Deal coincides with an agreement that gave the UAE access to advanced US AI chips
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Image: WhiteHouse.gov
A senior UAE official, Sheikh Tahnoon bin Zayed Al Nahyan, known as the “spy sheikh”, has acquired a significant stake in World Liberty Financial, the Trump family’s cryptocurrency venture. According to The Wall Street Journal the deal involved Aryam Investment, a company backed by Tahnoon, which bought 49% of World Liberty for $500 million, making it the largest shareholder.
World Liberty is behind the USD1 stablecoin, which is pegged to the US dollar and backed by government bonds and other cash equivalents. The company’s founders include President Donald Trump and Steve Witkoff, and members of both families run its operations. Strikingly, Eric Trump signed the agreement just before his father’s second inauguration.
This investment coincided with Tahnoon’s push to obtain advanced AI chips from the US. The Biden administration had initially blocked the sale over concerns they could be transferred to China. After the deal, the US allowed the UAE to buy hundreds of thousands of these chips, a fifth of which went to Tahnoon’s own AI company, G42.
The report has prompted renewed scrutiny of the Trump administration’s dealings with the UAE and Tahnoon. Concerns have been raised in Congress about conflicts of interest and corruption. Senator Elizabeth Warren has called on the key figures involved to testify before Congress, highlighting the potential risks to national security and possible financial wrongdoing.
While White House spokesperson Anna Kelly denied any conflict of interest and claimed that Witkoff was committed to President Trump’s peace objectives, Deputy Attorney General Todd Blanche defended the president by drawing parallels with alleged foreign corruption by the Biden family, without providing evidence.
Republicans have long accused the Bidens of misconduct in their international business dealings, but a House impeachment inquiry has not produced any concrete proof.
Blanche maintained that President Trump has been transparent about his family’s business trips and dismissed the concerns as unfounded and repetitive.
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