Word: masoumzadeh
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...financial system to press Dubai's financial services industry into observing U.S. curbs. Iranians in Dubai say they find it increasingly difficult to get credit, even for workaday business dealings. "We have to pay full amounts to the supplier in order to ship the goods to us," says Morteza Masoumzadeh, deputy executive director of the Iranian Business Council in Dubai, whose shipping company focuses on trade with Iran. "If we go to banks and ask for credit facilities they say 'Oh no, you are Iranian, we cannot'. " (See pictures of Iran's presidential elections and their turbulent aftermath...
While Iranian banks in Dubai might extend credit to Iranians living there, Masoumzadeh says that credit is often rejected by clients. "Iranian bank letters of credit are not accepted by suppliers in Europe and the Far East." However, he says, much of the trade can now go directly from Asian suppliers to Iran's Bandar Abbas port, without passing through Dubai at all. Iran's government-owned Islamic Republic of Iran Shipping Lines, or IRISL, has a fleet of vessels that go directly to Iran's ports from cities around China and Korea, as well as the Netherlands, Germany...
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