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Dubai sees Iran boost

|By TAP Staff| Dubai is hoping that the lifting of sanctions on Iran will help the emirate’s economy to withstand some of the negative shocks it has been suffering in recent times.

Those “pull factors,” which also include increased demand from India, will compensate for any economic headwind from China’s slowdown, Raed Safadi, executive director of the economic research and policy division at the Dubai Department of Economic Development, told reporters at an investment conference in Dubai on Monday. Growth in trade, retail, tourism, aviation and logistics is already “into 4 percent territory,” he said.

Earlier projections were for 3.5 percent growth this year, he said.

 Iran’s agreement with six world powers places curbs on its nuclear program in exchange for dissolving international economic sanctions. Dubai is already benefiting from its proximity to Iran, Safadi said.

Iran’s “dependency on Dubai as a hub” to help rebuild its infrastructure and connectivity is increasing, he said.