Jan. 26 (Bloomberg) — On a sweltering mid-October evening, horns blare as pickup trucks at Dubai Creek wharf jockey to deliver cargo bound for Iran. Televisions, cartons of toothpaste, car parts, refrigerators and DVD players stretch for about a mile on the dock along the murky waterway that snakes to the Persian Gulf.
“We’ll take anything as long as you pay us,” says Ali, a 24-year-old Iranian deck hand in an oil-stained T-shirt, as he pulls down a blue tarpaulin covering air conditioners, tires and tea bags headed for the port of Bandar Abbas, 100 miles (160 kilometers) across the Gulf. “We’ve taken American stuff — printers, computers, everything.”
Years before the world turned its attention to Dubai’s financial crisis, the second largest of the seven states in the United Arab Emirates was amassing clout — and money — as Iran’s back door to the West, Bloomberg Markets magazine reported in its March issue.