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Italian TV hosts Al Ghurair on Global Financial Crisis

posted on 24/10/2008: 695 views



Rome - The Federal National Council Speaker HE Abdul Aziz Al Ghurair, stressed the need for global solidarity to protect the global economy amid adverse effects of the current global financial crisis.

Speaking to Italian TG5 TV, he added that "it is high time to take appropriate measures to protect the global economy from collapse instead of waiting to see it happens". About the role of sovereign funds towards the crisis, Al Ghurair noted that these funds enter the world market with the conditions as investment funds, but not for managing companies and their financial policies.

On the relations between Gulf and European Union banks, he underlined that the Gulf banks operate in line with partnership, as they are looking forward to long term investment projects, adding that the weakness of euro due to the current global crisis does not affect GCC countries, because their currencies are pegged with US dollar. The weakness of euro will spur GCC countries to invest in Europe.

He said GCC countries have confidence in EU economy, the biggest market in the world, citing that the UAE has executed investment projects with Italian companies, such as Ferrari, Feinmechanik and others. Italy is also looking forward to investing in the Gulf. – Emirates News Agency, WAM

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