United Arab Emirates shuts down 40 Iranian companies

United Arab Emirates has closed down 40 companies for alleged links to Iran’s Revolutionary Guards Corps and for being in violation of UN sanctions.

AFP reports that these companies were all “dual-purpose” and involved in the trade of dangerous material listed in UN sanctions on Iran as well as being in violation of stopping the promotion of nuclear weapons.

Dubai-based Gulf News reports that a UAE official has said: “Operations of any company in the UAE proved to have connections with the Iranian Revolutionary Guard Corps, other entities or individuals subject to the UN asset freeze will immediately be shut down.” He added: “The UAE is committed to meet its obligations towards the global effort for non-proliferation.”

New UN sanctions have imposed restrictions on Iranian investment in the international market.

Iran has had extensive trade and business relations with Dubai for many years. One seventh of the UAE income is connected to trade with Iran and has been estimated at about 10 billion dollars.

A Western diplomat has said that US officials have been pressing the federal government in Abu Dhabi to stop trade of double-purpose goods with Iran. Currently 400 thousand Iranians live in the UAE.