'Good ally' UAE is sounding out Trump for a lifeline in war's dollar crunch [View all]

The aftershocks of the war in the Middle East are spreading into the global financial system, with one of the world’s wealthiest countries seeking a financial lifeline.

Donald Trump and his Treasury Secretary Scott Bessent have confirmed that the United Arab Emirates and “numerous” other countries in the Middle East and Asia have asked the US for financial support in the form of currency swap lines, or the ability to swap their currencies, at minimal cost, for US dollars.

At face value, the UAE shouldn’t have any need of financial support from the US or anyone else.

As its ambassador to the US, Yousef Al Otaiba, said this week in a post on “X,” the UAE is “one of the world’s most financially resilient economies, underpinned by more than $US2 trillion ($2.8 trillion) in sovereign investment assets.”

https://www.theage.com.au/business/markets/good-ally-uae-is-sounding-out-trump-for-a-lifeline-in-war-s-dollar-crunch-20260423-p5zqbt.html

https://archive.md/9YLWb