WASHINGTON,— U.S. President Donald Trump confirmed Tuesday that Washington is looking at ways to offer financial support to the United Arab Emirates, including a potential currency swap with the Gulf state.

Speaking to CNBC, Trump said when asked directly about the currency swap: “It is,” adding that the UAE is “a good ally” with remarkable leadership. “They are really rich,” he noted, expressing surprise.

Trump said the U.S. would stand by the UAE if needed. “If I could help them, I would,” he said. He pointed to American involvement in regional hostilities as another form of support, referencing U.S. and Israeli military operations against Iran.

The Wall Street Journal reported that the UAE central bank governor brought up the currency swap idea in separate meetings last week in Washington with Treasury Secretary Scott Bessent and Federal Reserve officials.

The proposal surfaced amid fears that the widening conflict could drag the oil-producing nation into a sharper economic downturn.

The conflict began after the United States and Israel carried out joint airstrikes targeting Iran on February 28, 2026.

Iran responded with large-scale missile and drone attacks on UAE and other Gulf targets, striking major airports, seaports, hotels, residential neighborhoods, and oil facilities in Dubai and Abu Dhabi, according to the report.

The closure of the Strait of Hormuz has added further financial pain, cutting deeply into UAE oil export revenues, according to the report.

UAE Ambassador to the United States Yousef Al Otaiba said he appreciated Trump’s recognition of the UAE as an important partner, but maintained that the country’s economy remained resilient.

In a statement posted on X by the UAE Embassy, he rejected the notion that his country is in need of outside help.

He said the idea that the UAE requires external financial backing does not reflect reality.

Al Otaiba stressed that the U.S.-UAE relationship is built on shared benefit, not dependency. “The UAE and the United States will continue to prosper together for decades to come,” he said, calling it one of the world’s most important economic partnerships.

(With files from Reuters)

Copyright © 2026 Dubai Diplomacy. All rights reserved.

Your support matters! Consider buying us a coffee — every bit helps keep independent news alive.

Related posts:

Gulf states say ending Iran war not enough, degrade its capabilities UAE and US would benefit from swap line: US Treasury’s Bessent Gulf states press Trump to continue war until Iran is fully weakened Senate Democrats seek review of UAE $500 million investment in Trump crypto firm UAE seeks U.S. financial lifeline as Iran war drags on, WSJ reports The Strait of Hormuz will be closed as soon as the U.S. navy leaves UAE crackdown cripples Iran’s IRGC cash networks in Dubai financial hub UAE accepts invitation to join Trump’s “Board of Peace”