You are hereHome CategoriesIran
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 27, 2015
UAE. Industry must focus on cyber security, integration and analytics to reduce extraction costs and plug systemic skills crisis; Strategy firm releases white paper on data driven oil fields.
date:Posted: April 27, 2015
SAUDI ARABIA. Since its accession to the WTO in 2005, the Saudi Arabia has embarked on a dual process of opening its markets to foreign companies and regulating its labour market to promote employment for nationals.
date:Posted: April 27, 2015
UAE. "The market downturn is attracting selective opportunistic investment," according to Jesse Downs, Managing Director of Phidar Advisory; Real estate firm releases latest end-quarter residential research note.
dhgate