Iran sanctions to have "moderate" impact on UAE trade, says IMF
May 21 , 2012
Recently tightened international sanctions against Iran will have only a “moderate” impact on the economic growth of the United Arab Emirates, according to the International Monetary Fund.
The UAE, one of Iran’s major trading partners, is likely to be affected by reduced demand and complications with trade finance and payments.
A 30 percent reduction in exports to Iran would impact the UAE’s gross domestic product by 0.3 percentage points, according to an IMF report.
A year ago the IMF said the sanctions could knock off 0.2 to 0.7 percent of the UAE’s annual GDP.