UAE | Government

Mohammad's Iran visit aims to boost economic partnership

His Highness Shaikh Mohammad Bin Rashid Al Maktoum, Vice-President and Prime Minister of the UAE and Ruler of Dubai, is set to start his visit to Tehran on Monday to discuss ways of boosting the economic cooperation between Iran and its top trading partner, the UAE.

  • By Suzanne Fenton, Staff Reporter
  • Published: 00:08 February 18, 2008
  • Gulf News

  • The total value of UAE non-oil imports from Iran soared over Dh3.5 billion in 2006, and total non-oil exports from the UAE to Iran was over Dh1.9 billion.
  • Image Credit:

Dubai: His Highness Shaikh Mohammad Bin Rashid Al Maktoum, Vice-President and Prime Minister of the UAE and Ruler of Dubai, is set to start his visit to Tehran on Monday to discuss ways of boosting the economic cooperation between Iran and its top trading partner, the UAE.

Officials in Tehran said that they expect some "optimistic developments" regarding boosting trade as the whole region is witnessing a massive boom across a wide spectrum of industries.

The total value of UAE non-oil imports from Iran soared over Dh3.5 billion in 2006, and total non-oil exports from the UAE to Iran was over Dh1.9 billion, according to the Ministry of Economy.

The total non-oil trade between the UAE and Iran in 2006, including re-exports was over Dh22 billion.

In 2006, trade between Iran and Dubai alone generated Dh3.3 billion in imports and over Dh25 billion in exports, according to Dubai Customs. These figures include direct trade between the two and also trade in free zones.

According to Dubai Chamber of Commerce and Industry, there are 27 fully owned Iranian companies in Dubai and 8,100 companies that have a UAE national partner or owner, bringing the total number of firms with Iranian stake to 8,127.

Expanding activities

Iran is currently participating for the first time in the International Property Show, being held in Dubai until February 19.

Mohammad Ali Hosseini, Iran's Foreign Ministry spokesman, said talks will be held on economic relations, investment, transfer of electricity, exportation of gas. "Ways and means will be explored for boosting the volume of trade between the two countries," he said.

Iran has the world's second largest gas reserves but due to sanctions, has been slow in developing its exporting potential. Both the UAE and Iran are major oil producers in the Organisation of Petroleum Exporting Countries (OPEC) and need gas to fuel rising consumption by industries and power plants.

Iran and Crescent Petroleum, a shareholder in UAE energy firm, Dana Gas, are in the middle of negotiating the supply of Iranian gas to the UAE.

Figures from the Iranian Consulate General in Dubai puts bilateral trade in Iran at $11.7 billion (about Dh42.9 billion), with the UAE generating the vast majority, with $9.2 billion. Trade is expected to increase by March 19, the end of the Iranian year, to $14 billion.

Nasser Hashempour, executive deputy president of the Dubai-based Iranian Business Council, said Iranians in the UAE have accumulated assets estimated at more than $300 billion.

  • Rate this article
  • Average reader rating (0 votes) 0 Stars
Tools

Emailing an article to friend is a simple way to share a news item. Your friend will receive an email with your name and email address as well any personal message you choose to send.

The information you provide on this page will not be used to send unsolicited emails.

This service is not intended to encourage spam, and action may be taken against individuals who maliciously enter personal details of another individual.

Share this article

Related Articles

  1. Mohammad to visit Syria and Iran

    Mohammad to visit Syria and Iran this week

  2. 'The way Dubai has developed is like magic'

    'The way Dubai has developed is like magic'

    What was Dubai like in 1963? Ahmad Golchin has the story

More from UAE Government

  1. Saif is appointed Emiratisation chief

  2. Diplomacy: Envoys received

  3. Khalifa, Mohammad tour projects

  4. Mohammad launches 'Our Father Zayed' Campaign

All articles in Government

More from UAE

Gulf News
Popular in UAE
Living in untidy homes
Have your say

Living in untidy homes

Do you think that people who live in untidy homes have bad character?

Latest news
Community Reports

More from Community Reports

Weather

More from Weather