Partners in Crime: The UAE-Iran Financial Situationship

WikIran is exposing the sheer scale of the UAE-Iran illicit financial ties, as revealed in a new leak from the local branch of Bank Shahr’s Rahbar system – HMS Trading FZE and Petro Delta Energy Co. The materials offer the most comprehensive look yet into the heart of sanction-evasion operations at the primary hub of the Iranian Shadow Banking mechanism.

The United Arab Emirates has emerged as one of the most significant financial hubs for the Iranian regime, despite mounting international sanctions. A vast network of front companies operating withing the UAE exploits the country’s sophisticated financial infrastructure and lax regulatory environment to move funds and process transactions on behalf of Iran.

This relationship exists in stark contrast to the very real military threats the UAE has faced from Iran. While Iran targeted the UAE with missiles and drones for months, demonstrating a direct threat to Emirati lives and sovereignty, Iranian funds continue to flow through the UAE. The same regime that is threatening the UAE’s security is conducting sanction-busting activities through its territory, completely unbothered by the authorities that rather turn a blind eye to it all.

Given the UAE’s recent reaffirmation of its commitment to halt all trade and financial dealings with Iran, the materials below should serve as a valuable resource for the government to act upon.

The Rahbar System

With Iranian banks disconnected from the international financial system, they rely on privately registered Iranian companies to maintain external access. These entities, known as “Rahbar” (Pioneer) companies, serve as critical intermediaries for Iranian banks. They facilitate sanctionable trade, manage front companies around the globe and operate accounts in foreign banks across key jurisdictions, including the UAE, Hong Kong, China and Turkey.

The Rahbar companies form the backbone of the sophisticated Shadow Banking Mechanism, alongside front companies and exchange houses. This infrastructure was designed to facilitate payments for the Iranian sanctioned trade, including transactions on behalf of the military apparatus.

Bank Shahr’s Network

Bank Shahr, sanctioned since 2020, is one of the most prominent banks in Iran. Its principle Rahbar company, Farab Saroush Afagh Qeshm (FSAQ), was designated in April 2026. Another key Rahbar company, Tejarat Hermes Energy Qeshem (THEQ), oversees the commercial trade activities of Shahr Bank and is headed by Masoud Shamani, another sanctioned individual.

THEQ‘s Operational arm in the UAE is HMS Trading FZE (also referred to as HMS International Trading) registered in Sharja, UAE. Both HMS and Tejarat Hermes were sanctioned in January 2026 for their affiliation with Shahr Bank, as well as their extensive ties to many other sanctioned entities, such as the National Iranian Oil Company (NIOC), its subsidiary Naftiran Intertrade Co. (NICO), Oil brokerage company Triliance Petrochemical Co. Ltd. And Sepehr Energy Jahan (SEJ, a front company of the AFGS).

HMS Trading serves as Tejrart’s UAE operating arm and shares management, personnel and functions with its sister company Petro Delta Energy Co. Both companies utilize the email domains deltaenergyco.com and hmstrading.ae interchangeably.

Internal documents found in the database from Iranian accounting firm Yekta Tadbir, which appears to audit the front companies, reveal that Tejarat Hermes Energy Qeshm was instructed to divide HMS operations across two separate entities. This strategy was designed to facilitate international sanctions evasion by splitting foreign currency trade activities and funds transfers to Shahr Bank:

The following bank accounts are hosted by Emirati banks and used by HMS Trading:

The Al Marzooqi Connection

HMS Trading and PDECO are family-run enterprises under Shahr Bank’s direction, managed by the Al Marzooqi family:

• Omar Mohamed Zubaeer Mohamed Al Marzooqi serves as the Managing Director of HMS Trading FZE. Omar Al Marzooqi is a prominent Emirati figure, often appearing in local media and news. He is the owner of the Al Marzooqi Group of Companies, a retired Dubai police Major, an advisor to member of the Dubai ruling family Sheikh Maktoum Bin Suhail Al Maktoum, an honorary ambassador of Egypt and even an international handball referee and Olympic observer.

• Ashjan Omar Mohamed Zubaeer Al Marzooqi, Omar’s daughter, is listed as owner of Master Crest Shipping Line Inc., a front company controlling vessels involved in delivering sanctioned Iranian oil and derivatives.

• Mohamed Omar Mohamed Zubaeer Al Marzooqi, Omar’s son, is listed as the owner of Al Mawahab Petroleum FZE, a front company that is a part of Ali Bayandarian’s Triliance oil trading network.

• Amer Sayed Al Marzooqi is another family member who is the owner and managing partner of Dubai-based Amer Al Marzooqi Advocates and Legal Consultants. The company handles legal affairs for HMS and PDECO in the UAE. The firm holds an AED-denominated account at Abu Dhabi Islamic Bank (ADIB), IBAN AE960500000000014854378.

Looking Ahead

The HMS database is one of the most extensive and complex Shadow banking networks to ever be exposed. The materials clearly expose the direct ties between the HMS and PDECO networks to the Iranian security apparatus, through sanctioned front companies such as IRGC’s GDCP (Golden Globe) and AFGS’ Sepehr Energy Jahan – both previously exposed on WikIran. The documents, including trust agreements, banking information, invoices, receipts, contracts and incriminating correspondence, connect UAE-based entities directly to Iranian sanction-evasion efforts.

Stay tuned for upcoming articles as we continue to unravel this intricate network.