Clarified: UAE does not require external financial backing

UAE Ambassador to the United States Yousef Al Otaiba has dismissed suggestions that the Emirates relies on external financial assistance, asserting the country’s strong economic position, according to Khaleej Times.

“Any suggestion that the UAE requires external financial backing misreads the facts,” he said.

In a detailed statement, Al Otaiba described the UAE as “one of the world’s most financially resilient economies,” citing more than $2 trillion (Dh7.34 trillion) in sovereign investment assets, over $300 billion (Dh1.10 trillion) in foreign exchange reserves held by the central bank, and a banking sector with approximately $1.5 trillion (Dh5.51 trillion) in deposits.

He added that this financial strength has enabled major overseas investments, noting, “That strength is precisely why the UAE has already invested more than $1 trillion in the US economy, with a clear pathway for that figure to grow significantly.”

“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 concluded.

The comments followed remarks by US President Donald Trump, who said Washington was reviewing potential financial cooperation with the UAE, including a possible “currency swap” arrangement.

“It is,” Trump told CNBC when asked about the proposal, describing the UAE as a strong ally.

“They're really led by incredible people... I mean, I'm surprised, because they are really rich,” he said.

“If I could help them, I would, I mean, we're helping them much more with what we're doing with the war,” he added, referring to US and Israeli operations involving Iran.