Despite Plunge in Trade with Iran
Dubai's non-oil trade jumped 16 percent in the first quarter of 2013 despite a plunge in trade with Iran, the director of Dubai customs announced today. Non-oil trade grew to $88.6 billion in the first quarter, on pace for a record year of non-oil revenues at more than $350 billion.
“Up to this quarter, we reached an approximately 16 percent growth in trade," Ahmed Butti Ahmed, director general of Dubai Customs, told Reuters in an interview. (Reuters, 14 May)
Dubai’s trade with Iran dropped by 31 percent in 2012 due to international sanctions, and continued its plunge during the first quarter of 2013.
“The embargo on one side, the other side is that the Iranian currency became very (weak) so it has become a little bit more expensive for them,” Ahmed said.
Photo credit: Dubai skyline at night (slickzine.com)