Geithner in UAE to Reassure Investors

ABU DHABI — Fresh investments in the US and concerns about the value of the dollar are likely to figure high on the agenda in talks scheduled for today in the nation’s capital between visiting US Treasury Secretary Timothy Geithner and senior government officials.

By Haseeb Haider

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Published: Thu 16 Jul 2009, 12:29 AM

Last updated: Sun 5 Apr 2015, 7:57 PM

Geithner planned to fly to Abu Dhabi late Tuesday night from Saudi Arabia, where he met earlier with Saudi counterparts and business leaders on the first stop of a two-nation swing through the Gulf.

The US Treasury chief is in the region to reassure investors about the health of the world’s largest economy and to seek their help financing Washington’s $1 trillion budget shortfall.

Geithner expected to meet with General Shaikh Mohammed bin Zayed Al Nahyan, Crown Prince of Abu Dhabi and Deputy Supreme Commander of the UAE Armed Forces, and Shaikha Lubna Al Qassimi, Minister for Foreign Trade.

He also planned talks with top officials at the UAE Central Bank and Abu Dhabi Investment Authority, or ADIA, the largest sovereign wealth fund in the world.

ADIA has significant exposure to US economy. The UAE pegs its currency to the dollar.

Geithner, speaking on Tuesday to reporters in Jeddah, Saudi Arabia, said that the United States and Gulf countries “have a common security interest ... in trying to prevent the spread of nuclear weapons in this region.”

The UAE and the US signed a civil nuclear co-operation agreement in January that has been hailed as a model for other countries eager to pursue nuclear energy for peaceful purposes. The UAE pledged to make its programme transparent and verifiable by the International Atomic Energy Agency. In exchange, the country would be able to transfer nuclear technology and equipment — including reactors.

The US Congress is debating the agreement and is expected to approve it as a draft law.

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