A tale of two deals: Trump envoy's UAE deals raise personal gain concerns

The partnership between US Middle East envoy Steve Witkoff and Sheikh Tahnoon of UAE's ruling family has evolved over the years, with the two sharing diplomatic ties as well as business partnerships

US President Donald Trump’s Middle East envoy Steve Witkoff has struck two deals with the United Arab Emirates’ Sheikh Tahnoon bin Zayed Al Nahyan that appear to lean more toward serving the personal interests of Witkoff and Trump than serving the broader interests of the United States, according to a report by The New York Times.

 

One of the deals involves Sheikh Tahnoon — a member of the UAE’s ruling family who oversees about $1.5 trillion in sovereign wealth — investing in World Liberty Financial, a cryptocurrency startup founded by the Trumps and Witkoffs.

 

Separately, the US has agreed to supply thousands of the world’s most advanced and scarce computer chips to G42, a tech company controlled by Tahnoon. The approval comes despite persistent concerns that such chips, critical to the global race for artificial intelligence (AI), could ultimately be shared with China.

What’s happening?

According to The New York Times, the partnership between Witkoff and Sheikh Tahnoon has evolved over the past few years, with both sharing diplomatic ties as well as being business partners.

 

In May 2025, Witkoff’s son Zach Witkoff announced that one of Sheikh Tahnoon’s investment firms would deposit $2 billion into World Liberty Financial.

 

Two weeks later, the White House agreed to allow the UAE access to some of the most advanced chips, most of which would go to G42.

Conflict of interest

The deals have raised concerns about conflicts of interest, even among staff members in Trump's administration, The New York Times reported. 

Despite an ethics rule that prevents government officials from engaging in any deal that might benefit them or their family personally, Witkoff advocated allowing chip access to the UAE, at the same time when his and Trump’s family landed a crypto investment.

 

A senior executive based in the UAE simultaneously worked for both World Liberty and Sheikh Tahnoon’s G42, The New York Times reported. Representatives for the White House and World Liberty have denied a connection between the two deals, the report said. 

In May, World Liberty announced that Witkoff was fully divesting from the company. However, The New York Times report mentioned that he still had a financial interest in the firm as of August.

Trump, Witkoff reaping benefits

While the chip deal is still pending and the final details being worked out at the White House, World Liberty has started reaping the benefits of the investments, making it one of the world’s most prominent crypto companies. 

World Liberty partners Pakistan Crypto Council

In April, World Liberty struck an agreement with Pakistan’s Crypto Council, aimed at exploring blockchain-based financial initiatives and digital asset opportunities. As part of this engagement, Zach also visited Islamabad to meet with officials and industry representatives.

 

According to Dawn, Zach praised Pakistan’s economic potential, saying there are excellent investment opportunities in the digital finance sector in Pakistan, and he wanted the country to play an important role in the global digital economy.

Blurring lines

Trump has previously been accused of some of his newly signed executive orders or legislative actions may favour interests tied to his family or businesses. 

During his first term, ethics watchdogs, such as Citizens for Responsibility and Ethics in Washington (CREW), documented dozens of federal actions that appeared to benefit Trump’s businesses. Key examples include:

• Visa rules: Liberal H-2A/H-2B policies supported his resorts’ use of seasonal foreign labour
• Official events at personal properties: Official events and remarks promoted Donald Trump hotels and clubs
• Wine tariffs: Tariffs on European wines could boost sales at Trump Winery, which produces 36,000 cases a year
• Real estate tax breaks: The 2017 Tax Cuts and Jobs Act gave developers, including Trump, lucrative deductions worth billions
• Oil drilling ban: A moratorium off Florida’s coast protected property values near Mar-a-Lago and other holdings

US clears chip sales to China under profit-sharing deal

The development comes as the Trump administration has tightened curbs on chipmakers like Nvidia and AMD from supplying advanced chips to China, citing risks of losing the global AI race and potential threats to US security.

 

However, in August, the administration struck a deal greenlighting limited chip exports to China in exchange for a share of the revenues. Under the agreement, Nvidia and AMD will divert 15 per cent of their sales revenues from China-bound chips to the US government. In return, the companies will receive export licenses allowing Nvidia to resume sales of its H20 chips and AMD to restart sales of its MI308 chips in the Chinese market.