Identifier
Created
Classification
Origin
03ABUDHABI2176
2003-05-05 10:11:00
CONFIDENTIAL
Embassy Abu Dhabi
Cable title:
UAE FORMALLY ANNOUNCES INTENTION TO ASSUME
how-tonull 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
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