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: April 19, 2018
UAE. Software technology sector saw most number of professionals changing jobs in 2017; Lack of opportunities for career advancement touted as the biggest reason.
date:Posted: April 19, 2018
LEBANON. Drop due to the suspension of interest-rate subsidies on housing loans at the beginning of the year; The index is at its lowest level since Q2 2015 and the third lowest level in 43 quarterly readings; Reviving demand in Lebanon requires immediate measures and incentives from the government.
date:Posted: April 18, 2018
UAE. Speaking at the Arabian Hotel Investment Conference (AHIC), Dr. Martin Berlin, Partner and Global Deals Real Estate Leader said the issues and challenges facing Middle East Hospitality and Tourism can be grouped into five categories, collectively known by their acronym ADAPT.
LEBANON. Drop due to the suspension of interest-rate subsidies on housing loans at the beginning of the year; The index is at its lowest level since Q2 2015 and the third lowest level in 43 quarterly readings; Reviving demand in Lebanon requires immediate measures and incentives from the government.
dhgate