Dubai's direct trade with Iran reached US$9.8 billion in 2011
Source: BI-ME with Bloomberg , Author: Posted by BI-ME staff
Posted: Wed April 18, 2012 7:46 pm

UAE. Dubai's direct foreign trade with Iran reached AED36 billion (US$9.8 billion) last year, boosted by an increase in the price of gold, a much-traded commodity between the two neighbors.

Imports and exports stood at AED5 billion while re- exports were AED31 billion, with most-traded items including food, clothing, rugs, cars, diamonds and jewelry as well as gold, Dubai Customs said in an e-mailed statement today. It did not give comparative numbers for the previous year.

“Dubai is like a hypermarket for Iran,” Ahmed Butti Ahmed, executive chairman and director general at Dubai Customs, told reporters in Dubai today. In the United Arab Emirates, 80% of non-oil trade is channeled through Dubai, the Middle East’s business and tourism hub, he said.

Iranians are suffering from the U.S. drive to isolate the Islamic republic’s US$480 billion economy through sanctions aimed at curbing Iran’s nuclear program by targeting trade, banking and oil exports. Some imports have disappeared from the shelves and others have soared in price amid a run on the Iranian currency that saw its dollar value drop by half on the black market earlier this year.

The second-largest producer in the Organization of Petroleum Exporting Countries, Iran said in February it will accept payment for oil in any local currency or gold as new sanctions make it harder for trading partners to pay in dollars and euros.

 

MIDDLE EAST BUSINESS COMMENT & ANALYSIS

date:Posted: December 22, 2014
INTERNATIONAL. Looking at the long term charts, we find trend line support from lows back in December 1998 and this currently gives WTI crude oil a target of US$4/b and Brent a target of US$52.40/b.
date:Posted: December 19, 2014
UAE. As a gateway of opportunity for Asia, Dubai has a key role in driving growth momentum; Between 2010 and 2013, GCC-China trade grew faster than with any other significant trade partner.
date:Posted: December 18, 2014
INTERNATIONAL. A new analysis presents the key trends that will transform the global market over the next decade and beyond.
UAE. Colliers International Dubai House Price Index, compiled using actual mortgage transaction data from a consortium of financial institutions, registers no change over Q3 2014, for the first time since Q2 2012.
dhgate