Dubai business community positive on Iran sanctions relief

21 January 2014

Easing of financial barriers would support rebound in trade relationships, says Dubai Chamber of Commerce

Dubai’s business community would welcome the easing of international sanctions against Iran as a chance to renew ties between the historically strong trading partners.

Hamad Buamim president and CEO of the Dubai Chamber of Commerce (DCC), which represents more than 150,000 businesses in the emirate, said “the development of the sanctions is something to watch out for in 2014”.

“If [sanctions] are eased by the international community, it will definitely benefit Dubai, because we had a strong economic and trade relationship that has dropped during the past three years,” said Buamim, speaking at DCC’s annual media briefing on 21 January.

In early January, Ruler of Dubai Sheikh Mohammed bin Rashid al-Maktoum, said in an interview that he supported the easing of sanctions against Iran.

As of 20 January, Iran started to curb its uranium enrichment programme in line with the deal reached with the P5+1 group of world powers in Geneva in November 2013.

Before the tightening of sanctions in 2012, Iran was the UAE’s second-largest market for the export of non-oil goods and re-exports, and its fourth-largest trading partner overall.

“[If they ease the sanctions on financial transactions] it will support the rebound of the trade relationship between Dubai and Iran,” said Buamim. “I am positive about it.”

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