UAE to UN: Release Libyan frozen assets

The United Arab Emirates (UAE) urged the international community to release the frozen assets of Libya as Qaddafi's regime is all set to meet its end. The country is looking for nod from the United Nations for releasing up to US$700 million in frozen Libyan assets. UAE urged the United Nations to immediately pass resolution regarding release of assets.

Sheikh Abdullah said after talks with his Afghan counterpart Zalmai Rassoul that the frozen assets can be released only after Security Council's nod. Once the council comes forward with resolution, UAE would not have any hesitation to unfreeze the assets. The country also expressed its wish to engage in development projects in Libya, the trouble hit nation marred by social unrest in the dictatorship regime.

Sheikh Abdullah is schedule to visit Benghazi next week for taking stock of the situation and initiating necessary steps afterward. He told that UAE is the first country in the entire world to recognize rebels and was the first to raise voice against bloodshed of innocent people.

He added, "We are in constant communication with our brothers in the new government, and are very happy with the recognition that the National Transitional Council has been receiving and the victories accomplished by the Libyan people. We are also very happy with the forgiveness that the council has shown with the allies of Muammar al Qaddafi."