With the help of member 80stech, I have traced my non-start issue of my E70 x5 4.8 to either the fuel pump or the fuel transfer pump.

Just yesterday, I took apart and removed the rear (comfort) seats. This allowed access to the fuel pumps under the seats. Upon removing the carpet, I can see that the wires have melted. Now I am not sure if this is normal and if it is the reason for the no-start with no fuel pressure. Has anyone experience this?

https://imgur.com/a/GrlAKwK