…This particular contract, this one commercial situation, is of importance to many parties and of importance to this country, but it has ramifications across our global economy. Our Nation is daily dealing in a one-market economic market. Really it is a one-world market of diplomacy among the free nations as well. Indeed, it is a one-world market in terms of our individual and collective securities, particularly in the war on terrorism.

It has been fascinating to me, although I have visited the UAE in times past, to focus once again on this pivotal and rapidly growing nation, a nation of several emirates which have drawn together, a nation which is becoming one of the major financial markets in the world and major investors in the world.

According to the United States Trade Representative, the United States and UAE engaged in $4.6 billion worth of trade in 2003–and that figure has doubled since then according to the Financial Times. More than 500 U.S. companies have regional headquarters in the Emirates. Oil and Gas are leading industries in the UAE, as the country holds approximately 8 percent of the world’s crude oil reserves and has the 5th largest natural gas reserves. In addition, at the end of 2005 Emirates purchased 42 Boeing 777 aircraft for approximately $9.7 billion. This represents some of the vast investments by UAE in America and American investment in the UAE.

On Saturday afternoon I went to the Department of Defense. I went down to the Joint Staff, where I met with the key officers who are dealing with a variety of issues relating to this and other matters to verify that over 500 U.S. warships docked–and I use the word “docked” because they went right to the piers. Our sailors went off; others came on to work with the ships. They didn’t anchor out in the harbor and send in the lighters and the other transportation. It is the only port in that region in which we can dock our major supercarriers.

In addition, there are airfields that are supporting the ongoing operations we have in Afghanistan and Iraq.

…I am gravely concerned about the image of America. I have checked into the press coverage of this in the Arab world, and I regret to say that it is extremely disturbing. We cannot, in the course of our responsible work in the Congress and the continuing responsible work of the administration, allow our actions to be viewed by others as being biased. Congress must look at this not only as a business deal between two companies but also consider the global diplomatic, economic, and military security issues associated with this acquisition.

It is imperative we not send a mixed message to–or impose a double standard on–our allies by expecting assistance in the global war on terror and an open door policy toward investing in their country while sending a message that they are not welcome to invest in ours. We have to show that, yes, we are concerned about security, but in doing so and working through this process, we should not be perceived as treating elements of the Arab world and governments of the Arab world as second-class citizens. It is imperative that at the conclusion of this–however it comes out, and I am hopeful it will come out positively–the U.S. is viewed by the Arab world as a reliable working partner and that recognizes the importance, particularly in the war on terrorism, of having the support of a number of Arab nations to protect our interests and those of other nations in the free world.

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