End to sanc­tions will cre­ate more op­por­tu­ni­ties

7 Days in Dubai - - BUSINESS - Sar­wat@7days.ae

The UAE and Euro­pean Union’s trade with Iran could reach up to $59 bil­lion by 2018 fol­low­ing the eas­ing of eco­nomic sanc­tions im­posed on Tehran, ac­cord­ing to the or­gan­is­ers of a ma­jor mar­itime con­fer­ence.

The team be­hind Seatrade Mar­itime Mid­dle East said the UAE is Iran’s largest non-oil trad­ing part­ner and is also Iran’s largest source of im­ported goods, worth about $27.3 bil­lion.

The UAE ac­counted for 96.7 per cent of GCC ex­ports to Iran in 2013. As far as GCC im­ports from Iran go, the UAE ac­counts for more than 62 per cent, with Oman tak­ing 26 per cent, they added.

And by lift­ing sanc­tions it po­ten­tially in­creases Iran’s oil ex­ports rev­enue to $10 bil­lion by 2017, boosts its GDP growth from zero to 5 per cent, and al­lows up to $30 bil­lion of for­eign re­serves, which are cur­rently frozen, to be brought back into the coun­try.

“With the ma­jor­ity of US sec­ondary sanc­tions and EU sanc­tions al­ready re­moved, this is a mile­stone mo­ment in the growth of our in­dus­try, open­ing up a wealth of trad­ing op­por­tu­ni­ties as well as in­vest­ment op­por­tu­ni­ties to sup­port Iran’s mar­itime sec­tor, par­tic­u­larly in­fra­struc­ture devel­op­ment,” said An­drew Wil­liams, the Gen­eral Man­ager at Seatrade.

The con­fer­ence, now in its eighth year, takes place from Oc­to­ber 31 to Novem­ber 2 at the Dubai World Trade Cen­tre. It will host dis­cus­sions of Iran’s ac­tive pipe­line of in­fra­struc­ture and oil and gas projects.

TRADE: Goods headed for Iran are loaded in Dubai

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