UAE ambassador rejects external funding claims, cites Dh 7.34 trillion in assets

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UAE Ambassador to the United States Yousef Al Otaiba on Tuesday (April 21) pushed back on suggestions that the Emirates requires "external financial backing".

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

In a statement, Al Otaiba stressed that the UAE is “one of the world’s most financially resilient economies,” pointing to more than $2 trillion (Dh 7.34 trillion) in sovereign investment assets, over $300 billion (Dh1.10 trillion) in foreign currency reserves held by the UAE's central bank, and a banking sector with around $1.5 trillion (around Dh5.51 trillion) in deposits.

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"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," he said on social media platform X.

"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 remarks came after US President Donald Trump said Washington was considering financial cooperation measures with the UAE, including a potential "currency swap" arrangement.

"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 US and Israel's war with Iran.