Saudi Arabia blocking money transfers to Emirati banks: Reports
Saudi Arabia has been blocking or delaying money transfers to accounts in the United Arab Emirates amid escalated tensions between the two Persian Gulf states.
Financial transfers from Saudi banks to UAE accounts have been returned or held up since May, usually without any reason given, the Financial Times reported this week, citing sources familiar with the matter.
"Saudi Arabia is blocking or delaying financial remittances sent from domestic banks to UAE accounts," the report said, adding that the accounts belonged to businesses and individuals.
One healthcare firm in Dubai told the FT that three separate payments from a long-standing Saudi client had been blocked by the kingdom's banks since mid-May.
"They are saying there's a block from the Saudi central bank and they can't really give more detail than that," an executive at the Dubai-based healthcare firm revealed. "We have a customer waiting for goods, but the payment is not happening."
Similar incidents were reported by executives at other Dubai-based firms.
Riyadh's central bank rejected the report, saying it did not impose "direct restrictions on specific countries."
However, Bloomberg also published similar news reports, with sources telling the outlet that "several people experienced money sent from Saudi Arabian accounts not arriving in UAE accounts, being returned to the sender, and electronic payments being blocked."
The Bloomberg report suggested rivalry between the financial institutions of the two Persian Gulf states as the root of the delays and blocking.
Kristian Coates Ulrichsen from the Baker Institute told Middle East Eye (MEE) that the rivalry between the two neighboring states is nothing new.
"There has always been economic competition between the two sides, and this is not the first time that such measures have reportedly been deployed to raise the stakes. The relationship survived previous bouts of tension in the late 2000s and in 2021 as well," Coates Ulrichsen said.
During the recent unprovoked US-Israeli war on Iran, attacks on Iran were launched from the territory of several Persian Gulf Arab states.
However, the US-Israeli failure in its war on Iran ignited a clash between US President Donald Trump and the Saudi leadership.
Now, according to some reports, Saudi Arabia is backtracking from its hostile stance toward Iran in order to prioritize its security after the US war failed to achieve its goal of defeating Iran.
Yemen vows to break siege regardless of cost, warns Saudi Arabia against any 'folly'
Yemen’s Ansarullah denounces Saudi coalition threats, says they reflect Riyadh’s failure
Yemen says it intercepted violating Saudi warplanes, warns Riyadh
Beirut’s free concessions embolden Israel, threaten Lebanon: Amal Movement
Saudi Arabia blocking money transfers to Emirati banks: Reports
VIDEO | Analyst calls for revenge for Ayatollah Khamenei, urges unity among supporters
Martyred Leader championed independent foreign policy, good neighborly relations: Former FM
Ayatollah Khamenei’s spiritual leadership, commitment to justice will continue to inspire: Scholar
Iran condemns US 'gross war crimes' after strike hit international rail corridor
UK protest demands release of Palestinian doctor
Army, IRGC inflicted heavy losses on terrorist separatists during recent war: Commander
PressTV NEWSLETTER
now
This makes it easy to access the Press TV website
