Complex Made Simple

Iran nuclear deal set to boost trade with UAE

Agreement to see easing of sanctions against Tehran and gradual increase in its oil exports

The trade exchange between Iran and the United Arab Emirates is projected to deliver a major boom of 60 per cent next year as a result of Tehran’s agreement with world powers over its nuclear programme.

The agreement would see an easing of sanctions against Tehran and a gradual increase in its oil exports following lengthy talks over Iran’s nuclear programme.

The two-way trade between Iran and the United Arab Emirates is expected to reach a whopping AED100 billion in 2016, a source, speaking on condition of anonymity, told Al Bayan.

The source said that the bilateral trade between the two countries totalled AED63bn in 2014 and AED55bn in 2013. In 2011, UAE-Iran trade exchange saw its highest level ever when it reached AED84bn.

Sultan Ahmed bin Sulayem, the chairman of Dubai Ports World and Chairman of Ports, Customs and Free Zone, told Al Bayan that the lifting of sanctions against Iran will open the door for closer economic cooperation between Iran and the UAE in general and Dubai in particular due to geographical proximity.

He added that the UAE is keen to provide the best economic services and facilities to serve trade with neighbouring countries, noting that Iran has a big market that attracts global companies that run their regional operations from Dubai.

Echoing similar remarks, Director of Dubai Customs, Ahmed Mahboob, said Iran is expected to deliver a major rise in foreign trade and improvement in economic activity, which will attract Dubai-based companies to eye the Iranian market.

He asserted that the Dubai commercial sector has good knowledge and information about the Iranian markets, which will help in boosting bilateral trade between the two sides.