US President Donald Trump said on Tuesday that the United States was considering helping the United Arab Emirates financially and that a currency swap with the Middle Eastern nation was under consideration.
“It is,” Trump told CNBC when asked if a currency swap with the UAE was under consideration, calling them a good ally.
“They’re really led by incredible people… I mean, I’m surprised, because they are really rich,” Trump said.
“If I could help them, I would, I mean, we’re helping them much more with what we’re doing with the war,” Trump said, referring to the US and Israel’s war with Iran.
The Wall Street Journal reported that the UAE’s central bank governor raised the idea of a currency swap line with US Treasury Secretary Scott Bessent and Federal Reserve officials in meetings in Washington last week, in case the war plunges the oil-rich country into a deeper crisis.
“If the UAE had a problem, I find it hard to believe, but if they had a problem, we would be there for them,” said Trump.
Yousef Al Otaiba, the UAE’s ambassador to the US, said he appreciated Trump’s recognition of the country as an important partner but maintained that the UAE’s economy remained resilient.
“Any suggestion that the UAE requires external financial backing misreads the facts,” he said in a statement posted on X by the embassy.
“The UAE and the United States will continue to prosper together for decades to come, not because one depends on the other for support, but because both benefit from one of the world’s most important economic partnerships,” he said.
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