DUBAI: Israel's landmark deal with the UAE to normalise ties could see businesses from the Jewish state operating on arch-rival Iran's doorstep, ...
Despite tensions, the UAE and Iran, which lie 70 kilometres apart across the strategic Strait of Hormuz, have maintained diplomatic exchanges AFP/ATTA KENAREShare this contentDUBAI: Israel's landmark deal with the UAE to normalise ties could see businesses from the Jewish state operating on arch-rival Iran's doorstep, but are unlikely to disturb Emirati economic ties to Iran.
The oil-rich United Arab Emirates was the first Gulf state to establish ties with Israel, in a deal that came amid rising tensions with Iran, accused by its neighbours of fuelling regional instability.Abu Dhabi accuses Tehran of occupying three Emirati islands since 1971, and downgraded ties with Iran in 2016 amid rivalry between UAE ally Saudi Arabia and the Islamic republic, which is also targeted by painful US economic sanctions.
But feelings are still running high in the Strait of Hormuz - a vital corridor connecting the petroleum-rich states of the Middle East with markets in Asia, Europe, North America and elsewhere. Trade between the UAE and Iran is worth billions of dollars, with Dubai historically serving as a centre for Iranian offshore business.
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