“The UAE and the Widening Gulf Conflict: What Happens Next?” — 9 September, National Liberal Club, London. Join senior figures from policy, diplomacy, media and business for a frank discussion on the UAE’s resilience, its diplomatic balancing act, and its relationship with Britain amid the widening Gulf conflict. Register free →
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What you need to know
Iranian bank branches remain open in Dubai and Abu Dhabi, and commercial flights between Iran and the UAE continue, despite Abu Dhabi’s pledge earlier this month to cut financial and trade ties with Tehran.
Treasury Secretary Scott Bessent’s promised “economic onslaught,” trailed as a major financial-institution sanction, landed instead as action against Egypt’s Banque Misr’s UAE branches, an outcome analysts called underwhelming.
China, which buys 90% of Iran’s oil, issued a defiant warning to Washington rather than scale back purchases, exposing the central weakness in any US sanctions campaign.
The Federation of UAE Chambers signed an MoU in Beirut establishing a joint UAE-Lebanon Business Council, one of four MoUs from a forum where non-oil trade rose 36% year on year.
The UAE unveiled an integrated national programme tying education, R&D and industrial policy together to build strategic and advanced industries.
Morning. Steve Moore here, back after the long weekend.
UAE’s Iran Ties Persist Despite Sanctions Pledge as Bessent’s “Onslaught” Underwhelms
Treasury Secretary Scott Bessent opened the week vowing an “economic onslaught” against Iran and its trading partners, but by Friday countries with ties to Tehran had largely shrugged it off. At one Bank Melli branch in Abu Dhabi, staff were still typing away and open for business, and commercial flights between Iran and the UAE continued, even though Abu Dhabi said earlier this month it would cut financial and trade ties with Tehran. The UAE described that earlier move to Bloomberg as a “sovereign decision reflecting its strategic assessment of the national interest and the requirements of regional security,” carefully hedged language that now sits awkwardly against the continuing flights and open bank branches.
The Treasury Department’s actual sanctions action fell well short of the hype: rather than the “major announcement of a financial institution being sanctioned” Bessent had promised, the US moved against the UAE-based branches of Egypt’s Banque Misr, a considerably smaller target. “The public actions taken by the Treasury Department this week do not match the hype,” said Alex Zerden, a former US Treasury official. China, which absorbs 90% of Iran’s oil exports, issued a defiant warning to Washington rather than back down, underscoring the central problem: any sanctions campaign serious enough to move Iran’s calculus would need to target Beijing, a step the US has shown no appetite for. Bessent is expected to face questions on exactly this from fellow finance ministers at the G20 gathering in Asheville this weekend, the same meeting the UAE Central Bank is attending.
UAE-Lebanon Business Council Launches in Beirut as Non-Oil Trade Jumps 36%
The Federation of UAE Chambers signed an MoU on the sidelines of the UAE-Lebanon Business Forum in Beirut this weekend to formally establish a joint UAE-Lebanon Business Council, alongside a linkage between the Abu Dhabi Chamber and the Chamber of Commerce, Industry and Agriculture of Beirut and Mount Lebanon, plus two further commercial MoUs. Organisers said non-oil trade between the two countries rose 36% year-on-year, framing the council as follow-through on commitments made during President Aoun’s visit to Abu Dhabi.
UAE Unveils National Programme to Build Strategic and Advanced Industries
The UAE has announced an integrated national programme to build an education and research system aligned with rapid change across strategic and advanced industrial sectors, folding education, research and industrial policy together as an extension of the “Operation 300 Billion” ambition to double industry’s GDP contribution.
Brent Closes Just Under $88 as August’s Rally Fades
Brent crude settled at $88.10 on Thursday and closed the week around $88.29, giving back the spike above $91 seen mid-August, as the IRGC navy separately claimed “complete and decisive” control over the Strait of Hormuz against a White House insistence the waterway is safe. For UAE producers and refiners, the flat close hides an unusually wide risk band heading into the G20 finance-track meeting in Asheville.
CBUAE Joins G20 in Asheville as UAE-US Tech Track Sharpens
The Central Bank of the UAE is participating in the Fourth G20 Finance and Central Bank Deputies Meeting in Asheville, running into the Finance Ministers and Central Bank Governors Ministerial from 31 August to 1 September. It comes as UAE media flagged on Sunday that Sheikh Mohamed bin Zayed will visit the United States to deepen economic and technology ties, including AI, following tracks opened during Trump’s May 2025 Abu Dhabi visit.
Dubai Summer Surprises Ends Tonight as Schools Return Monday
Dubai Summer Surprises 2026 closes today with a final-weekend sale of up to 90% off across more than 500 brands and 1,500 stores, the last big consumer moment before schools return Monday.
Pogačar Crashes Out of Vuelta as Mas Takes Red
Tadej Pogačar was forced to withdraw from the Vuelta a España on Saturday after a crash on Stage 8, ending a race in which the UAE Team Emirates-XRG rider had won three stages and held the red jersey since Monaco. Bryan Coquard took the stage win at age 34, and Enric Mas moved into the overall lead.
Watch Tomorrow
Whether Bessent faces China questions directly at the G20 in Asheville, and any hint of a Chinese-institution sanction.
Any formal confirmation of Sheikh Mohamed bin Zayed’s US visit dates and delegation, and read-across for G42 and Stargate UAE.
Whether UAE flight and banking links with Iran visibly change in the coming week.
— Steve
Steve Moore Emirates Wire · launching 9 September 2026, National Liberal Club, London emirateswire.co.uk · steve@emirateswire.co.uk
“The UAE and the Widening Gulf Conflict: What Happens Next?” — 9 September, London. If you’d value a seat in the room for this one, register free at
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