Dubai's trade with Iran plunged by a third in 2012, the Dubai customs authority said on Monday, an indication of how much US financial sanctions are hurting Iranian business with the rest of the world.
Dubai, across the Gulf from Iran and home to tens of thousands of ethnic Iranians, has long been a major commercial hub for Iran, serving in particular as a channel for consumer goods imports into that country.
This role was damaged after US sanctions, imposed in late 2011 over Iran's disputed nuclear programme, made it legally dangerous for banks around the world to deal with Iranian institutions. Banks in Dubai sharply cut back Iran-related dealings.
Two-way trade between Dubai and Iran was roughly AED25bn (US$6.8bn) last year, said Ahmed Butti Ahmed, Director General of Dubai Customs. That implied a drop of about 31 percent from AED36bn in 2011.
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