Why it matters:
Iran is a key trading partner of the United Arab Emirates, and enhancing cooperation between the two nations offers significant benefits for both.
The big picture:
In 2024, trade between Iran and the UAE saw significant activity and efforts to strengthen economic ties. In the first 10 months of the Iranian calendar year (March 20, 2024-January 19, 2025), Iran's non-oil exports to the UAE reached $5.9 billion.
Kamal Kharrazi, head of Iran's Strategic Council on Foreign Relations, visited the United Arab Emirates to attend the annual "World Government Summit." During his visit, he met with Sheikh Abdullah bin Zayed, the UAE's Minister of Foreign Affairs and Deputy Prime Minister. Their discussions focused on enhancing bilateral cooperation, signaling a commitment to deeper ties between the two nations.
What he is saying:
Kharrazi highlighted the importance of collaboration, stating, "We discussed various aspects of our relationship and the significant opportunities for cooperation." Sheikh Abdullah shared this view, emphasizing the necessity for continuous political consultations and regional dialogues.
Key points:
- The two sides discussed cooperation in renewable energy, environmental protection, tourism, and joint investment in infrastructure projects.
- They also addressed collaboration in the development of the Makran region and scientific and academic partnerships.
- Anwar Gargash, the UAE's diplomatic advisor, separately underscored the necessity of enhancing economic cooperation between the two countries.
Go deeper:
The UAE was Iran's top source of imports, with $17 billion worth of commodities. Over 122,000 Iranian business people were working in the UAE. The two countries held a Joint Economic Committee meeting in Abu Dhabi, agreeing to boost cooperation in tourism, transport, entrepreneurship, and renewable energy. They also aimed to expand cooperation in logistics, agriculture, and the environment. Iran's previous fiscal year saw $20.8 billion in imports from the UAE. The two countries are aiming for $30 billion.
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