The United Arab Emirates is investigating several companies with a view to closing them because of their links to Iranian entities singled out for sanctions by the United Nations.
The inquiry comes as the UAE – a key hub for re-exports to Iran – seeks to crack down on illicit trade with its Gulf neighbour.

More than 40 companies have been closed over the past two years because of links to prohibited trade with Iran, while individuals have had their work permits cancelled, according to a person familiar with the investigation.

A trend has emerged whereby relatively small cargos of precision equipment have been taken to Iran by air. UAE authorities had stopped more than 30 consignments of suspect goods bound for Iran in recent months, much of it air cargo, the person said.

Most of the goods, mainly re-export items, were heading through Dubai, the Gulf’s business and trade hub. The UAE is home to some 8,000 Iranian businesses and 100,000-400,000 Iranian citizens. [Read More]