Viewing cable 03ABUDHABI1101
Title: UAE PREPARES FOR IMPACT OF WAR ON STOCK MARKET

IdentifierCreatedReleasedClassificationOrigin
03ABUDHABI11012003-03-08 09:09:00 2011-08-30 01:44:00 UNCLASSIFIED//FOR OFFICIAL USE ONLY Embassy Abu Dhabi
null
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 
 
¶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