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08/21/11

UAE official: Trade Ties with Iran Unaffected by Sanctions

Source: Fars News Agency

A senior UAE economic official stressed that the UN Security Council sanctions against Tehran could not affect the country's trade ties with other countries.

Persian Gulf map

Saeed Al Awadi, the CEO of Dubai Exports, made the remarks, adding that Iran's trading and financial ties continued with Dubai, even in the face of tighter sanctions by the UN Security Council.

"While many expected the measures to spell disaster for thousands of Iranian businesses that deal with Dubai - which has built its reputation on its role as the re-export hub for the Persian Gulf - trade between the two countries has grown, according to the latest figures," he said.

The value of direct exports between Dubai and Iran is Dh1.8 billion while re-exports stand at Dh24 billion, according to the latest statistics compiled by Dubai Exports. Iran still ranks as the second largest re-export destination for the UAE, topped only by India.

But Al Awadi said that in the face of continuing political tension in the region, Dubai was looking at expanding into new markets abroad.

Iran is a significant trade partner for the UAE, with trade volume between Iran and the emirate of Dubai alone estimated at about $10 billion a year.

The United Arab Emirates' Foreign Minister Abdallah bin Zayid Al Nuhayyan in a phone conversation with his Iranian counterpart Ali Akbar Salehi in December called for the further promotion and deepening of relations and bolstering of cooperation between the two Persian Gulf littoral states.

The two sides also expressed the hope to discuss the latest conditions in Iran-UAE ties in a meeting in the near future.

Related Story:

The Battle of Dubai: The United Arab Emirates and the U.S.-Iran Cold War - As the United States seeks to contain Iran's nuclear ambitions through economic sanctions and diplomatic isolation, the United Arab Emirates (UAE) has come to play a critical yet often ambiguous role. The UAE, namely the emirate of Dubai, is a top source of Iranian imports and a key transshipment point for goods-legal and illegal-destined for the Islamic Republic. -Karim Sadjadpour

... Payvand News - 03/25/16 ... --



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