Dubai's non-oil trade with Iran shrinks 12 pct in H1 | Reuters

Dubai's non-oil trade with Iran shrinks 12 pct in H1 | Reuters:

"* Trade down to $2.9 billion

* Fall slows after 31 pct drop in 2012

* Re-exports to Iran shrink 13.5 pct

* No major impact on Dubai's economy

* Total Dubai trade up 16 pct in January-June

By Martin Dokoupil

DUBAI, Sept 12 (Reuters) - Dubai's non-oil trade with Iran shrank 12 percent in the first half of 2013, a sign that Western sanctions continue to inflict fresh damage on the Iranian economy, data showed on Thursday.

Dubai, across the Gulf from Iran and home to tens of thousands of ethnic Iranians, has long been a major commercial hub for the Iranian economy, re-exporting consumer goods from other countries to the Islamic republic.

This role suffered after U.S. financial sanctions, imposed in late 2011 over Iran's disputed nuclear programme, caused banks in Dubai and around the world to cut back sharply on Iran-related business."

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