Code: 792520 A

Chief of Association of Bureaux de Change Operators of Iran Shahab Ghorbani said to ILNA news agency that two United Arab Emirates banks are ready to cooperate with Iran.

Speaking to ILNA correspondent, he added "Two UAE banks have announced their readiness to cooperate with Iran, the talks have begun but no action has yet been taken."

"The UAE has been one of Iran's main links to other countries from North America to East Asia for many years, and Dubai been a center for Iranian businesses operating."

"So it is natural that if the situation goes back to the years of the nuclear deal, Iran's trade can undergo major changes," he said.

Dubai has traditionally been a center for Iranian businesses operating offshore and the UAE’s trade with the republic was worth Dh70bn ($19bn) last year, the official said.

UAE officials argue that they are also aware of the risks of the UAE becoming a target if heightened tensions with Iran spark a broader conflagration.

Ghorbani told that a main obstacle to kick-start the transactions was the cost of the services provided by the UAE banks which he said was affected by a tax of up to five percent for each transaction based on the regulations in the Arab country.

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United Arab Emirates 2015 nuclear deal UAE banks
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