The US waived sanctions on Iran for 60 days from Monday after the first talks under a nascent peace deal, with US President Donald Trump saying he will “do what I have to do” if Iran does not stick to its side of the agreement.

US Vice President JD Vance said talks with Iranian officials in Switzerland had laid a good foundation for a final peace deal, but Iran denied it had begun discussions on its nuclear program or agreed to invite International Atomic Energy Agency inspectors back to the country.

Foreign Ministry spokesperson Esmail Baghaei said on Tuesday Iranian officials had not held a meeting with IAEA chief Rafael Grossi in Switzerland and had no plans for the UN nuclear watchdog to inspect Iran’s damaged nuclear facilities.

The two sides, trying to build on the interim deal they signed last week after more than three months of war, agreed a roadmap towards a permanent agreement within 60 days at the talks in the Swiss mountain resort of Buergenstock, mediators Pakistan and Qatar said.

Read more-Hormuz strait will be open but with transit fees, Iran envoy to Moscow quoted

They agreed on a mechanism to end fighting between Israel and Hezbollah in Lebanon, and opened a communications line to help ensure safe passage for commercial ships through the Strait of Hormuz, a vital waterway for global oil supplies that Tehran has blockaded during the war.

In the first of several steps envisaged under the agreement to provide economic relief to Iran, the US Treasury announced a waiver until August 21 on sanctions, allowing Tehran to sell oil and related products and receive payment for them.

Ali Bahreini, Iran’s ambassador to the United Nations in Geneva, said “good progress” had been made in the talks and that two working groups would be established in coming days to focus on the removal of sanctions and Iran’s nuclear activities.

He told reporters five parts of the initial deal need to be fully implemented before negotiations begin on the nuclear dossier and any role for the IAEA.

The ambassador also said Lebanon was an “unquestionable” part of the interim accord between the US and Iran, and that it includes the withdrawal of Israeli troops from Lebanon.

Officials reported a sustained lull in fighting in Lebanon under the agreement aimed at ending hostilities across the region, even as Israel said it would maintain a security zone in southern Lebanon and continue to act to “neutralise” threats against Israeli soldiers and citizens.

Israel and Lebanon were due to start a new round of talks in Washington on Tuesday.

Tanker traffic through Hormuz started to pick up on Monday, with the foreign minister of Oman affirming his country’s commitment to international law and toll-free safe passage during negotiations with Iran over administering the strait.

US-Israeli attacks on Iran and Israeli strikes in Lebanon have killed thousands of people and displaced millions. The conflict with Iran has also shaken financial markets around the world and pushed up global oil prices, which have fallen since the interim deal was reached. Crude prices fell further on Tuesday after settling 3 per cent lower on Monday.

Vance delivers upbeat assessment

Vance said on Monday that Iran had agreed to allow in nuclear inspectors and to establish mechanisms to handle its frozen assets and manage ceasefires at the talks, which he said were “a very good foundation for a successful final deal.”

The conflict with Iran has become a political liability at home for Trump and his fellow Republicans in Congress, with public opinion polls showing Americans deeply frustrated by a rise in gas prices since the war began and midterm elections looming in November. Trump also face pressures from Republicans ‌who say ⁠Iran’s nuclear program must be completely shut down.

Trump said on Truth Social on Monday that Iran will agree to have weapons inspections to ensure “nuclear honesty.”

“If Iran doesn’t live up to their agreement, or if they’re not behaving, I will do what I have to do,” Trump later told reporters.

Iranian President Masoud Pezeshkian said on X on Tuesday that the effectiveness of the talks depended on full commitment to the obligations that have been agreed and their precise implementation.

He cautioned that “statements outside the agreed text do not help advance negotiations.”

Iran has limited inspections by the IAEA since the US and Israel launched a first round of airstrikes last year, and suspended them entirely when war broke out with renewed attacks on Iran in February. It says its nuclear program is peaceful.

Iranian Foreign Minister Abbas Araqchi said on social media that Tehran had secured waivers for oil and petrochemical exports, the release of some of its frozen assets abroad and the launch of a reconstruction and development plan for Iran.

Vance said White House envoy Jared Kushner, Trump’s son-in-law, had come up with a process whereby the US and Qatar would have control over Iranian funds when they are unfrozen, and the money could be spent on US corn, soy and wheat.

“So, the money that we lift is going to go to our farmers,” Trump told reporters.

Iran’s Central Bank Governor Abdolnaser Hemmati said there was no such obligation, and that at least some of the remaining frozen funds could be used to buy other non-sanctioned goods, Iran’s Tasnim news agency reported.

Tourist spending in Saudi Arabia reached SAR82.7bn ($22.1bn) in the first quarter of 2026 as total visitor numbers rose 8 per cent year-on-year to 37.2 million, with strong domestic travel helping offset a decline in overseas arrivals, according to a report by real estate consultancy Cavendish Maxwell.

Domestic tourists increased 16 per cent to nearly 29 million between January and March, accounting for 78 per cent of all visitors, while inbound arrivals fell 13 per cent to 8.3 million, the report said.

Despite representing only around one-fifth of total visitors, international tourists generated almost 60 per cent of tourism spending, contributing SAR48bn compared with SAR34.7bn from domestic travellers.

Although overseas visitor numbers declined, their total spending fell by only 7 per cent, indicating higher average expenditure per visitor.

The report, released during the Future Hospitality Summit Saudi Arabia in Riyadh, said nationwide hotel occupancy peaked at nearly 75 per cent in January before easing to 63 per cent year-to-date by May, down 1.3 per ent from the same period a year earlier.

Hotels in the kingdom’s religious tourism hubs continued to outperform the wider market.

Occupancy in Makkah reached nearly 84 per cent in January and stood at just under 73 per cent year-to-date by May, up 12 per cent from a year earlier. Madinah recorded almost 85 per cent occupancy in January, with a cumulative rate of 76 per cent by May, down 3 per cent year-on-year.

Average daily room rates (ADR) across Saudi Arabia stood at SAR662 in January, up nearly 5 per cent from the previous year, rising to SAR825 year-to-date by May, an increase of 12 per cent.

Makkah recorded the highest growth in room rates, with ADR rising 24 per cent to SAR918, while Madinah increased 5.7 per cent to SAR878. Riyadh’s ADR declined around 6 per cent to SAR771, while Jeddah fell 7 per cent to SAR635.

Key drivers for tourism

“Religious tourism is a key demand driver for Saudi Arabia, with Makkah and Madinah continuing to outperform other destinations,” Kevin Duffield, director of Built Asset Consulting at Cavendish Maxwell, said.

Saudi Arabia currently has more than 176,000 hotel rooms and is expected to add 105,500 rooms across 382 hotels by 2030 under its Vision 2030 tourism strategy. Around 18,150 rooms across 82 hotels are scheduled for delivery this year, with Makkah and Madinah accounting for about 40 per cent of the new supply.

The kingdom is targeting 150 million domestic and international visitors annually by 2030. Upcoming events including Riyadh Expo 2030 and the FIFA World Cup 2034 are expected to attract more than 42 million visitors combined.

Duffield said geopolitical tensions had weighed on international tourism demand, but rising domestic travel, particularly during Ramadan, Eid and the Hajj season, had helped support the sector.

“While uncertainty and lower international travel demand may continue to influence market performance in the short term, the combination of growing domestic tourism, sustained pilgrimage activity, and continued investment in tourism infrastructure positions the sector well for recovery and longer-term development,” he said.

Capital Hills has launched a new Real Estate Equity Release service aimed at helping UAE property owners unlock liquidity from their real estate assets without selling or relinquishing ownership.

The financial advisory and funding solutions provider said the offering enables individuals and investors to leverage the accumulated value of their properties through mortgage-backed financing solutions, allowing real estate to serve as a more active component of financial and investment planning.

The service is designed for property owners and investors who hold high-value real estate assets but require access to capital to support investment opportunities, business expansion, debt restructuring or other financial objectives.

Reda Abu Tarboush, chairman of Capital Hills, said: “The Real Estate Equity Release service reflects our commitment to developing best-in-class financial and advisory solutions that empower clients to seamlessly manage their real estate assets as an active component of their financial and investment planning, rather than as mere long-term, non-liquid assets.”

He added: “Many individuals and investors own high-value real estate assets, yet these assets may not readily support their financial needs or investment plans. This highlights the importance of solutions that enable owners to leverage a portion of their property’s value without relinquishing ownership or selling it, providing them with greater flexibility to manage future obligations and opportunities.”

Capital Hills said the service follows an advisory-led approach, beginning with an assessment of a client’s financial position, property portfolio and available financing options. The company then works with lending institutions to structure financing solutions aligned with the client’s objectives.

The offering is expected to appeal to both homeowners seeking additional liquidity and real estate investors looking to deploy capital into new opportunities while retaining ownership of existing assets.

Through its network of financial institutions, Capital Hills provides access to a range of financing solutions tailored to different property types and customer requirements. The company also supports clients throughout the process, from portfolio evaluation and financing analysis to completion of funding arrangements.

All financing associated with the service is conducted in accordance with the requirements of participating financial institutions and in compliance with regulations issued by the Central Bank of the UAE.

The launch forms part of Capital Hills’ broader strategy to expand its portfolio of specialised advisory and funding solutions as demand grows for more flexible asset-backed financing options across the UAE market.

Standard Chartered has announced plans to explore the sale of its Wealth & Retail Banking (WRB) business in Bahrain as part of a broader strategy to focus on businesses and client segments where it has greater scale and a more differentiated offering.

The move aligns with the bank’s strategic emphasis on cross-border and affluent clients, a priority reaffirmed during its full-year 2025 results presentation.

The bank said the review applies only to its wealth and retail banking operations in Bahrain and will not affect its Corporate and Investment Banking (CIB) business in the kingdom.

Standard Chartered’s CIB franchise will continue operating in Bahrain, where the bank said it plays a key role in connecting clients through its international network, cross-border capabilities and sector expertise.

Any potential transaction remains subject to regulatory approvals.

Bongiwe Gangeni, Head of Wealth & Retail Banking, Europe, Middle East and Africa, Standard Chartered, said: “As we sharpen focus on where we have scale and the most distinctive client proposition, we will invest further in response to strong client demand and long-term opportunity across the Middle East, with deep connections across the region and its global corridors.”

She added: “The transition is expected to be phased over 18 to 24 months, subject to regulatory approvals. During this period, our business will continue to operate on a business-as-usual basis, and we will work closely with colleagues, clients, regulators and other stakeholders to ensure an orderly transition and minimal disruption.”

The announcement comes as Standard Chartered continues to prioritise growth opportunities across the Middle East, where it sees long-term demand for international banking, wealth management and cross-border financial services.

The bank said it remains committed to the region and will continue serving clients through its Corporate and Investment Banking franchise, affluent wealth management capabilities and Islamic banking offering.

The proposed move reflects a broader effort by the group to optimise its portfolio and concentrate resources on business areas where it believes it can deliver the greatest value and sustain long-term growth.

Sheikh Khaled bin Mohamed bin Zayed Al Nahyan, Crown Prince of Abu Dhabi and Chairman of the Abu Dhabi Executive Council, has inaugurated the Mohamed bin Zayed City Passenger Train Station in Abu Dhabi and witnessed the unveiling of the UAE passenger rail network, which is scheduled to launch on September 30, 2026.

The milestone marks a major step forward in the UAE’s efforts to build a fully integrated national transport system, connecting cities, economic hubs and tourism destinations through a modern and sustainable mobility network, according to an Abu Dhabi Media Office news report.

Passenger services to begin with Abu Dhabi-Fujairah route

The launch of the passenger rail network will introduce a new chapter in the UAE’s infrastructure development, moving beyond traditional transport systems to create a connected network linking residential areas, business districts and tourism destinations.

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An introductory operational phase of passenger rail services between Abu Dhabi and Fujairah will begin on June 30, 2026, reducing travel time between the two destinations to just 1 hour and 45 minutes.

Dubai Train Station and Al Dhaid Train Station are scheduled to open with the official launch of the passenger network on September 30, 2026. Stations in Al Dhafra will follow on December 30, 2026, while the network will reach completion with the opening of Sharjah Train Station on March 30, 2027.

As part of future expansion plans, feasibility studies will be conducted to assess extending passenger rail services to additional emirates, supporting the UAE’s goal of creating a comprehensive national transport system.

Tickets, fares and passenger experience revealed

Fares on the Abu Dhabi-Fujairah route will begin at Dhs55 for Comfort Class and Dhs120 for Premium Class.

The passenger rail fleet will consist of 13 trains, with each train capable of carrying up to 400 passengers. Customers will be able to book journeys and purchase tickets through several channels, including the Etihad Rail mobile application and official website, starting from June 23, 2026.

The passenger stations are also designed to provide more than just transportation services. They will feature cafés, restaurants, retail outlets and international brands, alongside onboard dining options, creating a complete travel experience focused on comfort and convenience.

The facilities aim to meet the expectations of citizens, residents, visitors and investors while reflecting the UAE’s commitment to excellence across its transport and logistics sectors.

Project reflects UAE’s vision for connected and sustainable transport

Sheikh Khaled bin Mohamed bin Zayed Al Nahyan said the passenger train project represents the UAE’s vision for a fully connected transport network that strengthens links between emirates while supporting sustainable growth through the efficient movement of people and goods.

He highlighted the project’s role in creating new opportunities in investment, tourism and urban development, while contributing to the UAE’s wider economic and infrastructure ambitions.

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His Highness also emphasised that the passenger rail network represents a strategic investment that supports the Projects of the 50 by delivering world-class infrastructure, strengthening the UAE’s long-term competitiveness and advancing the country’s development journey.

Rail network marks major milestone for national mobility

Sheikh Theyab bin Mohamed bin Zayed Al Nahyan, Deputy Chairman of the Presidential Court for Development and Fallen Heroes’ Affairs and Chairman of Etihad Rail, said the passenger rail network represents a transformative milestone in the UAE’s national transport ecosystem.

He noted that the project uses advanced technologies and innovation to create a modern mobility system designed to provide passengers with a safe, efficient and seamless travel experience.

Sheikh Theyab bin Mohamed bin Zayed Al Nahyan added that the network’s stations, combined with integration across different transport modes, will improve connectivity between cities and key destinations while offering passengers more convenient and flexible travel options.

The new network is expected to support the UAE’s rapid urban development by improving accessibility and creating stronger connections between communities and economic centres.

Etihad Rail partnership to operate passenger services

Passenger services will be operated by Etihad Rail Passenger Services, a joint venture between Etihad Rail and Keolis, one of the world’s leading passenger transport operators.

The partnership combines international railway operating expertise with national transport capabilities to deliver a high-quality operating model focused on safety, reliability and passenger satisfaction.

The UAE Railway Programme was launched as part of the Projects of the 50 in 2021 and includes three key pillars: freight services, passenger rail services and integrated transport solutions.

The passenger rail launch comes less than five years after the announcement of the programme and highlights the UAE’s ability to deliver major national infrastructure projects efficiently and at speed.

Building a future-ready transport ecosystem

Through continued collaboration with mobility sector partners, Etihad Rail is developing an interconnected transport ecosystem that links multiple modes of mobility and strengthens the UAE’s position as a global logistics and economic hub.

The programme is expected to enhance supply chain efficiency, improve connections between local and regional markets, and support sustainable transport solutions aligned with the UAE’s Net Zero 2050 Strategy.

The passenger rail network represents a major addition to the UAE’s infrastructure landscape, creating new possibilities for travel, business growth and economic development across the country.