Part of the United Arab Emirates (UAE), Dubai may indeed have one of the fastest growing economies in the world, but there are some other things the mayor of Phoenix should know about the UAE:

1. The UAE was one of just three nations to recognize the Taliban regime in Afghanistan. The other two were Saudi Arabia and Pakistan.

2. Dubai is widely known as the smuggling point for high tech equipment into Iran to bypass US and international sanctions.

3. Then-CIA director George Tenet testified before the 9/11 Commission that the US was set to strike an Al Qaeda camp in Afghanistan several years ago but called off the mission because of the presence of royalty from Dubai.

4. To this day, reports that we have cited here on Shariah Finance Watch Blog indicate that the UAE continues to be a conduit for funds to Taliban Jihadists.

There was a time that this would have been called “trading with the enemy.” But we suppose times have changed. Doing business with those who seek to do us harm seems to be politically correct these days…

UAE may look to invest in US markets

UAE may look to invest in US markets

Salam Hafez

  • Last Updated: November 08. 2008 6:56PM UAE / GMT

DUBAI // The UAE has remained upbeat in its financial outlook and is looking to invest in US and European markets.

But a key figure in the capital has admitted feasibility of projects is being assessed because of the global financial crisis.

Soud Ba’alawy, executive chairman of Dubai Group, the diversified financial company of Dubai Holding, and Sameer al Ansari, the head of Dubai International Capital, indicated the UAE could weather the world financial crisis and look to invest in the US markets.

The two have been attending the inaugural Summit on Global Agenda, hosted by the World Economic Forum and the Dubai Government.

“There will be fantastic opportunities in the next 12 to 18 months … and that is not exclusive to Europe and North America. There will be fantastic opportunities in Russia, India, China and this region,” Mr Ansari, who controls about US$13 billion (Dh47.75bn) in assets, said at the summit.

He said his company had done very little in 2008 and would wait until 2010 to invest in foreign markets as prices hit rock bottom.

Mr Ansari said Dubai’s estimated Dh70 billion debt was manageable and it would not need to be bailed out as the credit crunch hit the GCC.

Mr Ba’alawy said availability of cash and low interest rates could help the UAE to weather the crisis, then recover quicker than expected.



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