HE Dr Omar Bin Sulaiman Hosts US Deputy Treasury Secretary

Official talks about United States' response to global financial developments

Dubai, Tuesday, October 28, 2008, His Excellency Dr Omar Bin Sulaiman, Governor of the Dubai International Financial Centre (DIFC) and Vice Chairman of the Central Bank of the UAE today hosted Mr. Robert Kimmitt, the Deputy Secretary of the US Department of Treasury. During his address, Mr. Kimmitt spoke about the United States' policy response to global financial developments and the US government's commitment to maintaining policies that help foster sustained economic growth. Of particular interest to audiences in Dubai was his discussion of the United States' open investment policies.

The event was attended by senior executives from DIFC and business leaders from global and regional financial services companies based in DIFC.

HE Dr. Bin Sulaiman said: "Mr. Kimmitt's address gave us significant insights into the United States' policy response to the financial stress facing developed countries. At a time when the global economy is going through massive changes, the United States' policies will have a huge impact on the world's ability to cope with the challenges that change brings. Global changes have presented Gulf countries with significant opportunities, which, if taken advantage of, can raise the international profile of the region and make it a significant player in the world economic scene."

At the outset of his address, Mr. Kimmitt said: "It is a pleasure to be in Dubai, especially at this magnificent financial centre. I want to thank Dr. Omar for hosting our delegation here today and congratulate him for his success in building the DIFC into an important financial centre for the region and beyond."

He further said: "The United Arab Emirates and the United States have a strong and enduring relationship based on mutual and reinforcing policy interests: political and security as well as economic and financial. We see this common commitment demonstrated in the recent decisions of the UAE to cancel Iraq's debt and expand diplomatic engagement there, for which we are appreciative. And, as I have discussed, we are also now working more closely together than ever before on addressing the current global financial crisis and resisting protectionist pressures, as demonstrated by our partnership leading to the Santiago Principles. As we emerge from the current turmoil, which we will, it is through this constant communication, coordination, and collaboration that we enhance the prospects for prosperity not only in our own countries, but in the Gulf region and beyond."

Mr. Kimmitt has had a long public service career, both at home and abroad. He served from 1991 to 1993 as American Ambassador to Germany and was awarded the U.S. Defense Department Distinguished Public Service Award as well as Germany's highest honor, the Order of Merit. Mr. Kimmitt served from 1989 to 1991 as Under Secretary of State for Political Affairs, and for his service during the Gulf Crisis and War, President George H. W. Bush presented Mr. Kimmitt with the Presidential Citizens Medal, the Nation's second highest civilian award.

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