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Sanctions against Iran may affect trade with UAE

23 May 2012

(MENAFN) The International Monetary Fund (IMF) stated that trade between the UAE and Iran could be hampered due to the Western sanctions imposed on the Islamic Republic, reported Tehran Times.

The IMF said that a decline of 30 percent in UAE’s shipments to Iran might reduce the Gulf country’s gross domestic product’s (GDP) growth rate by 0.3 percentage points.

It noted that the UAE is not only a major trade partner for Iran; the country took advantage of high demand for real estate from Tehran, which is also a key source of tourism and financial services in Abu Dhabi.

It is worth noting that in 2011, Dubai’s direct re-exports to Iran jumped 29 percent, reaching USD8.4 billion, recording the highest growth rate in the past 5 years.

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