UAE to release billions of dollars to Iran, in major shift meant to halt attacks - report

The United Arab Emirates has reportedly agreed to release billions of dollars to Iran, with a significant portion already transferred, according to four sources. This development marks a notable shift in the UAE's approach, occurring amidst a period of heightened tensions and Iranian attacks on the wealthy Gulf Arab state during the ongoing conflict between the U.S. and Israel against Iran.

Sources indicate that the UAE has agreed to release a total of $10 billion, with more than $3 billion already delivered. Other sources suggest the total funds could reach $20 billion. This move is understood to be in exchange for Iran halting its attacks on the UAE. One source confirmed that an initial tranche of $3 billion has been made available.

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The UAE’s foreign policy is guided by promoting deescalation and reducing tensions across the region, while advancing lasting peace and stability.

It remains unclear whether the funds originate from UAE accounts or from long-frozen Iranian accounts within the UAE banking system. A UAE official commented that the country's foreign policy is driven by a commitment to de-escalation, reducing regional tensions, and fostering lasting peace and stability. The official added that the UAE supports U.S. efforts to protect regional populations from conflict repercussions.

The arrangement signals a significant pivot from the previous animosity characterizing UAE-Iran relations during the war. Iranian attacks had previously impacted Dubai's tourism and shaken its reputation as a secure business hub. The deal offers a potential pathway to de-escalate the conflict between the U.S. and Iran without direct confrontation.

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The UAE supports efforts, including those undertaken by the United States, to protect the peoples of the region from the repercussions of conflict.