Dubai Customs are confident that a 22 per cent rise in trade to $299 billion last year will spillover into a similar rate of growth for 2012, reported The National. Officials said that this target has already been exceeded in the first quarter.
The international embargo against Iran is hitting trade with that nation hard, particularly as its currency has also depreciated by half its value against the UAE dirham this year. But trade with Iran only accounts for around five per cent of Dubai trade, less than a sixth of the trade in gold and diamonds.
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