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Sheikh Maktoum to US: Financial crisis is not solved by war

Mohit Joshi 8 November 2008

Dubai Dubai - The Ruler of the Gulf Arab Emirate of Dubai urged the new US government in a speech on Friday to focus on fixing its economy rather than wars.

"The financial crisis cannot be solved by going to war," said Sheikh Mohamed bin Rashid al-Maktoum in a the World Economic Forum in Dubai. "We advise the US administration to focus on their economy rather than wars."

Dubai, part of the United Arab of Emirates, and other states in the Gulf Arab region, have opposed any military action against Iran.

The mostly-Sunni UAE fears that any military conflict with Shiite Iran would destabilize the region. Dubai, dependent on foreign investment and on real estate, would be particularly vulnerable to any strike on nearby Iran.

Al-Maktoum also blamed bad mortgage loans and high bonuses for the financial crisis. (dpa)

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