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The Bush administration quietly signed an agreement to supply the United Arab Emirates with nuclear fuel and technology amid concerns Iran's continued enrichment of uranium will spur nuclear proliferation in the Middle East.The decision to go ahead with the UAE nuclear program also follows Treasury Department talks with UAE Sovereign Wealth Funds, positioning the federation of seven Gulf states to make further investments in U.S. financial institutions this year.Wall Street financial analysts remain concerned that U.S. banks and securities firms will need additional capital infusions later this year as their asset bases continue to erode in the unfolding crisis in mortgage-backed securities. Secretary of State Condoleezza Rice and UAE Foreign Minister Sheikh Abdulla bin Zayed Al-Nahyan signed a memorandum of understanding Monday in which the U.S. agreed to support the UAE in the development of domestic nuclear technology for generating energy.The UAE's Nuclear Energy Program Implementation Organization set the stage Sunday for the agreement with the State Department by issuing a white paper recommending the UAE forgo the domestic enrichment of uranium in favor of importing nuclear fuel from other nations, including the U.S.In issuing the white paper, UAE Foreign Minister Sheik bin Zayed al-Nahayan emphasized the UAE created the Nuclear Energy Program Implementation Organization to develop the nation's peaceful nuclear energy program, complying with the U.N.'s International Atomic Energy Agency requirements.The State Department emphasized the agreement falls under the principles spelled out in the Joint Declaration on Nuclear Energy and Nonproliferation, issued by President Bush and then-Russian President Vladimir Putin July 2, 2007.The agreement exemplifies a growing interest in nuclear technology by Middle East countries, including Saudi Arabia, in response to Iran's decision to continue enriching uranium, despite a U.S.-led move to intensify U.N. sanctions against Tehran.Iran has consistently rejected a Russian proposal backed by the U.S. and the International Atomic Energy Commission to supply Russian-enriched uranium in exchange for Tehran agreeing to stop its enrichment program.Earlier this month, Iran reportedly begun installing 6,000 centrifuges at its uranium enrichment plant in Natanz.
Iran now is using advanced IR-2 centrifuges that can enrich uranium at approximately double the rate of the older model P-1 centrifuges.WND previously reported Arab nations are preparing to invest some $1.7 trillion accumulated in Sovereign Wealth Funds – greatly augmented by windfall profits from this year's oil-price spike – into U.S. companies, including banks and brokerage firms.WND has reported Dubai and Abu Dhabi, two of the largest United Arab Emirate states, have been in quiet discussions with the U.S. Treasury, offering reassurances that their investments in U.S. banks and security firms would not impose restrictions usually dictated by Islamic law.In September 2007, Dubai acquired 19.9 percent of the NASDAQ in New York, placing the Arab government in an ownership position of the second largest stock market exchange in the U.S.In January, the Abu Dhabi government invested $7.5 billion in Citibank for a 4.9 percent provision plus a preferred coupon return of 11 percent, providing Citibank badly needed capital to make up for losses in bank assets suffered as Citibank-held mortgage-backed securities lost value.
http://www.worldnetdaily.com/index.php?fa=PAGE.view&pageId=62531
As in the days of Noah...
