Business | Economy
Mohammad: UAE will stay with dollar
The UAE will maintain its currency's peg to the US dollar as long as it is in the interest of the UAE and national economy, His Highness Shaikh Mohammad Bin Rashid Al Maktoum, Vice-President and Prime Minister of the UAE and Ruler of Dubai, said during his meeting with US Treasury Secretary Henry Paulson.
- WAM
- Published: 00:00 June 3, 2008
Dubai: The UAE will maintain its currency's peg to the US dollar as long as it is in the interest of the UAE and national economy, Shaikh Mohammad said during his meeting with US Treasury Secretary Henry Paulson.
Shaikh Mohammad and the US officials also discussed the issue of the dirham's peg to the US dollar and the country's economic policy.
He stressed that the UAE would stay with the dollar since this serves its national economy.
Paulson expressed admiration and appreciation for Shaikh Mohammad's sharp vision, and praised as "international" the financial and investment policies.
The meeting was attended by Shaikh Hamdan Bin Mohammad Bin Rashid Al Maktoum, Dubai Crown Prince, Shaikh Maktoum Bin Mohammad Bin Rashid Al Maktoum, Deputy Ruler of Dubai, and other senior officials.
Paulson urged the oil producing countries to open their oil markets to foreign investments.
The UAE is a case in point.
As an important first step, Abu Dhabi is financing massive investments in upstream production and domestic refining capacity through partnerships with international companies.
More liberalisation along these lines would benefit all oil producing countries, Paulson believes.
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