Geithner allays Gulf fears

Timothy Geithner, the US Treasury secretary, held a series of closed-door meetings Wednesday with top UAE officials and sought to dispel concerns that the US and its dollar have become a hazardous destination for Gulf investments.

“It will remain the policy of the United States to remain committed to a strong dollar,” Mr Geithner said in an interview yesterday with Al Arabiya television. The dollar, he said, “will remain the principal reserve currency”.

Mr Geithner is the first senior US official to visit the UAE since President Barack Obama took office. Officials stressed that the purpose of his visit was primarily diplomatic, aimed at opening a dialogue between Abu Dhabi and Washington on a more equal footing than the one that characterised relations during the Bush administration.