Emirates Wire | Thursday, 24 September 2026
Good morning from London. The UAE Central Bank has barred Bank Melli Iran’s branches in the Emirates from conducting financial transactions to and from Iran, including trade finance and fund transfers. The regulator cited compliance failures, including obligations to prevent money laundering and the financing of terrorism and weapons proliferation.
In New York, President Masoud Pezeshkian said Iran remained ready for dialogue but would not allow freedom of navigation through the Strait of Hormuz while sanctions and the US blockade remained in place. At sea, another cargo ship was struck in the strait, caught fire and was evacuated, according to the UK Maritime Trade Operations agency.
Watch today
Diplomacy: An agreed next step in US–Iran contacts, and responses to the proposed Sudan truce.
Shipping and aviation: Further information on the Hormuz incident, Saudi export loadings and airline operating notices.
Resident savings: The subscription process and full terms for the UAE’s second sovereign retail sukuk.
Bank Melli faces a specific transaction ban
The Central Bank announced its decision on Wednesday after examining Bank Melli Iran’s UAE branches. It acted under the federal banking law, citing failures to comply with UAE laws, regulations and supervisory decisions.
The prohibition applies to every UAE branch, but the published notice does not announce branch closures or a licence revocation. Businesses with affected payments should check their position directly with the bank and their compliance advisers.
UAE joins Trump’s regional meeting
Sheikh Abdullah bin Zayed, the UAE’s Deputy Prime Minister and Foreign Minister, took part in President Donald Trump’s meeting with Arab and Islamic leaders and foreign ministers on the sidelines of the UN General Assembly. Saudi Arabia, Qatar, Jordan and Turkey were among the countries represented.
The UAE’s account says the meeting addressed regional developments and security, and that Sheikh Abdullah called for de-escalation and lasting peace. Ministers of State Lana Nusseibeh and Saeed Al Hajeri and UAE Ambassador to Washington Yousef Al Otaiba also attended.
The separate US–Iran contacts took place on Tuesday through mediators, with Iranian Foreign Minister Abbas Araghchi and US envoys Steve Witkoff and Jared Kushner communicating indirectly. Iran’s Foreign Ministry identified a Qatari mediator; Iranian officials told Reuters that Araghchi and Witkoff had not met face-to-face, correcting earlier accounts in Iranian state media.
Pezeshkian’s speech on Wednesday followed Trump’s threat from the same podium to “annihilate” Iran. He said Iran was ready for dialogue but would not negotiate under threats, and defended its right to develop civilian nuclear technology while denying any interest in an atomic weapon.
On Hormuz, he rejected a situation in which other countries could use the waterway while Iran remained subject to sanctions and a US blockade. Bloomberg, citing Iranian state media, reported that Tehran’s conditions included lifting the blockade, unfreezing Iranian assets and ending the conflict on all fronts.
US Secretary of State Marco Rubio described the contacts as a continuation of previous discussions and welcomed the fact that a conversation had taken place. He cautioned against describing them as a “major breakthrough”; neither side had announced an agreement to reopen Hormuz in the reporting checked for this edition.
This edition reflects reporting checked on Wednesday evening. If the talks produce an agreement or a timetable for further negotiations, we’ll return with an update.
Subscribe to Emirates Wire for free to follow the UAE’s role in these discussions and the decisions that follow.
UAE backs US call for a Sudan truce
The UAE also welcomed Washington’s call for an immediate, unconditional humanitarian truce in Sudan and political talks leading to a civilian government. Minister of State Sheikh Shakhboot bin Nahyan praised President Trump’s leadership and the efforts of Marco Rubio and US adviser Massad Boulos to bring the parties towards a political settlement.
Sheikh Shakhboot called for the existing UN arms embargo to be extended across Sudan to help halt hostilities and protect civilians. The UAE statement, issued on Wednesday, does not announce that the warring parties have accepted a truce.
A cargo ship is struck in Hormuz
The UK Maritime Trade Operations agency said a cargo vessel was hit by an unidentified projectile on Wednesday and was left on fire and adrift, with its crew evacuated. Its initial account reported two casualties without specifying whether they were deaths or injuries; it did not identify who was responsible.
Saudi Arabia has begun restoring an export route that bypasses the strait: sources told Reuters on Tuesday that the East-West pipeline had restarted at a low rate. That report said a cargo was scheduled to load at Yanbu, without confirming that loading had taken place. Brent was quoted at $103.41 a barrel, up 4.19%, at 8.56 pm London time on Wednesday.
On aviation, Washington’s threat of secondary sanctions is intended to ground Iranian aircraft internationally, but that does not establish the status of an individual flight. Anyone travelling should check the operating carrier and departure airport rather than infer a cancellation from the sanctions announcement.
Microsoft sets out Gulf investment and continuity plan
Microsoft announced a technology framework on Wednesday covering the UAE, Saudi Arabia, Qatar and Kuwait, with plans to spend more than $10 billion across the four countries by 2030. The spending includes cloud and artificial-intelligence infrastructure and combines planned investments with additional spending, according to company president Brad Smith.
The company will offer assessments, continuity planning and recovery guidance through a new Middle East digital-resilience initiative. It also plans to extend data-protection and business-continuity commitments to eligible governments and customers in the four countries.
The announcement does not set out eligibility rules or detailed terms for those commitments, and Microsoft did not provide Reuters with a country-by-country spending allocation. For businesses relying on its services, the questions are which systems would be covered and what support would be available during an outage.
UAE residents can subscribe to the second retail sukuk
The Ministry of Finance has opened subscriptions for a five-year sovereign retail T-Sukuk with an annual profit rate of 5.06% and a minimum subscription of Dh1,000. The subscription window runs from 23 to 28 September, with profit payments every six months and trading on Nasdaq Dubai scheduled to begin on 1 October.
Sukuk are Sharia-compliant investment certificates; this issuance is backed by the UAE government and is available to UAE citizens and residents. Subscribers need an investor number, and applications are available through the Dubai Financial Market’s digital channels, the iVestor app, and designated banks.
The five-year term matters when comparing the offer with money kept in a bank account. Before subscribing, read the full terms, including charges and the arrangements for selling before maturity.
Flydubai’s Pokhara service takes off
Flydubai’s inaugural flight arrived in Pokhara on Wednesday, beginning a daily service between Dubai and the Nepalese city. The Kathmandu Post reports that it is Pokhara International Airport’s first daily scheduled commercial international service, following earlier charter operations.
Flights operate from Dubai International Airport’s Terminal 3 under an Emirates codeshare, adding a second Nepalese destination to flydubai’s network alongside Kathmandu. The airline announced the route in June; Wednesday’s arrival confirms that the service has now started.
Learning the language of home
Isabel Oakeshott writes in The Telegraph about starting Arabic lessons after two years in the Middle East. She argues that Britons who expect newcomers to learn English at home should make an effort to learn the language while living abroad.
The moment that stayed with her came at an airport in Morocco, where her daughter spoke a little Arabic to the porters and saw their pleasure at the attempt. Oakeshott was proud of her daughter and frustrated that she could not join the conversation, an experience that helped prompt the decision to take lessons.
Have you tried learning Arabic since moving to the UAE? I’d be interested to hear what helped you get beyond the first few lessons, and where you found opportunities to practise.
And if you’re taking a class this week, I hope you find someone patient to practise with afterwards. Have a good Thursday.
Steve
AI tools helped gather and check sources, draft the text and edit this edition. I reviewed and approved the copy and take responsibility for what Emirates Wire publishes.
Thanks, Daniel. Have a great weekend.
Great summary as always, Steve. The UAE Central Bank’s decision regarding Bank Melli is a clear signal of enforcing compliance amidst heightened regional tensions. Pezeshkian’s stance on the Strait of Hormuz shows just how complex the trade-offs remain, and with Brent breaking $103, it’s obvious how sensitive energy markets are to any choke point disruption.
As for learning Arabic, I haven't started yet, but it’s definitely part of my plans, mainly because I feel it’s the best way to get a deeper insight into the local culture. Have a great week ahead!