x Abu Dhabi, UAEWednesday 26 July 2017

Traders meet Dubai's Deputy Ruler

A group of traders meet with Dubai's Deputy Ruler to highlight the impact on their businesses of trade restrictions with Iran.

A group of traders yesterday met Dubai's Deputy Ruler to highlight the impact on their businesses of trade restrictions with Iran, WAM, the state news agency, reported.

Traders of items including foodstuff, clothes, medicines, and building materials met Sheikh Maktoum bin Mohammed at the Dubai Ruler's Court to discuss "obstacles" to their business, including banks allegedly refusing to grant them finance.

"The traders apprised Sheikh Maktoum on obstacles they are facing in their businesses ... as a result of trade restrictions imposed by banks such as non-opening of permanent credits, and provision of necessary finance to meet their contractual obligations with their trade partners," WAM said.

Iranian traders have said UAE banks were refusing to grant letters of credit, a bank document that assures sellers that a trading partner will pay for imported goods.

They are used frequently in international trade.

WAM added that the traders also discussed "trade barriers they are encountering in regards to UN-approved re-exports of foodstuff, goods and commodities".

newsdesk@thenational.ae