Dubai: (RightNow) The United Arab Emirates has suspended all trade and financial relations with Iran. The UAE’s Ministry of Foreign Affairs announced that trade, commercial exchanges, and economic transactions with Iran have been halted.

The Ministry of Foreign Affairs stated that this decision was made in light of increasing tensions in the region, which are harming regional and international peace.

The UAE has accused Iran of launching two ballistic missiles, although the UAE’s Ministry of Defense reported that no missiles landed on Emirati soil.

According to the statement, the UAE’s air defense system detected the missiles launched by Iran. The first missile fell outside UAE territory, while the second landed in regional waters.

It is worth noting that Iran has not commented on the matter, which could further escalate tensions in the region.