Iran-Dubai trade transactions on rise
The sources said that the Unite Arab Emirates (UAE) trade with Iran enjoyed enough stability in the previous year despite US economic sanctions. Dubai has traditionally been a major trading partner of Iran but that link has been hurt since late 2011, when Washington imposed banking sanctions over Tehran’s nuclear program that forced Dubai to cut back business sharply.
Merchandise trade between Dubai and Iran plunged 31 percent to Dhs25bln in 2012. But last year it rebounded slightly to about Dhs26bln, representing 2 percent of Dubai’s non-oil trade.
Although the banking sanctions remain in place, Iranian traders say their activities have become easier since last August, reducing geopolitical tensions and helping to stabilize the Iranian rial currency.
In mid-January, Dubai ruler Sheikh Mohammed bin Rashid Al Maktoum urged the international community to lift economic sanctions against Iran. Sheikh Mohammed said that wider relief from sanctions would mean "everyone will benefit". ■