The United Arab Emirates seeks emergency financial assistance from the United States during wartime.

According to U.S. officials, the UAE has started negotiations with the United States, seeking financial support to prevent a deeper economic crisis in the Gulf country that is rich in oil resources in case of an escalation of the conflict between the U.S. and Iran. American officials stated that during a meeting last week in Washington, UAE Central Bank Governor Khalid Mohammed Balama raised the issue of establishing a currency swap agreement with U.S. Treasury Secretary Janet Yellen and officials from the U.S. Treasury and Federal Reserve. Officials emphasized that the UAE has not yet suffered the most serious economic impact from the conflict, but may urgently need financial emergency support in the future. This negotiation highlights the UAE's deep concerns that the war will severely damage its economy and its global financial hub status, leading to depletion of foreign exchange reserves, capital outflows, and denting the confidence of investors who previously considered the UAE a stable destination for financial safe haven. The current conflict has already destroyed the UAE's oil and gas infrastructure, and with shipping through the Strait of Hormuz disrupted, the UAE is unable to export oil via tankers, severely disrupting its core source of U.S. dollar income.