Huge amounts of Iranian capital have arrived in the UAE recently, mostly invested in Dubai's booming real estate sector, a report quoting Iranian sources said.
The Gulf News report quoted a study by Iran's Culture Heritage News (CHN) agency as saying that more than 400,000 Iranians have invested Dh730 billion ($200 billion) in the UAE real estate market. Historically, Iranians were one of the largest investors in Dubai. The Islamic Revolution in 1979 forced many liberal and wealthy Iranians to move their capital out of the country. Dubai was one of the leading beneficiaries.