Latest News

According to sources, the UAE will provide billions of cash for Iran.

Published

4 months ago

June 14, 2026

Bilal

In a tactical change following weeks of Iranian attacks on the affluent Gulf Arab state during the US-Israeli conflict with the Islamic Republic, the United Arab Emirates has agreed to unlock billions of cash for Iran, according to four sources.

The final stages of larger negotiations between Tehran and Washington on ending the war, which diplomats say may involve the release of tens of billions of dollars in Iranian oil revenues frozen in foreign banks under US sanctions, coincide with news of the UAE’s move to seek de-escalation, which has not been previously reported.

Iran has trained its missiles and drones on Kuwait and Bahrain, but the UAE, which was frequently targeted by Iran during the height of the conflict, has not seen any new attacks in the last month. More than a month has passed since Iran’s most recent documented direct attack on the United Arab Emirates, which targeted the Gulf state’s Fujairah port on the Gulf of Oman on May 4.

Over $3 billion of the $10 billion that the UAE had pledged to release has already been released, according to two regional sources who spoke with Reuters.

The total amount of money involved, according to two other persons with knowledge of the deal, was $20 billion. They also stated that the action was agreed upon in exchange for an end to Iranian strikes on the United Arab Emirates.

A first tranche of $3 billion has already been made available, according to one of the sources with knowledge of the agreement.

Reuters was unable to determine if the money designated for the transfers came from Iranian accounts that had been barred for a long time in the UAE banking system or from another source.

Reports of the transfer, “including allegations concerning $3 billion,” were firmly denied by the UAE foreign ministry in a statement released early on Saturday.

No blocked Iranian monies have been freed, moved, or facilitated through the UAE, according to the UAE statement, which “affirmed that these allegations are entirely false and unfounded.”

No other details were included in the UAE statement.

A UAE official previously stated that the nation was attempting to reduce tension and promote peace when Reuters contacted them to comment on the transfer.According to the source, “the UAE’s foreign policy is guided by promoting de-escalation and reducing tensions across the region while advancing lasting peace and stability.” “The UAE supports efforts, including those undertaken by the United States, to protect the peoples of the region from the repercussions of conflict.”

against May 4, Iran launched its most recent direct attack against the UAE.

A request for comment on the action was not immediately answered by the White House.

Vice President JD Vance stated in Washington on Friday that Iran will not receive money for attending a meeting or striking a contract with the United States. He added that the proposed agreement is set up to guarantee that Tehran would receive financial rewards if it fulfils its commitments.

Reuters asked Iranian authorities for comment on the action, but they did not immediately respond.

Because of the delicate nature of the subject, none of the sources included in this piece would consent to be identified.

The agreement marks a dramatic change from the open hostility that characterised UAE-Iran ties during the majority of the war, when Iranian attacks destroyed Dubai’s hotels, forced some foreigners to leave, and damaged the reputation for safety that is essential to the nation’s standing as a top business hub.

According to one of the people with knowledge of the arrangement, the move offered a way to help resolve the conflict between the US and Iran without either side going over its red line: Abu Dhabi gets its own security and Dubai’s hub status, Washington can insist it paid nothing, and Iran can claim it extracted compensation for war damages, all while framing the move as an investment in restoring regional trust.

According to the other source with knowledge of the agreement, Iran will stop attacking the United Arab Emirates with missiles and drones in exchange for the payment, and bilateral relations would be restored, including economic cooperation and intelligence sharing.

According to the source, Iran had made similar arrangements with at least two other Gulf Arab nations.

According to the first person with knowledge of the arrangement, negotiations had begun a few weeks ago but accelerated when representatives of Iran’s formidable Revolutionary Guards travelled to Abu Dhabi last week to meet Sheikh Tahnoun bin Zayed al Nahyan, the deputy ruler of Abu Dhabi and national security adviser of the United Arab Emirates, and stayed at his guest house.

UAE officials then travelled to Tehran to negotiate the mechanism’s specifics.

DUBAI’S SIZEABLE IRANIAN ASSETS

The UAE-Iranian agreement is expected to take place in a complicated financial environment that may involve Dubai, the primary commercial center of the UAE and one of Tehran’s most vital economic lifelines.

Due to US sanctions that monitor the worldwide dollar-clearing system and put foreign banks that deal with Iranian firms on the blacklist at risk of being shut off from the US financial network, Dubai’s banks have long held significant Iranian-linked deposits, many of which are now immobilised.

A US official quickly refuted a senior Iranian source’s claim on April 11 that the US had agreed to release Iranian blocked assets held in Qatar and other international institutions.

Unfreezing the assets was “directly linked to ensuring safe passage through the Strait of Hormuz,” a crucial issue in negotiations aimed at resolving the crisis, according to the source, who chose not to be named owing to the delicate nature of the situation.

Latest News

Maryam inaugurates 5 road projects under Punjab PPP Authority

Published

3 hours ago

October 4, 2026

Bilal

– Punjab Chief Minister Maryam Nawaz Sharif has digitally inaugurated five road projects under the Punjab Public-Private Partnership Authority, with the management and operation of the five roads handed over to the private sector.

The transfer of the projects under the Punjab Public-Private Partnership Authority is expected to generate Rs22 billion in revenue for the Punjab government. Modern electronic toll plazas will also be established on roads shifted to the PPP model.

The projects include the 80-kilometre Muridke-Narowal Road, 33-kilometre Shakargarh-Narowal Road and 97-kilometre Faisalabad Ring Road. The 52-kilometre Faisalabad-Sahianwala Road and 56-kilometre Faisalabad-Samundri-Rajana Road are also part of the PPP projects.

Under the arrangement, private contractors will collect tolls linked with the National Highway Authority for seven years, while the private companies will also be responsible for maintenance, construction and repair of the respective roads.

Vice Chairperson of the Punjab Public-Private Partnership Authority and Senior Minister Marriyum Aurangzeb briefed the meeting on the projects. She said projects involving hostels, hospitals, parks, sports grounds, waste-to-energy facilities, parking plazas, tourism, water supply and recycling were also in the pipeline under the PPP authority.

Effluent treatment plants for filtering toxic industrial wastewater, as well as Zarrar Cafe, tourism and food street projects, will also be completed under the PPP model.

The processing time for projects under the Punjab Public-Private Partnership Authority has been reduced from less than two years to six months.

Four more roads in Punjab will be shifted to the PPP model, including the 42-kilometre Bahawalpur-Yazman Road, 43-kilometre Yazman-Ahmadpur East Road, 28-kilometre Raiwind-Changa Manga Road and 26-kilometre Gajjumata-Kasur Road.

Water and sanitation services projects in Chakwal and Kasur will also be completed under public-private partnerships. In Lahore, the Tourism Department will develop a Time Travel Park under the PPP model.

For the first time, an FMD vaccine protection plant will be established to combat foot-and-mouth disease among livestock. A parking plaza and multimodal commercial facility will also be developed at Badami Bagh bus terminal, while a bridge will be constructed at Sahuka Pattan over the River Sutlej under the PPP model.

Black soldier fly larvae facilities will be established for solid waste management at vegetable and fruit markets across Punjab. The management of 100 sports grounds and other facilities will also be carried out under the PPP framework.

A modern truck terminal will be developed in Faisalabad under the PPP model. Girls’ and boys’ hostels will be constructed at Punjab University and 28 other public-sector universities, while hostels at three medical colleges will also be developed through public-private partnerships.

Fourteen hostels will be established across the province for working women under the PPP model. The operation and development of the Nursing Hostel at Sahiwal Teaching Hospital and Faridia Park Sahiwal will also be undertaken through public-private partnerships.

Projects worth up to Rs500 million can be approved and implemented through the divisional PPP working party headed by the commissioner.

Chief Minister Maryam Nawaz Sharif appreciated Finance Secretary Mujahid Sher Dil, Communications Secretary Raja Jahangir Anwar, PPP Authority CEO Dr Zeeshan Hanif and their team for their efforts. Provincial Communications Minister Sohaib Ahmed Bharth, Finance Secretary Mujahid Sher Dil and Communications Secretary Raja Jahangir Anwar also addressed the ceremony.

Business

Jet fuel price rises by Rs9.05 per litre in Pakistan

Published

3 hours ago

October 4, 2026

Bilal

Jet fuel prices have once again increased in the country, along with the price of kerosene oil.

The price of jet fuel has been increased by Rs9.05 per litre, while kerosene oil has become Rs7.68 per litre more expensive.

Following the increase, the new price of jet fuel has been fixed at Rs355.52 per litre, while kerosene oil will now cost Rs329.54 per litre.

Meanwhile, according to a notification issued by the Petroleum Division, the price of petrol has also been increased by Rs2.10 per litre, taking its new price to Rs392.76 per litre.

Business

Govt sets deadline of 20th Oct for pilgrims to pay 2nd Hajj installment

Published

3 hours ago

October 4, 2026

Bilal

The religious affairs ministry stated late Friday that the federal government has fixed October 20 as the deadline for intending pilgrims selected under the government Hajj system to deposit the second installment of their pilgrimage dues.

ISLAMABAD: Pakistan has set aside 107,526 slots for the government plan, including 30,000 for a shorter package, and another 71,696 slots have been granted to the private scheme for next year’s Hajj.

The country on Aug. 25 completed online booking of all tickets in the government Hajj scheme, the first time the whole quota has been filled through a digital reservation system.

The ministry of religious affairs said in a statement on Friday that the applications of pilgrims for next year’s Hajj will be cancelled if they did not pay by the deadline.

“The dates for depositing the second installment of dues for Hajj pilgrims under the government scheme have been fixed from 5 October to 20 October, 2026,” the ministry said.

“If the second installment is not deposited within the deadline, then the Ministry said the pilgrim’s application will be cancelled and the amount deposited earlier will be refunded to the pilgrim’s account,” the Ministry said.

Under the government arrangement, pilgrims can pay the second payment of Hajj dues through the ‘Pak Hajj App’ or digital Hajj site within the stipulated deadline.

The government said that submitting the Hajj medical fitness certificate on the ‘Pak Hajj’ app or the digital Hajj portal was essential before depositing the second installment.

This year the government announced that pilgrims will pay Rs1.2 million ($4,334) for a 40-day Hajj package and Rs1.3 million ($4,695) for a shorter, 20- to 25-day package under the government system.

The first installment of dues for seats under the shorter government package was paid within 24 hours of the process starting on Aug 18 and the rest of the seats under the plan were booked by Aug 25.