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UAE’s trade excels globally

Country’s economy will be biggest beneficiary of international sanctions being lifted against Iran

The UAE’s trade grew almost ten per cent more than the global average (2.8 per cent) and reached 12.5 per cent during the period between 2010 and 2014.

Non-oil foreign trade achieved a new record by reaching AED1.08 trillion during the past year, out of which AED700 billion came from imports and AED376bn from exports and re-exports.

Recent international reports say the UAE’s economy will be the biggest beneficiary of the lifting of international sanctions against Iran, reports UAE-based Al Bayan.

Finance Forward, a report issued by Middle East Global Advisors, notes that lifting the economic sanctions against Iran provides significant benefits to banks operating in the UAE, including opportunities to achieve attractive returns from exports and imports’ financing.

The report points out that 29 per cent of the total imports of Iran were passing through the UAE before the sanctions.

According to data released by the UAE’s National Bureau of Statistics, Iran is a major trading partner of the UAE with non-oil export trade to Iran valued at AED42.2bn in 2014.