THE BUSINESS STRATEGY of Abdul Salam, a Dubai-based Iranian spice trader, is admirably straightforward. "I buy from everywhere in the world. I sell to everywhere in the world," he says. However, the trade is not without its difficulties. Sitting in his office filled with sacks of turmeric, black peppercorns and dried lemons, he concedes that although trading volumes have remained high despite the downturn over the past two years, profit margins are under pressure.
Salam’s strategy and his fortunes reflect those of the rest of the city around him. Trade has traditionally been at the heart of the emirate’s economy but the past decade’s boom and bust has meant that Dubai has been finding it harder to make its economy work of late.
Salam’s business is based in Deira – an area on the eastern shore of Dubai Creek that is home to a multitude...
