ABU DHABI, Aug. 19 -- The United Arab Emirates (UAE) has suspended all trade and financial transactions with Iran until further notice. The Foreign Ministry cited rising regional tensions and security concerns.

Read More: UAE suspends dealings with Iran amid rising tensions

The decision followed a reported missile incident involving Iran. The UAE Defence Ministry said it detected two ballistic missiles launched from Iran. Officials said the missiles targeted maritime traffic based on their assessment. Both missiles fell into the sea, according to the ministry.

The incident marked the first reported missile launch since a May 4 strike on Fujairah port. The UAE later issued a security alert to residents. However, the Interior Ministry sa...