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Dubai Hosts US Deputy Treasury Secretary

by Lorys Charalambous,, Cyprus

03 November 2008

During his recent visit to the Middle East, US Deputy Treasury Secretary Robert Kimmitt attempted to reassure the region's investors and sovereign wealth funds that the US remains open for business, despite the economic turmoil.

Last week, Kimmitt addressed members of Dubai International Financial Centre (DIFC) about the United States' policy response to global financial developments and the US government’s commitment to maintaining policies that help foster sustained economic growth. Of particular interest to audiences in Dubai and the Gulf region was his discussion of the United States’ open investment policies.

Dr. Bin Sulaiman, Governor of the DIFC said: "Mr. Kimmitt's address gave us significant insights into the United States' policy response to the financial stress facing developed countries. At a time when the global economy is going through massive changes, the United States' policies will have a huge impact on the world's ability to cope with the challenges that change brings. Global changes have presented Gulf countries with significant opportunities, which, if taken advantage of, can raise the international profile of the region and make it a significant player in the world economic scene."

Mr. Kimmitt commented: "The United Arab Emirates and the United States have a strong and enduring relationship based on mutual and reinforcing policy interests: political and security as well as economic and financial. We see this common commitment demonstrated in the recent decisions of the UAE to cancel Iraq’s debt and expand diplomatic engagement there, for which we are appreciative.

He added: "As I have discussed, we are also now working more closely together than ever before on addressing the current global financial crisis and resisting protectionist pressures, as demonstrated by our partnership leading to the Santiago Principles. As we emerge from the current turmoil, which we will, it is through this constant communication, co-ordination, and collaboration that we enhance the prospects for prosperity not only in our own countries, but in the Gulf region and beyond."

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