i'd like to start off the panel by saring that the uae is very much opened for business. for two reasons. one, the uae has benefitted from the problems in the other arab countries as people are moving there as businesses is moving there and tourism is going there. but i would also argue that it's because the uae has positioned itself as a transit hub, as with the two major airlines with dubai's ports and airports, abu dhabi coming on line and the they are developing the end queen continent and things are developing. but i'd like to focus on the subject of this panel which is alternative energy. while the traditional areas of by, aviation, defense, infrastructure, are moving ahead in uae, there was a pause but they're moving ahead and they are continuing in those areas. the world future energy summitt earlier this year provides an opportunity for u.s. companies to enter into a country where there is planning for the future. and what i see is the uae is a place where we can do real competition with the indians, the chinese and the turks in areas such as alternative energy.

example of the uae with south korea is not the only one.look at saudi arabia with china, very similar set-up as well. the thinking is more of a gcc at large, thinking about securing their connectivity and securing future in terms of how they deal, how they evolve with strong emerging markets. >> uae cost a trillion durhams during a slow economic recovery, your trade went up 25%. is this a factor of maintaining your markets in the west but tilting east to the higher growth economies? >>> yes, that is very correct with you most importantly i think we should also speak about the strategy of the country itself in terms of diversifying the economy. 70% is not oil. most of us think of a country that prouss oil and store, have a lot of good reserve. however, the big bulk is trade. we sit as a main hub between the east and west. we are the gateway for africa. africa is a big market and gold mine for us. india is the number one trading partner for the uae, exceeding 43 billion u.s. dollars in terms of bilateral trade, also our position as their numb

i've been in the uae almost seven months and business has been my top proi orit. what i would like to do is start this panel by saying that the uae is very much open for business. i would like to say that this is for two reasons. one, the uae has benefited to a certain extent from the problems in the other arab countries as people are moving there, as businesses are moving there, as tourism is going there, but i would also argue that it's because the uae has positioned itself as a transit hub with the two major airlines, with dubai's ports and airports and abu dhabi coming online, the new sub-saharan african market is developing the market and the stands are developing, but i would leak to focus on the subject of this panel while the traditional areas of business, aviation, defense e infrastructure are moving ahead in uae, was there a pause, but now they are moving ahead and they are continuing in those years. the world future energy summit earlier this year provides an opportunity for u.s. companies to enter into a country where there is planning for the future,

countries on private equity funds and certainly i've had some experience with such entities in the uae. if you might offer a few words on that and then i'd invite other panelists whose countries do have either sovereign investment funds or very active private equity funds to offer their comments as well. >> i would just say this is an area where obviously the emirates have a great interest in this. there was, you know, the 2008 crash in dubai which also affected abu dabby and it was a wake-up call and they are moving beyond that. as i said last year, was there a hold on a lot of outward-looking projections that were lifted and they are moving forward with their investments and they are again, open for business again and there are arab spring concerns which they've addressed now and they are moving forward. i think that the overall message is the pause that we saw last year is pretty much over, but there will be concerns as you go forward and they're certainly focused on what happened in dubai and they're not going to spread their money and way around like they used to because of the mo

>> i would just add for the uae they have abundant opportunities.hey have dynamic leadership, and i would say the prime example of this is the employment of women and finding ways of getting women into the work force. they realize if they're going to do defense, air license, hospitals, peaceful nuclear energy, they just with a million population they really need to use all their human resources. i think there are issues with amortization, but i think the leadership is really focused on youth, and i think there is, there's a positive story going on in the uae in general. >> yeah, please. >> i think there is somewhat of an element of correlation in oman. oman is a minority country in the sense that the majority of the residents there are omanis. and so you do still have much of the economy run by omanis at our embassy. a majority of the employees at the embassy are omanis, but our per capita income is $20,000 per year. when you have $100,000 per capita income your need to enter the work force and the kinds of jobs that are typically available are much

>> i'll add for the uae, they have abundant opportunities. dynamic leadership and the prime example of this is the employment of women and finding ways of getting women into the workforce. they realize if they're going to do defense, airlines, hospitals, peaceful mike lar energy with a million population they need to use all their issues. but i think the leadership is really focused on youth and i think there's a positive story going on in the uae in general. >> i think there's somewhat of an element and correlation in oman. they are a minority country in the sense that the majority of resident there is are omanis. so you do still have much of the economy run by omanis at our embassy. the majority of them are omanis but the per capita income is $20,000 a year. when you have $100,000 a year per capita, your need to enter the workforce at the jobs typically available are much less so that's an element that plays a role in what the expectations are and in what the needs are. i think in our country the omanis are doing a very good job of training

i've been in the uae for almost seven months and business has been my top priority. i would like to start this panel by saying that if the uae is open for business and i would like to say that for two reasons, one, the uae has benefited to a certain extent from the problems in the other arab countries has people are moving there in the business and tourism is going there but i would also argue that it's because the uae has positioned as of as a transit hub and with the major airlines with dubai and abu dhabi coming along and the new sub-saharan african market is developing the indian subcontinent and since the stands are developing i would also like to focus on the subject of the panel which is alternative energy while the traditional areas of business, aviation, defense, infrastructure are moving ahead in uae. there was a pause but now they are moving ahead and they are continuing in those areas. the future summit earlier this year provides an opportunity for u.s. companies to enter into a country where there is planning for the future. and what i see is the uae is

it's that pressure that has oil rich nations like the uae offering greater access to their supplies. $2 billion, the state run korean oil corporation, have signed a strategic oil deal with the gulf nation. the project which starts this month includes the development of three oil fields expected to output around 40,000 barrels per day by 2014. new oil deals are being inked all the time. china is iran's number one customer importing around 20% of iran's total exporlts, but in january it signed a new joint venture with saudi arabian giant saudi aramco. locking in another 400,000 barrels a day by 2014. >> there is a thirst for energy and the most cost effective and convenient way to again much that thirst is to provide them with energy and that interdependen interdependence. we need china as much as they need us. >> reporter: iranian sanctions are speeding up a new reality and partnerships. the oil rich nations are looking east to countries eager to secure their oil supplies in the 21st century. >>> india also seems to be yielding to pressure. the refinery and petro chemicals limited say

we should seek the active involvement of key arab partners such as saudi arabia, uae, jordan and qatar and allies in the e u and nato, the most important of which in this case is turkey. rather than closing off the prospects for negotiated transition that is acceptable to syria's opposition, military intervention is now needed to strengthen this option. assad needs to know that he will not win. and unfortunately, that is not the case now. to the contrary, assad seems convinced that he can wipe out the opposition through violence and is fully committed to doing so. the ideal political outcome of military intervention would be to change this dynamic, to prevent a long, bloody fight to the finish by compelling assad and his top lieutenants to give up power without further bloodshed, thereby creating the opportunity for a peaceful transition to democracy, possibly along the lines proposed by the arab league. to be sure there are legitimate questions about the effacacy of military options in syria and equally legitimate concerns about risks and uncertainties. it's understandable the adminis

the gulf countries, bahrain, uae, they are under threat. fortunately we have the ability to confront this threat but we are not the only ones. >> quick response. >> tiny one. this has turned into a seminar of fuzzy physics. at the end of the day if you're focused on the intentions, you are left either with bombing or an ability to monitor and verify what they are doing. as president reagan said when he signed the agreements with the soviets, he talked about trust but verify in the case of iran, which is mistrust and verify. but in the absence of any verification, you have no way of being able to make any real judgments about the intentions of the other side. even if you bomb -- this is the other thing. we talk about a military solution. that's quite a charitable way of describing it. it's the best military option. it's not a guaranteed solution to receive that title. even in that case in the previous situations we have had, all that it has done, it has doubled and tripled the exact designer you pointed out, which is to get nuclear deterrent

can't, you have to -- if you're iran, see if can you finance transactions through turkey, through the uae, through other neighbors. and that's at a time when the u.s. is going to be observing strong pressure on those countries not to help. so this is one more step down the road to saying to iran that their current course is unacceptable to the war community. symbolized here by the world banking consortium. what i argue in the article as you mentioned is basically that i think military attack on iran by israel or by the united states would be a mistake. i think it would produce the opposite result that we desire. it wouldn't retard the nuclear program more than a year or two. it would probably rally the iranian people behind a regime that right now is really unpopular and divided against itself. and i worry that also might deflect the course that we call the arab spring, although it's not very springy joan anymore, so it became more pro iranian, more milmilitant, more anti-wesn than it is. i think sanctions, which we often just laugh at as an ineffective kind of policy, in this case really

the other countries, the uae is working hard on the pipeline. there's already a pipeline coming back. on and on and on. there are a lot of things going on, and meanwhile, inside iran times are getting tougher pretty clearly. it seems to me that in their calculus, in their understanding of where they are time is not on their side. they're going to have to start doing something other than just yakking. and that doesn't mean they're going to go blow something up. i think if you think about the consequences, that's a pretty tough thing to chew. >> real quickly, i can't guess what's going to happen in five years, i think the trend here is that the intellectual capital to create a nuclear weapon is out there. and this problem that we're experiencing right now with north korea and with iran is not -- even if you take those two out of the equation is not going away from the world. it's just with the proliferation of knowledge that's out there, and engineering, this is not undoable. we think of this activity like we thought about it in the '50s when we d

the uae has come up. saudi arabia has come up. 14 months ago we probably would have put egypt on the list and we may some months from now want to keep egypt on the list of other countries in the region. and then it's kind of jenny bar the door as far as the global proliferation regime. >> i'm from the international law institute. my question is russia on the list? is the interest of russia in iran part of the equation? >> you were looking at me when you asked. of courses russia is an important fact tor and has from time to time, not as consistently or fully as we would like, been on the solution end the spectrum. the russians emphatically don't want iran to be a nuclear weapons state, for all kinds of reasons, including what i alluded to a moment ago, what it would do to the region. but also insofar as that enhanced or fueled iran's capability to make trouble in various parts of the culturally muslim regions of the russian federation, they would be more of a danger. now, their behavior has been not consis

leaders have more on their plate, from supporting our friends in jordan and egypt, saudi arabia, and the uae, to keeping a watchful eye on the fragile but very different situations from bahrain, yemen, and lebanon. inafghanistan despite the progress our troops are marking on the ground, we are at an impasse with president karzai on the negotiation of a strategic partnership agreement. which is critical to sustaining our goals and locking in lasting success. in pakistan, our relationship remains fraught by a series of setbacks and a lack of trust, largely arising from the fact that the country's intelligence service continues to support terrorist groups, such as the hakani network that are killing americans. in iraq, prime minister maliki continues to centralize power at the expense of the other political blocks, while the threat posed by al qaeda appears to be growing, along with the kinds of horrific, spectacular attacks like the one we saw yesterday. the iranian regime continues working to subvert iraq and many other countries in the region. its recent attempt to assassinate the saudi amba

we're setting up a center in the uae to counter violent extremism. so these are all parts of the multitudous role that the diplomacy and development experts that state and usaid perform y and, obviously, we think it's important work because we do it, you know, with great pride. >> well, i thank you for that. i know they do it with great pride. and to great effect. i think one of the things i was struck by, this is not under the 150 account, it's under the commerce account, which i also serve on chl. but when i was in hong kong, i remember there were about three foreign commercial service folks who were complaining bitterly that they didn't have either the place which other countries had to convene meetings in, or the staff capacity. and that we were literally missing, they said "billions of dollars of business" because we weren't as aggressive as other people in seeking it. so i think this connection is something that we really need to try to underscore to people. >> well, i appreciate your mentioning the commerce department because they've been our

they signed a multibillion dollar deal with the uae.eo of the korean national oil corporation spoke to paula hancocks about the agreement. >> there's a lot of competitions still many companies, many countries are trying to enter that i know. that's why great things for us. we can be real, i mean, major player. so we say the premium. we just entered into the premiere league. >> the united states is actively trying to pressure south korea as well as other countries to try and lower the dependence on iranian oil to be in line with the u.s. sanctions. are you able to lower your dependence? >> maybe i think the government can make it possible. actually we can have alternative sources very easily. for example, we have iraq. if there is any crisis, they are ready to support us. the agreement has been made last year. so i think the government can make alternative sources. >> what other sources around the world do you actually have at your disposal to be able to plug up the gap from iran if you have to? >> we have produced in many countries, inc

libya they were able to do it with british and french and others and uae aircraft and others.ve the capacity in my view to stop assad and the slaughter but it's also going to require sanctuary arms training and some other things as well. now it's reached the point where you have artillery and tanks against ak-47s. it's going to require foreign airpower and again the united states not going alone but the united states leading.pointed o been reporting on this every night for a year. i've been disappointed a lot of other networks haven't been reporting on this because we've had video available even if we're not allowed into the country ourselves, what do you say to those americans who look at this and look at those pictures and say, you know what? this is horrific but the u.s. is involved in two wars and we can't afford and shouldn't be involved in another one? >> first of all, again, i would like to say i watch it regularly and it's been extensive coverage. my answer to that is what does the united states stand for? what do we believe in? we believe in freedom. we went to bosnia

>> i add for the uae, they have abundant opportunities, dynamic leadership, and the prime example of this is the employment of women and finding ways of getting women into the work force. they realize if they do defense, airlines, hospitals, pewsful nuclear energy with a million population, they really need to use all their home resources. there are issues, but i think that the leadership is really focused on youth, and i think there is a positive story going on in the uae in general. >> i think there is somewhat of an element of correlation in ohman, is minority, and you have much of the economy run at the embassy, and majority of the employees at the embassy, and our per capita income is $20,000 a year. when you have $100,000 a year per capita income, your needs to enter the work fors in the jobs that are available of much less, and so i think that's an element that plays a role in what the expectations are and in what the needs are. i think in our country, the omanis doing a good job of training, of identifying where employment can be made available and then training omanis to tak

to make it, as he pointed out, you'd have to make it an international group, nato, saudi, kataris, uaetera as they did in libya. this has far greater significance than libya does, this really reaches right into iran. syria is the number one nation state proxy for iran today, backed by russia and china, and so that is why this is so significant. it backs up our iranian policy. the president said speak softly but carry a big stick, we are carrying a twig right now. unless we show that we mean business over there we are going to force the israelis to strike iran. bill: i want you to explain that now. you think a no-fly zone or something more than that in syria, sends a strong signal to iran. >> exactly. bill: general, what would that tell them, specifically? >> it would tell them that we mean business, that they should not go further on their uranium inch reufplt, that they should let the unambiguous inspections by the iae commence, and that's the way we could diplomatically show that iran is moving away from a nuclear weapon. otherwise it's just words, and the iranians really think we ar

certainly saudi arabia who is their arch enemy, possibly turkey, possibleee the uae, and bahrain as wellve nuclear weapons and that is a very dangerous situation. we will try to offer those countries if iran has a nuclear weapon, a nuclear umbrella much as we have done in european also in asia. but in talking to the leaders of those countries, as many of our government officials have, and as i also have myself, they will reject that. why? they fundamentally do not trust iran and they also have less confidence in the united states than what they have had in the past. so they will arm themselves. the danger of that is, this is the most troubled neighborhood in the world. in the last 50 years there's been ten-plus wars there counting four conflicts of our own. and you have that many countries with their finger on a nuclear trigger, it's not just that iran may strike first, it's one of those other countries would strike first, feeling a threat and the eventual iranian use of a nuclear weapon. >> we had such an arsenal and russia would have its arsenal and no one would pull the trigger becaus

the other countries, uae is working hard on a pipeline to bypass coming back the other way through the red sea and on and on. there a lot of things going on and meanwhile inside of iran times are getting tougher pretty clearly so it seems to me that in their understanding of kind of where they are, time is not on their side. so they are going to have to start doing something other than just yakking and that doesn't mean they are going to go blow something up. if you think about the consequences, that's a pretty tough thing to do. >> just row quickly can't i can guess what's going to happen but i think the trend here is that the intellectual capital to create a nuclear weapon is out there, and this problem we are experiencing right now with north korea and with iran is not, even if you take those out of the equation is not going away from the world. with the proliferation of knowledge that is out there and engineering this is not doable. we think of this activity like we thought about it in the 50s in the eisenhower build up on all those things that they are going to make this exclusive

we would completely lose qatar, kuwait, the uae, so this could lead to a very significant spike to oil prices. >> a nightmare to global economies to put it mildly. besides the price would barely get hold of it either. >> it's not just the price effect, it's the disruption to supply. >> exactly. thank you very much. sabine joining us from bank of america. bob, thank you as well. bob parker joins us this morning from credit suisse and the other question, of course, has oil become the new greece? you can head to our website, cnbc.com to get more views. we'll write up this discussion as well. i think that was well worth it, jackie. >>> yeah, romney storms to victory in washington state. republican caucus but foe can cuss turns to the super tuesday vote with ten states up for grabs. we have more on that. back in a flash. >>> good morning and welcome back. it's time for the global markets report. let's take a look at the futures and see how we're poised for trade on wall street. it does look like a lower open. the dow would be lower by 58 points. the nasdaq by 10 1/2. the s&p 500 lower by 6

we should seek the active involvement of key arab partners such as saudi arabia, uae, jordan and qatar and allies in the e u and nato, the most important of which in this case is turkey. rather than closing off the prospects for negotiated transition that is acceptable to syria's opposition, military intervention is now needed to strengthen this option. assad needs to know that he will not win. and unfortunately, that is not the case now. to the contrary, assad seems convinced that he can wipe out the opposition through violence and is fully committed to doing so. the ideal political outcome of military intervention would be to change this dynamic, to prevent a long, bloody fight to the finish by compelling assad and his top lieutenants to give up power without further bloodshed, thereby creating the opportunity for a peaceful transition to democracy, possibly along the lines proposed by the arab league. to be sure there are legitimate questions about the effacacy of military options in syria and equally legitimate concerns about risks and uncertainties. it's understandable the adminis

if you're iran, to see if you can finance transactions through the uae, through other neighbors. and that's when a time when the u.s. will be exerting strong pressure on those countries not to help. so this is one more step down the road to same to iran that their current course is unacceptable to the community, symbolize here by the world banking consortium. what i argued in the article which you mentioned is basically that i think military attack on iran by israel or by the united states would be a mistake. it would produce the opposite of the result that we desire. it wouldn't retard nuclear program more than a year or two. it would probably rally the iranian people kind a regime that right now is really unpopular and divided against itself. and i were that it might also deflect the course of a we called it arab spring, although it's not very springy anymore. so it became more pro-iranian, more militant, more anti-western bandages. so i think sanctions, which we often just laughed out as an effective kind of policy, in this case really do see it working. the currency has lost

leaders have more on our plate from supporting our friends in jordan and egypt, saudi arabia and the uae keeping a watchful eye on the fragile but very different situations in bahrain, yemen and lebanon. in afghanistan is the progress of the trips making on the ground we are at a pass with the negotiation of a strategic partnership agreement. which is critical to sustain the rebels and walking into lasting success. and that a similar relationship remains fraud with a setback and lack of trust largely a rising from the fact that the country's intelligence service continues terrorist groups such as the haqqani network that are killing americans. in iraq the prime minister maliki continues to centralize power at the expense of the other political blocs while the threat posed by al qaeda for, appears to be growing along with the times of harvick spectacular attacks like the one we saw yesterday. the iranian regime continues working to subvert iraq in many other countries in the region. its recent attempt to assassinate the saudi ambassador in washington as well as the officials in southeast

leaders have more on their plate from supporting our friends in jordan and egypt and saudi arabia and the uae with the fragile but very different situation and of rain coming yemen and lebanon. in afghanistan despite the progress of the troops on the ground, we are at an impasse with president karzai on the negotiation of a strategic partnership agreement which is critical to sustaining our goals and blocking the lasting success. in pakistan our relationship remains fraught by a series of setbacks and lack of trust, largely to rising from the fact the country's intelligence service continues to support terrorist groups such as the haqqani network that are killing americans. the wreck a minister maliki continues to centralize power at the expense of the other political blocs while the threat posed by al qaeda appears to be growing along with the kinds of perfect spectacular attacks like the one we saw yesterday. if the regime continues working to subvert iraq and many other countries in the region which the recent attempt to assassinate the saudi ambassador in washington as well as the officia

is just not meant for the united states, it's also a signal to saudi arabia and countries like the uae that are supporting the u.s. sanctions regime against iran. and, again, looking at sanctions there are drawbacks, and one of the drawbacks is there are things that iran can do in the region to counter u.s. interests when it is faced by sanctions and a military attack. it is, iran still despite the loss of influence, a very powerful actor in the region. the fact that iran has threatened to close the strait of hormuz is in itself an act of deterrence and retaliation. oil prices have gone up, and this is iran's way of saying that if the united states hurts iran's economy, iran can also hurt the u.s. economy. and, of course, it's not on the same scale. iran's economy is being hurt much more. but there are things iran can do to retaliate, and that's why a military option is not really a solution, because a potential conflict in the middle east with iran would be very messy and could take years to come to an end, basically. >> you want to add anything to that, barbara? >> yeah. i think part

the uae has come up. we made some months keep egypt on the list of countries in the region. then it is bar the door. >> i'm from the international law institute. is russia on a list? the interest of russia in iran part of the equation? >> you're looking at me when you asked by my colleagues -- of course russia is an important factor and has been on the solution end of the spectrum. the russians do not want iran to be a nuclear weapons state, for all kinds of reasons. that enhanced or fueled iran's capability to make trouble in various parts of the muslim regions of the russian federation. they would be more of a danger. their behavior has not been helpful. i think the russians hope they can avoid iran becoming a nuclear weapon states and a war over iran. >> when i look at the way the russians look at iran, the level of risk attached to nuclear- armed iran, i think the russians feel a lesser sense of urgency. we thought maybe that is a bad thing but we can deal with it. that is part of the difference here. >> maybe. i think there is another motive, too. we spend some time on