAE/Lebanon) and other global investors
Doctorbook, Syria-based healthtech platform, raised $16K in a pre-seed funding round from a group of angel investors, valuing the startup at $200K
Carbar, Australia-based car subscription platform, is merging with Carasti, UAE-based car subscription business operating across the UAE, Saudi Arabia, Thailand, and Singapore, at a combined pre-raise valuation of $74M
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