Hafize Gaye Erkan was co-CEO of First Republic Bank until late 2021. Photo: Anadolu Agency via Getty Images ISTANBUL—Turkey’s President Recep Tayyip Erdogan appointed a former First Republic Bank executive to lead the central bank, a likely shift away from the unorthodox economic policies that have sown economic instability and driven away foreign investors.

Saudi Arabia has put a second 4% stake of state oil giant Saudi Aramco, worth nearly $78 billion, under the control of the country’s sovereign-wealth fund, as the kingdom leverages a year of high oil prices toward diversifying its economy. The shares are expected to be transferred to the Saudi Arabian Investment Company—known as Sanabil Investments—which is wholly owned by Saudi Arabia’s Public Investment Fund.