Is the Iranian state effectively in receivership? As the 2026 conflict intensifies and the IRGC maintains its "toll booth" blockade on the Strait of Hormuz, the question of who actually holds the economic lever has never been more critical. Is President Pezeshkian’s administration a mere figurehead for the economy?

In this episode, renowned strategist Bijan Khajehpour joins Majlis & Markets for an institutional autopsy of the Iranian state. We move past the headlines to deconstruct the "Emboldened" strategy of the IRGC, the resilience of the banking sector under total sanctions, and the brutal geoeconomics of survival in 2026.

In this episode, we reveal:

• The $120B Demand: Why the release of frozen assets is the non-negotiable price for reopening the Strait.
• State vs. Shadow State: The internal deadlock between the formal government and the military council.
• Banking in Conflict: How Iran’s financial structures have pivoted to survive a total 2026 blockade.
• The "Toll Booth" Economy: How the IRGC funds the war effort through shadow maritime revenues.
• Geoeconomic Leverage: Why Tehran believes it holds the ultimate upper hand in the global energy war.

🎙️ Connect with Majlis & Markets

Stay ahead of the geoeconomic shift. Follow our feeds for real-time analysis:

• 🔔 Subscribe on YouTube: @MajlisMarketspod
• 💼 LinkedIn: Majlis & Markets Official
• 🐦 X (Twitter): @MajlisMarkets
• 📸 Instagram: @majlismarkets
• 🎙️ Listen Here: majlisandmarkets.buzzsprout.com

🎓 About the Guest

Bijan Khajehpour is a leading authority on Iran’s geoeconomics and state structures.

• 📰 Analysis: Amwaj Media [https://amwaj.media/en/author/21066201]
• 🐦 X (Twitter): @BijanKK

The old world order is dead. As the Iran-Israel conflict reaches a point of no return, we aren’t just looking at a news cycle—we are witnessing a permanent Global Reset of the financial and geopolitical map.

In this briefing, Hasnain Malik (Head of Geopolitical Risk and EM Equity Strategy Research at Tellimer) joins us to navigate the high-stakes intersection of war and wealth. With oil prices volatile and the Strait of Hormuz facing a historic "chokehold," the traditional rules of geopolitical risk no longer apply.

We explore why the market is still fundamentally mis-pricing the supply shock and what it means for your portfolio.

Inside this episode:

• The Regime Reset: Why the Iranian leadership has moved beyond the point of negotiation.
• Energy Chokepoints: The 2026 reality of $120 oil and the Hormuz maritime crisis.
• Asset Strategy: How Gold, Bitcoin, and the USD are behaving in the "Reset" era.
• The GCC Future: Economic diversification vs. urgent food and security dependencies.

🔗 Resources & Connect

• Tellimer Research: https://www.tellimer.com/
• Follow Hasnain Malik: http://www.linkedin.com/in/hasnainm
• Join the Majlis & Markets Community:
  • YouTube: / @majlismarketspod
  • LinkedIn: https://lnkd.in/eXKNRVcF
  • X (Twitter): @MajlisMarkets
  • Instagram/TikTok: @majlis.markets
  • Email: hassan@majlisandmarkets.com

Saudi Arabia is no longer just a spectator in global sports—it’s becoming the epicenter. From the "Ronaldo effect" to the 2034 World Cup, is the Public Investment Fund (PIF)’s $trillion strategy actually working?

In this episode of Majlis & Markets, recorded on 24 February 2026, we sit down with Dr. Kristian Ulrichsen to dismantle the strategy behind Saudi Arabia's massive sports investments. We go beyond the headlines of "sportswashing" to explore how football serves Vision 2030, the economic diversification goals of the PIF, and the geopolitical high-stakes of hosting the world's biggest tournament.

Key Discussion Points

• ⚽ The Ronaldo Catalyst: Why his move to Al Nassr changed the global market.
• 💰 PIF & Giga-Projects: How football fits into Neom and economic reform.
• 🏆 2034 World Cup: The logistical and infrastructure hurdles facing the Kingdom.
• 🗣️ The Sportswashing Debate: Analysing international perceptions vs. domestic goals.
• 📈 The Future of the SPL: Is the league a sustainable powerhouse or a bubble?

📖 Books by Kristian Ulrichsen:

Kingdom of Football: Saudi Arabia and the Remaking of World Soccer [https://www.hurstpublishers.com/book/kingdom-of-football/]

Centers of Power in the Arab Gulf States [https://www.hurstpublishers.com/book/centers-of-power-in-the-arab-gulf-states/]

🎙️ Previous Episode with Kristian:

Episode 14: Gulf Monarchies Unveiled – Power, Wealth, and Influence [https://majlisandmarkets.buzzsprout.com/1907033/episodes/14906145-episode-14-gulf-monarchies-unveiled-power-wealth-and-global-influence]

🎓 Guest Profile: Dr. Kristian Ulrichsen - Baker Institute [https://www.bakerinstitute.org/expert/kristian-coates-ulrichsen]

Connect with Majlis & Markets

🔔 Subscribe on YouTube: majlismarketspod
🎙️ Listen on Podcast: majlisandmarkets.buzzsprout.com
💼 LinkedIn: majlis-and-markets
🐦 X (Twitter): @MajlisMarkets
📸 Instagram: @majlismarkets
🎵 TikTok: @majlis.markets