Just in:
German Job Market Resilience Bodes Well for Economic Recovery // Experience Ultimate Shopping Freedom at 4.4 Shopee Spree: Don’t Worry, Shop Shopee! // Melco Style Presents “SANRIO CHARACTERS STUDIO CITY CARNIVAL” – Explore a SANRIO World of Unlimited Love and Cuteness // AIA Hong Kong Wins More Than 20 Accolades at MPF Ratings MPF Awards, BENCHMARK MPF of The Year Awards and Bloomberg Businessweek Top Fund Awards // Digital Hub Unveiled: Xposure Launches Platform for Global Photography Community // CABSAT 2024 Ushers in 30 Years of Media Innovation // US reiterates concern over Kejriwal arrest, Cong accounts // Emirati Aid Reaches Ukraine as Food Shortages Bite // Infineon and HD Korea Shipbuilding & Offshore Engineering jointly develop ship electrification technology // U.S. Compliance Takes Center Stage at OKX Following Industry Jitters // Samsung Electronics Launches 2024 Neo QLED 8K, Neo QLED, and OLED Displays to Spark the AI Screen Era // No running of govt from jail, says Delhi Lt Governor // Octa seeks to clarify Forex swap and swap-free accounts // Ingdan Announces 2023 Annual Results // TUMI Hosts Global Launch Event in Singapore to Unveil Women’s Asra Collection and Announce Global Ambassador, Mun Ka Young // Samsung Partners National Heritage Board to Bring a Slice of Singapore’s Cultural Heritage to Samsung The Frame TV // Saudi Arabia Unveils Green Financing Tool to Achieve Net-Zero Goals // Andertoons by Mark Anderson for Fri, 29 Mar 2024 // Universal Language for Healthcare: General Authority Embraces Global Coding System // Hope for Respite as UAE Endorses UN Plea for Gaza Truce //
HomeEconomyReport shows Dubai’s Iran business stabilising

Report shows Dubai’s Iran business stabilising

land_transport_dubai_shjDubai’s non-oil trade expanded 7.6 percent last year, slowing from 13 percent growth in 2012, but the emirate’s trade with Iran stabilised despite U.S. economic sanctions, according to Dubai customs data released on Sunday.

The non-oil foreign trade of Dubai, one of seven members of the United Arab Emirates, rose to 1.329 trillion dirhams ($362 billion) in 2013. The emirate exports small amounts of oil and imports natural gas.

Dubai’s non-oil exports and re-exports climbed 4.0 percent to 518 billion dirhams, while imports surged 10 percent to 811 billion dirhams.

ADVERTISEMENT

The emirate saw its economy pick up strongly last year as tens of billions of dollars worth of new real estate projects were announced following a 2008-2010 property market crash.

Tourist numbers rose 10 percent to 11 million people last year, while new trade licences recorded an increase of 12 percent, the government media office said on Sunday. The total value of real estate transactions jumped 53 percent to above 236 billion dirhams.

Buoyed by a renewed inflow of money from abroad, Dubai’s residential real estate prices climbed more than 20 percent last year and analysts estimate they may return to pre-crisis levels next year.

Dubai has traditionally been a major trading partner of Iran but that link has been hurt since late 2011, when Washington imposed banking sanctions over Tehran’s disputed nuclear programme that forced Dubai to cut back business sharply.

Merchandise trade between Dubai and Iran plunged 31 percent to 25 billion dirhams in 2012. But last year it rebounded slightly to about 26 billion dirhams, representing 2 percent of Dubai’s non-oil trade, Dubai customs told Reuters.

Although the banking sanctions remain in place, Iranian traders say their activities have become easier since President Hassan Rouhani took office last August, reducing geopolitical tensions and helping to stabilise the rial currency.

“Dubai’s bilateral trade with Iran goes in line with international obligations,” the Dubai customs authority said in an emailed reply to Reuters questions.

“It is a normal trade covering consumer goods, namely foodstuffs, car spare parts, electronics and carpets, given the geographical proximity between the two sides.”

The vast majority of trade between Iran and Gulf Arab states is routed through Dubai. Wooden boats, known as dhows, continue to carry some goods across the Gulf.-Reuters

ADVERTISEMENT

ADVERTISEMENT
Just in:
Universal Language for Healthcare: General Authority Embraces Global Coding System // No running of govt from jail, says Delhi Lt Governor // CABSAT 2024 Ushers in 30 Years of Media Innovation // French Leaders Gather for Interfaith Iftar Dinner // Andertoons by Mark Anderson for Thu, 28 Mar 2024 // Samsung Electronics Launches 2024 Neo QLED 8K, Neo QLED, and OLED Displays to Spark the AI Screen Era // AIA Hong Kong Wins More Than 20 Accolades at MPF Ratings MPF Awards, BENCHMARK MPF of The Year Awards and Bloomberg Businessweek Top Fund Awards // Octa seeks to clarify Forex swap and swap-free accounts // Experience Ultimate Shopping Freedom at 4.4 Shopee Spree: Don’t Worry, Shop Shopee! // First-Ever Fortune Innovation Forum Draws Top Global Leaders to Hong Kong, Promoting Agendas On Collective Cross-Sector Advancement // Infineon and HD Korea Shipbuilding & Offshore Engineering jointly develop ship electrification technology // US reiterates concern over Kejriwal arrest, Cong accounts // U.S. Compliance Takes Center Stage at OKX Following Industry Jitters // Following the Money Trail: US and UK Investigate $20 Billion in USDT Transfers Tied to Sanctioned Russian Exchange // Ingdan Announces 2023 Annual Results // Hong Kong Crypto Exchange Application Stalled by US Lawsuit // German Job Market Resilience Bodes Well for Economic Recovery // Emirati Aid Reaches Ukraine as Food Shortages Bite // 2024 Lok Sabha Elections Will Be The Costliest One Till Now In The Whole World // Global Audience to Witness Thrill of Dubai World Cup //