Iran seeking alternative trade hub to Dubai

Iran seeking alternative trade hub to Dubai
ID : N-1361 Date : 2018/02/27 - 14:46

(Persia Digest) – Following new tensions between Iran and the UAE, Tehran is seeking to downgrade Dubai as its regional trading hub and replace it with Qatar and Oman.

The Financial Tribune writes that Iran’s recent decision has been taken following new pressures and restrictions by UAE and Dubai officials imposed on Iranian businessmen by ratifying new VAT laws, restricting visas, and limiting banking facilities.

At the start of February, the CBI announced that pursuant to new banking restrictions practiced by banks in Dubai, Iran’s Central Bank was seeking to do business with banks in Qatar and Oman.

Adnan Musapur, President of Iran-Qatar Chamber of Commerce, also confirmed that Qatar and Oman are able to facilitated Iran’ foreign trade.

Iran’s political relations with Qatar and Oman saw an improvement in recent months, while relations between Tehran and Abu Dhabi declined, in particular following the multilateral regime of sanctions imposed on Qatar by its neighboring Arab countries (Saudi Arabia, the UAE, and Bahrain).

Based on the latest statistics released by Iran’s customs office, the volume of trade between Iran and the UAE reached the impressive figure of over USD 12.9 BN in 2017.

Exports from Iran to Qatar in the eleven months ending on 20 February 2018 was over USD 215MM. This figure was only USD 92MM over a similar period last year. The volume of imports by Qatar from Iran in the ten months ending on 20 January 2018 shows an increase of 157 percent, to reach USD 21 MM.

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