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Identifier
Created
Classification
Origin
03ABUDHABI2176
2003-05-05 10:11:00
CONFIDENTIAL
Embassy Abu Dhabi
Cable title:  

UAE FORMALLY ANNOUNCES INTENTION TO ASSUME

Tags:   EFIN  ETTC  PREL  PGOV  LY  TC 
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Diana T Fritz  05/24/2007 04:21:50 PM  From  DB/Inbox:  Search Results

Cable 
Text:                                                                      
                                                                           
      
CONFIDENTIAL

SIPDIS
TELEGRAM                                             May 05, 2003


To:       No Action Addressee                                    

Action:   Unknown                                                

From:     AMEMBASSY ABU DHABI (ABU DHABI 2176 - UNKNOWN)         

TAGS:     EFIN, ETTC, PREL, PGOV                                 

Captions: None                                                   

Subject:  UAE FORMALLY ANNOUNCES INTENTION TO ASSUME CHAIRMANSHIP
           OF ARBIFT                                             

Ref:      None                                                   
_________________________________________________________________
C O N F I D E N T I A L        ABU DHABI 02176

SIPDIS
Laser1:
    INFO:   FCS 
CXABU:
    ACTION: ECON 
    INFO:   P/M DCM POL AMB 

DISSEMINATION: ECON
CHARGE: PROG

APPROVED: DCM:RAALBRIGHT
DRAFTED: ECON:TEWILLIAMS
CLEARED: NONE

VZCZCADI259
OO RUEHC RUEATRS RUEHZM
DE RUEHAD #2176 1251011
ZNY CCCCC ZZH
O 051011Z MAY 03
FM AMEMBASSY ABU DHABI
TO RUEHC/SECSTATE WASHDC IMMEDIATE 9791
INFO RUEATRS/TREASURY DEPT WASHDC IMMEDIATE
RUEHZM/GCC COLLECTIVE
						C O N F I D E N T I A L ABU DHABI 002176 

SIPDIS

STATE FOR EB, NEA/ARP, NEA/RA, EB/ESC/ESP
STATE ALSO FOR INL/C - CASSARA
TREASURY FOR OGC - AUFHAUSER
TREASURY ALSO FOR NILMINI GUNARATNE
TREASURY PASS OFAC FOR NEWCOMB

E.O. 12958: DECL: 05/05/07
TAGS: EFIN ETTC PREL PGOV LY TC
SUBJECT: UAE FORMALLY ANNOUNCES INTENTION TO ASSUME
CHAIRMANSHIP OF ARBIFT

REF: A) 02 ABU DHABI 5714 (NOTAL)

B) 02 ABU DHABI 3406

C O N F I D E N T I A L ABU DHABI 002176

SIPDIS

STATE FOR EB, NEA/ARP, NEA/RA, EB/ESC/ESP
STATE ALSO FOR INL/C - CASSARA
TREASURY FOR OGC - AUFHAUSER
TREASURY ALSO FOR NILMINI GUNARATNE
TREASURY PASS OFAC FOR NEWCOMB

E.O. 12958: DECL: 05/05/07
TAGS: EFIN ETTC PREL PGOV LY TC
SUBJECT: UAE FORMALLY ANNOUNCES INTENTION TO ASSUME
CHAIRMANSHIP OF ARBIFT

REF: A) 02 ABU DHABI 5714 (NOTAL)

B) 02 ABU DHABI 3406


1. (U) CLASSIFIED BY DCM RICHARD A. ALBRIGHT FOR
REASONS 1.5 (B,D).


2. (C) The UAE last week moved one step closer to
its goal of assuming total managerial control of
the Arab Bank for Investment and Foreign Trade
(ARBIFT) by announcing at the annual general
meeting (AGM) in Abu Dhabi its formal intention to
assume the chairmanship of the Board of the bank.
A new Board of Directors was selected at the AGM;
that body will meet shortly to choose the chairman
-- who will be an Emirati. UAE Finance Ministry
Undersecretary Khalid Al-Bustani told Econchief May
5 that he expects the Board will meet within the
next few weeks.


3. (C) Comment: Day-to-day management of ARBIFT
is completely controlled by Emirati nationals.
However, the chairmanship of the Board of
Directors, while largely symbolic, has until now
been held by a Libyan. The bank, which is owned
42.5 percent by Libya, 42.5 percent by the UAE and
15 percent by Algeria, has since the 1990s been
designated by OFAC as a Libyan entity. Currently,
more than 120 million USD of ARBIFT money (none of
it payable to or from Libyan entities) is frozen in
the USA. The UAEG is eager to seek the
release/licensing of these funds and hopes that
replacing the chairman of the board will initiate
meaningful discussions on a long-term solution to
the ARBIFT issue which would see the SDN status
removed and, eventually, Libyan equity
participation in the bank diluted significantly.

Wahba