Iran attacks hit home: Dubai to Kuwait tensions stall Indian trade

New Delhi (The Uttam Hindu): The war between Iran and America-Israel is now taking a dangerous turn. The fire of this fierce war that has been going on for 16 days is now engulfing other peaceful countries of the Middle East as well. Iran is continuously carrying out attacks on its neighboring countries, due to which a huge fuel crisis has arisen in the entire world. The most panic is being seen in the United Arab Emirates (UAE), where missiles and drones are now hovering in the sky of Dubai's most famous city Dubai. On Sunday too, loud explosions were heard in Dubai's posh areas Marina and Al Sufouh and black smoke was seen rising from there.

Rapid attacks on Dubai and Kuwait airports

Iran's desperation can be gauged from the fact that it has also targeted Kuwait International Airport with its drones. Fortunately, no casualties have been reported in these attacks. Smoke was also seen rising in Fujairah, where a Jordanian citizen was reportedly injured. Iran is also launching frequent missile attacks in Dubai, but the air missile defense system deployed there is working diligently to thwart these attacks.

The attack on Kharg Island sparked a fire that killed 294 people

The tension in the war reached a peak when Kharg Island was attacked. This island is considered the backbone of Iran's economy, as Iran exports 90 percent of its oil from here. In response, Iran has launched approximately 1,800 missile and drone attacks on the UAE so far. According to statistics, Iran has attacked the UAE with 1,600 drones, 294 missiles, and 15 cruise missiles, killing at least 294 people and injuring 141. The situation is so tense that 10 foreigners have been arrested for making footage of the attacks viral on social media.

Indian exporters lose sleep, business stalls

This geopolitical turmoil in West Asia is directly impacting India. The threat looming around the Strait of Hormuz, in particular, has created significant uncertainty for India's trade. Indian exporters are closely monitoring this evolving situation. Apparel industry experts believe that this severe crisis could lead to a significant decline in apparel export orders to West Asia in the coming months, and consumption there could also decline. India sends approximately 11.8 percent of its total apparel exports to these war-torn countries.

Sea routes closed, ship insurance fees doubled

Due to the war, freight and transportation times have increased significantly. Ramesh Kumar Juneja, Chairman of the Leather Exporters Council, provided a very worrying information, stating that cargo transportation to the Persian Gulf has currently come to a complete halt. Given the threat looming on the sea routes, ship insurance fees have skyrocketed. Insurance for a 20-foot container has risen to US$1,200 and for a 40-foot container to US$2,400, which has crippled Indian traders.