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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

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INTERNATIONAL. The WGC pointed out that the Chinese bank savings amount to US$7.5 trillion but only about US$300 billionn is allocated to gold, signifying the potential for gold demand to grow as Chinese wealth climbs.
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UAE. "A similar drop to 2013 is unlikely. Those who wanted to get out of gold did, and the rest of 2014 will probably be a year of sideways trading."
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UAE. Apartments sector witnessed increase of 29% whilst villa rentals have grown by 15% year on year; Over the next four years roughly 65,000 new residential units penned for completion.
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