U.S. to provide nuke fuel to Arab states

U.S. to provide nuke fuel to Arab states
Iran triggering proliferation concerns in Middle East

Dubai - 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.

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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.