The Trump administration is considering a bailout for the United Arab Emirates over economic losses sustained as a result of the U.S. war with Iran.
The Wall Street JournalreportedSunday that UAE officials are speaking with the White House about providing financial relief, such as a currency swap, if their economy takes an even bigger hit during the war. Khaled Mohamed Balama, governor of the UAE’s central bank, raised the issue in meetings with Treasury Secretary Scott Bessent last week. UAE officials reportedly have said their finances are OK for now, but they could need help in the future.
In an interview with CNBC Monday morning, Kevin Hassett, director of the National Economic Council, said that while he hadn’t spoken directly with Bessent about it, if the Strait of Hormuz remains closed and continues to hurt the UAE’s economy, the Trump administration would be willing to provide help.
“The UAE has been an incredibly valuable ally throughout this effort, and I am sure that the treasury secretary will make every effort to help them out should that be necessary,” Hassettsaid.
President Trump and his family have extensive business ties with the UAE. His son-in-law, Jared Kushner, took in about$200 millionfrom the UAE’s sovereign wealth fund for his investment firm, Affinity Partners, in 2023. The next year, Kushner’s firm secured$1.5 billionfrom Abu Dhabi-based firm Lunate and Qatar’s sovereign wealth fund.
Last year, the UAE invested$2 billioninto World Liberty Financial, the cryptocurrency venture run by Trump’s sons Eric and Donald Jr. Trump happened to lift export restrictions on computer chips at the same time. The Trump Organization is alsobuildinga luxury hotel in Dubai.
It’s interesting that administration officials are quick to say they would help out the UAE when other countries who have been hurt economically by the war and the Strait of Hormuz’s closure have been told thatthey’re on their own. It seems that Trump is certainly willing to help out those who are paying him.
Source: Drudge Report
