UAE-Iran Trade and Business Activity Surges Post Easing of Restrictions
As Abu Dhabi eased restrictions on business activity between UAE and Iran, the two neighbors have seen a surge in trade and commerce over the last year.
According to a report in the Financial Times executives are saying that the UAE has in recent months rolled back limits on business license registrations and the issuance of visas to companies from Iran.
Business and financiers from Iran are also exploring how to enhance bilateral trade by creating channels to fund legitimate transactions.
China is Iran’s biggest trade partner with UAE being the second largest. Trade between Iran and the UAE has surged to $24 billion in the 12 months ending in March 2023, according to Iranian data.
Iranian officials have said they are now targeting a further increase in bilateral trade towards $30 billion in the next two years.