UAE minister says swap line with US 'under discussion'

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ABU DHABI: The UAE is in active discussions with the United States to establish a currency swap line, according to Foreign Trade Minister Thani Al Zeyoudi. Speaking at the ‘Make it in the Emirates’ conference in Abu Dhabi, the minister confirmed the negotiations but firmly denied that the arrangement is being sought as a financial bailout.

Instead, Zeyoudi stated the UAE aims to join an ‘elite group’ of nations that already maintain such agreements with the US. Reports from the Wall Street Journal recently suggested the line was sought as a backstop against regional economic strain; however, the minister framed the move as a strategic financial partnership.

The swap line would provide a significant US dollar buffer, strengthening the UAE's economic resilience amidst regional volatility.