By Babu Das Augustine,Banking Editor

Dubai: Iran’s nuclear deal with the West could be boon for business between the UAE and Iran, according to the Institute of International Finance (IIF).

“Lebanon and the UAE would benefit from the economic rebound in Iran. Given Lebanon’s financial skills and regional ties, it could play an important role in the future financing and channelling of investment needed by the Iranian economy. More foreign companies could be based in Dubai to do business in Iran,” said Garbis Iradian, Chief Economist, Africa/Middle East of IIF.

The UAE’s exports to Iran (mostly re-exports) amounted to $33 billion (Dh121.1 billion) in 2014, about one-third of Iran’s total imports.

Analysts believe Turkey stands to benefit from the opening up of Iran’s economy. “We think bordering Turkey will be among the world’s biggest beneficiaries both cyclically and structurally of any re-engagement of Iran’s 78 million people with the global economy. We think an Iran deal would likely create some structural underpin for the Turkish story, as Turkish companies exploit the renewed export opportunity like they have done in Iraq and so many other regional markets in recent years,” Mike Harris, chief Turkey equity strategist for Renaissance Capital said.

While most multinationals that intend to do business with Iran are likely use Dubai as their regional hub for operations, a few could also use their Turkey-based subsidiaries to interface with Iran. In addition Turkish corporates and SMEs are expected to rush for Iran opportunities.