UAE seeks to placate Iran, releases $3 billion assets, 2 tonnes gold and 15 planes

The assets released include around 2 tonnes of gold valued at about $283 million, the sources said. 

The transfers are being described as part of Abu Dhabi’s efforts to persuade Iran not to target the UAE during hostilities between Iran and the United States.

The latest movement of assets reportedly took place through flights between the UAE and Iran on August 11 and 12. 

The aircraft used for the transfers was a Boeing 737-7KK with registration A6-RJA, operated by the UAE Royal Jet.

The aircraft flew from Abu Dhabi to Tehran’s Mehrabad Airport and Karaj’s Payam Airport on August 11 and 12. On each trip, it spent around an hour at the Iranian airport before flying back to the UAE.

The same aircraft had previously flown from Abu Dhabi to Tehran’s Mehrabad Airport on June 8. Citing Iranian officials, 

Reuters reported that the flight was used to transfer $3 billion in Iranian assets.

The latest transfers also involve Iranian funds frozen in Emirati banks. Sources familiar with the development said the UAE is seeking to keep itself away from direct involvement in the fighting between Iran and the United States.

The movement of the gold adds another element to the reported transfers. Around 2 tonnes of gold, worth an estimated $283 million, were among the assets sent to Iran, according to the sources.

The reported financial transfers were accompanied by another step involving Iran’s aviation sector. The UAE government has allowed the sale of 15 second-hand passenger aircraft to Iranian airlines through Emirati companies.

Former Saudia Boeing 777-268ER aircraft have been transferred to Iran by UAE-based ECT Aviation Support.

Three Boeing 737-300/500 aircraft were also sold to Iranian airlines by Aerovision FZ, while two former Condor Airbus A320-212 aircraft were sold by Skysource FZ. The two Airbus A320 aircraft have been flown to Iran.

The aircraft transfers are important for Iran’s commercial aviation sector, which has faced years of restrictions on acquiring and maintaining modern passenger aircraft. 

The reported deals come after Iranian airlines lost more than 30 passenger aircraft during US and Israeli attacks carried out as part of Operation Epic Fury and Lion’s Roar.

The UAE-backed aircraft transfers are expected to continue. Sources in Iran said another 14 passenger aircraft are set to arrive in the country with the help of Emirati companies.

Satellite imagery has also shown two Airbus A320-212 aircraft, identified as C9-ACE and C9-ACF, at George Enescu International Airport in Romania shortly before their transfer to Iran with assistance from the UAE government.

The aircraft movement gives Tehran another way to rebuild part of its damaged passenger fleet after the recent attacks.

UAE seeks to stay out of Iran conflict : The reported transfers offer a different picture of the UAE’s approach to Iran from some claims circulating on social media, where the Emirati government has been portrayed as taking a tougher position towards Tehran.

Sources in Tehran said UAE officials have been working to convince Iran not to target the country during the fighting between Iran and the United States.

The release of Iranian funds, transfer of gold and facilitation of passenger aircraft deals are being described by the sources as part of that effort.

The UAE has close economic and commercial relations with Iran and has also maintained channels for dealing with Tehran despite years of tension between Iran and the United States. 

Any direct attack on Emirati territory could seriously damage those ties and create risks for trade and aviation in the Gulf.

The reported moves therefore point to an effort by Abu Dhabi to use financial and commercial measures to keep its territory away from the conflict as tensions between Washington and Tehran continue.