The Islamic Republic of Iran Customs Administration (IRICA) released a report in which the UAE was cited as Iran's major trade partner in the first nine months of the current Iranian calendar year (began March 20, 2008).

Iran's exports to the UAE in the nine-month period amounts to 25.10% of Iran's total trade, and imports from this major trade partner in the Persian Gulf totals 12.82% of its trade, up 6.10% and 40.94% respectively from last year's corresponding period.

Conglomerate General Electric Co (GE.N) and Abu Dhabi investment agency Mubadala Development Co said on Tuesday they have entered into an $8 billion joint venture that will initially focus on providing commercial finance in the Middle East and Africa.

The two companies said they also plan on working together in the clean energy and water, aviation, and oil and gas sectors.

The action reflects GE's strategy of shifting its financial operations away from volatile segments such as those influenced by U.S. consumer spending toward areas of higher growth.

Shares of the second-largest U.S. company by market capitalization have been battered this year because of concerns about its consumer and commercial finance units.

DMCC to Develop and Seed Commodity-linked Investment Products

• Launch DMCC-owned asset management company
• Establish joint venture initiative with Shariah Capital
• Take 4.99% equity stake and board seat in Shariah Capital

The Dubai Multi Commodities Centre (DMCC) announced today that it has applied for a license to set up a UAE investment company - DMCC Asset Management Company (DCAM) - that will develop and seed commodity-linked investment products for distribution in the UAE and other markets. DCAM will be registered as a DMCC Free Zone Company and established with an initial capital of AED 25 million. It will be 100 per cent owned and managed by the DMCC.