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Dubai piers abuzz as Iranian deal fuels hopes of new trade boom

From Bloomberg News:

[S]hips’ crews were upbeat as last week’s accord over the Islamic Republic’s nuclear program brought the lifting of sanctions and the return to unfettered commerce one step closer. Few places are better located to benefit than the United Arab Emirates, Iran’s second-biggest trading partner after China since 2009, data compiled by Bloomberg show.

Investors signaled their enthusiasm on the first day of trading after the April 2 pact. Dubai’s benchmark stock index surged the most in two months on bets that the U.A.E. trade hub is set to increase its role as a the main channel for business in and out of Iran.

Dubai, home to the world’s second-largest Iranian diaspora community, was at the forefront of both legal and illegal trade with Iran as world powers tightened the noose on its economy over concerns it might develop nuclear weapons. The emirate’s transformation into the Middle East’s banking, trade and transport hub will give it an edge over competitors if a final nuclear deal is sealed and sanctions peeled away.

Full article available at the Chicago Tribune


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