An Emirati official says sanctions slapped against Iran over its nuclear energy program have had adverse effects on Dubai’s economy.
“It’s still moderate in terms of trade but we are closely watching the number how it is affecting the near term and the long term as well,” Hani al-Hamli, secretary general of Dubai Economic Council, said on Monday.
“How much? I do not recall the numbers,” he told reporters on the sidelines of a conference on financial restructuring and bankruptcy.
Last month, Director General of Dubai Customs Ahmed Butti Ahmed said he believed sanctions targeting Tehran and signs of economic slowdown in emerging economies such as China would possibly not have a strong impact on the Persian Gulf sheikhdom’s trade.
The emirate’s total direct trade with the Islamic Republic stood at 36 billion dirhams ($9.8 billion) in 2011.