DUBAI: Sheikh Mohammed bin Rashid Al-Maktoum, vice president and prime minister of the UAE and ruler of Dubai, held talks yesterday with British Prime Minister Gordon Brown discussing bilateral relations, political situation and regional and international economic issues.
Brown, who arrived in Dubai on the last day of his Gulf tour, wants the states in the region to give hundreds of billions of dollars to the International Monetary Fund to boost its fighting fund for countries battling the credit crunch.
Commenting on the UAE visit, Brown said it was a good chance to exchange views on political situation in the region and on ways to resolve issues and achieve peace and stability in Middle East and Africa.
The talks focused on the global financial crisis and possible ways to overcome it.
Sheikh Mohammed underlined the importance of cooperation between the financial and banking institutions of the UAE and Britain.
He said there was a need for joint international efforts at the government and private-sector level to arrive at a united stand and set mechanisms to resuscitate the global economy, banking sector and the world financial system.
Brown said he was confident that “the UAE leadership is keen to help set a balance in the world financial system,” adding that the UAE was one of the first countries that took steps to protect its financial institutions injecting liquidity into the banking sector and financial market. “This step has boosted investors’ confidence and attracted foreign investment into the country,” state news agency WAM quoted Brown as saying.
“A few days from now, I believe we will see countries coming together to make their statements about what they contribute,” he told reporters after holding talks with Sheikh Mohammed.
Qatar said on Sunday it was willing to help the international community tackle the financial crisis and Brown said the United Arab Emirates had also given a warm response.
One government source said the seniority and size of Brown’s delegation — which included ministers and business chiefs from some of Britain's biggest firms — “could unlock an enormous amount of goodwill in the region.”
Brown’s visit precedes a G-20 heads of state meeting in Washington which policymakers hope will ultimately result in coordinated moves to stabilize the global economy and reform how it is governed to give more say to fast-emerging economies.
“People are willing to work with us to make the changes that are necessary in the international financial order,” Brown told reporters.
