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
- Image Credit:
- 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.
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.
Latest news
- Competition for aspiring photographers
- Dubai porter found dead inside container
- Dubai Municipality plans new zoo in emirate
- Strong winds and haze expected in the UAE
- Dubai Police deny reports of Burj Khalifa fire
- New road eases traffic problems in Dubai
- Abu Dhabi hosts strong man contest
- Farmers to be taught techniques to improve yield
- Keep recycling bins open
- President of Wollongong varsity about his plans
- Challenging role in Libya
- Parachuting event promises rich fare
- UAE ministry backs efficacy of Tas'heel system
- UAE students on research trip to Antarctica
- Brothers held in Sharjah for possessing heroin
Community Reports
-
Keep recycling bins open
People should be allowed to do their part as the world moves towards a greener future
-
Bridges needed
Al Ittihad Road has no pedestrian facilities as one nears Sharjah
-
Street lights needed
Authorities urged to act with haste before a major accident occurs in Al Nahda, Dubai
-
Motorists ignore stop sign on buses
Overtaking school vehicles can put students' lives at risk
