Dubai Customs Director General, Ahmed Butti Ahmed, announced on Tuesday that the emirate's trade with Iran declined by 31 percent to $6.8 billion in 2012. (Arabian Business/menafn.com, 27 March)
Ahmed said that for decades, Dubai has been a major commercial hub for Iran, which brought most of its imports through the emirate. The sanctions, however, have forced Dubai banks to reduce Iran-related transactions.
File photo: Dhows at Dubai Creek carrying goods to Iranian ports across the Persian Gulf