A United Arab Emirates-Iran joint economic commission will convene in Abu Dhabi from Tuesday to Wednesday as Tehran seeks to bolster economic ties with Persian Gulf neighbors.

EghtesadOnline: Iran has received more than $4 billion from the Emirates National Oil Company (ENOC) as part of the country’s retailer’s settlement of its debts owed to Iran for pre-sanction oil and gas purchases, the Iranian news website Al Alam reported.

EghtesadOnline: The UAE was Iran’s second biggest export destination, following China, in the last Iranian year (ended March 20, 2017), accounting for 17% of all Iranian exports.

EghtesadOnline: Hormoz Pasargad Bitumen Products Company, Iran’s biggest producer of the asphalt material used to pave roads, plans to boost output by 15% in the next two years, with all of the increased supply going to overseas buyers led by India and the UAE.

EghtesadOnline: There is not much buying or selling happening in the UAE’s hot rolled coil market due to the uncertain situation and fluctuating prices. Besides, demand is weak at the end of the year and inventories are not high, market players report.

EghtesadOnline: NIGEC managing director has reported on ongoing negotiations with the United Arab Emirates (UAE) for sales of Iranian gas.