Identifier
Created
Classification
Origin
03ABUDHABI1101
2003-03-08 09:09:00
UNCLASSIFIED//FOR OFFICIAL USE ONLY
Embassy Abu Dhabi
Cable title:
UAE PREPARES FOR IMPACT OF WAR ON STOCK MARKET
how-tonull Diana T Fritz 05/24/2007 04:55:29 PM From DB/Inbox: Search Results Cable Text: UNCLASSIFIED SIPDIS TELEGRAM March 08, 2003 To: No Action Addressee Action: Unknown From: AMEMBASSY ABU DHABI (ABU DHABI 1101 - ROUTINE) TAGS: ECON, EFIN, EINV Captions: None Subject: UAE PREPARES FOR IMPACT OF WAR ON STOCK MARKET Ref: None _________________________________________________________________ UNCLAS ABU DHABI 01101 SIPDIS CXABU: ACTION: ECON INFO: P/M AMB DCM POL Laser1: INFO: FCS DISSEMINATION: ECON CHARGE: PROG APPROVED: DCM: RAALBRIGHT DRAFTED: ECON: GARANA CLEARED: ECON: TEWILLIAMS VZCZCADI744 RR RUEHC RUCPDOC RUEHZM DE RUEHAD #1101 0670909 ZNR UUUUU ZZH R 080909Z MAR 03 FM AMEMBASSY ABU DHABI TO RUEHC/SECSTATE WASHDC 8719 RUCPDOC/USDOC WASHDC RUEHZM/GCC COLLECTIVE
UNCLAS ABU DHABI 001101
SIPDIS
SENSITIVE
STATE FOR NEA/ARP, NEA/RA, EB/CBA AND
EB/ESP
USDOC FOR 4530/ITA/MAC/ONE/DGUGLIELMI,
4520/ITA/MAC/ONE/CLOUSTAUNAU,
4500/ITA/MAC/DAS/WILLIAMSON,
3131/CS/OIO/ANESA
E.O. 12958: N/A
TAGS: ECON EFIN EINV TC
SUBJECT: UAE PREPARES FOR IMPACT OF WAR ON STOCK MARKET
UNCLAS ABU DHABI 001101
SIPDIS
SENSITIVE
STATE FOR NEA/ARP, NEA/RA, EB/CBA AND
EB/ESP
USDOC FOR 4530/ITA/MAC/ONE/DGUGLIELMI,
4520/ITA/MAC/ONE/CLOUSTAUNAU,
4500/ITA/MAC/DAS/WILLIAMSON,
3131/CS/OIO/ANESA
E.O. 12958: N/A
TAGS: ECON EFIN EINV TC
SUBJECT: UAE PREPARES FOR IMPACT OF WAR ON STOCK MARKET
1. (U) Local press reported on March 3 that the General
Manager of the Stock and Commodity Authority -- the UAE
equivalent of the SEC -- Abdullah Al Turifi, told UAE
financial institutions that he expects the possible war with
Iraq to have long-term impact on UAE stock markets.
Nevertheless, the Stock and Commodity Authority will reduce
expected market volatility by putting stronger curbs in
place to prevent equity values from dropping too
precipitously. (Note: Current curbs are 10% movement per
day. End note.) Al Turifi also conceded that the market is
currently moribund as traders have postponed purchases until
after the war starts, since they expect stock prices to
tumble once it begins.
2. (SBU) Comment: While some in the UAE anticipate business
opportunities as a result of the Iraq crisis, the local
stock market regulatory authority is clearly taking no
chances, acting now to prevent potential market
destabilization in the event of a conflict.
Wahba
SIPDIS
SENSITIVE
STATE FOR NEA/ARP, NEA/RA, EB/CBA AND
EB/ESP
USDOC FOR 4530/ITA/MAC/ONE/DGUGLIELMI,
4520/ITA/MAC/ONE/CLOUSTAUNAU,
4500/ITA/MAC/DAS/WILLIAMSON,
3131/CS/OIO/ANESA
E.O. 12958: N/A
TAGS: ECON EFIN EINV TC
SUBJECT: UAE PREPARES FOR IMPACT OF WAR ON STOCK MARKET
1. (U) Local press reported on March 3 that the General
Manager of the Stock and Commodity Authority -- the UAE
equivalent of the SEC -- Abdullah Al Turifi, told UAE
financial institutions that he expects the possible war with
Iraq to have long-term impact on UAE stock markets.
Nevertheless, the Stock and Commodity Authority will reduce
expected market volatility by putting stronger curbs in
place to prevent equity values from dropping too
precipitously. (Note: Current curbs are 10% movement per
day. End note.) Al Turifi also conceded that the market is
currently moribund as traders have postponed purchases until
after the war starts, since they expect stock prices to
tumble once it begins.
2. (SBU) Comment: While some in the UAE anticipate business
opportunities as a result of the Iraq crisis, the local
stock market regulatory authority is clearly taking no
chances, acting now to prevent potential market
destabilization in the event of a conflict.
Wahba