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Iranian Traders Threaten to Withdraw from UAE's Economy

Source: Fars News Agency

Iranian traders warned that they would redirect their trade activities to other countries if the United Arab Emirates (UAE) continues discriminatory policies against them.

Hossein Asrar Haqiqi, co-founder and official spokesman for the Iranian Business Council in Dubai, told Arabian Business that discrimination against Iranian companies operating in the UAE, or Iranophobia, will have a damaging impact on trade between the two companies and will negatively impact the gross domestic product of the emirates.

"Over here now right now Iranian businessmen are facing some Iranophobia, even though they might not be at all involved in any sort of export or import or have any link with the government or even be trading with the government," he stated.

"Simply being Iranian they are getting some sort of discrimination from the bankers and institutions over here. It will have an impact on the economy of the UAE," he added.

Meantime, Asrar Haqiqi warned that the growing number of obstacles to trade between the two countries will have a negative impact on the gross domestic product (GDP) of the UAE.

"That will be a big negative effect on the economy of the UAE and trading between Iran and the UAE. If there is no way of trading between the UAE and Iran they will move to another country which will have a lot of consequences. Naturally the GDP of the UAE will be affected."

Earlier this month, the UAE's economy minister Sultan bin Saeed al-Mansouri confirmed that sanctions against Iran are hurting the trade between Iran and the UAE.

In 2009 and after the UAE started fingerprinting Iranian visitors, Tehran warned that it would stop the flush of its capital into the UAE and redirect its investment funds to Turkey unless the Arab state gave up its hostile practice against Iranian nationals.

But after Iranian lawmakers called on the government to adopt strong measures to reciprocate the action followed by an Iranian foreign ministry announcement that it would reciprocate the move with fingerprinting UAE citizens at Iran's airports and stop trade activities with the Arab state, the UAE gave up the policy.

... Payvand News - 06/18/12 ... --

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