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UAE Businesses Face Obstacles with Iran-Agency - ASHARQ AL-AWSAT English Archive
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DUBAI, (Reuters) – Businessmen and traders met with the deputy ruler of Dubai on Monday to complain of obstacles they face when doing business with Iran due to banking restrictions, the UAE’s official state news agency WAM said.

Iran’s ties with Dubai have drawn scrutiny from the United States and other Western nations seeking to isolate Tehran over nuclear activity the West fears is aimed at developing bombs. Iran denies the charge.

Businessmen, including exporters and importers of foodstuffs, building materials and medicines meeting with Sheikh Maktoum bin Mohammed bin Rashid Al Maktoum urged the government to “intervene to mitigate losses incurred by the trade sector”, WAM said.

Sanctions against Iran by the European Union, United Nations and United States have increasingly made it more difficult for Iran to transact and trade goods.

Restrictions by banks included non-opening of permanent credits and the provision of the necessary finance to meet contractual obligations, the group told Sheikh Maktoum.

“The traders also discussed with Sheikh Maktoum trade barriers they are encountering in regards to UN-approved re-exports of foodstuff, goods and commodities,” WAM said.

Iran and the UAE have close economic and historic relations. Tens of thousands of Iranians live and work in trade hub Dubai and elsewhere in the UAE, many of them involved in the multi-billion-dollar re-export trade to Iran.

Asharq Al-Awsat

Asharq Al-Awsat

Asharq Al-Awsat is the world’s premier pan-Arab daily newspaper, printed simultaneously each day on four continents in 14 cities. Launched in London in 1978, Asharq Al-Awsat has established itself as the decisive publication on pan-Arab and international affairs, offering its readers in-depth analysis and exclusive editorials, as well as the most comprehensive coverage of the entire Arab world.

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