A Times Investigation Into Trump, UAE and 2 Giant Deals: 5 Takeaways

Two blockbuster agreements illustrate how profitable the extreme deal-making of the Trump era has become for the president and people in his inner circle.

One involved a $2 billion transaction by a government-backed firm in the United Arab Emirates using a cryptocurrency offered by World Liberty Financial — a company founded by the families of President Trump and a close adviser, Steve Witkoff.

The other is a pending sale of the world’s most valuable artificial intelligence chips to the U.A.E. It would give the tiny Middle East country access to technology that could shape the global economy and even change how wars are fought.

There is no evidence that one was explicitly offered in return for the other. But an investigation by The New York Times found that they were being negotiated at the same time and by some of the same people — and were intertwined in ways that have not been previously reported.

Here are some key findings.

Witkoff advocated allowing the sale of chips to the U.A.E. while his family’s firm did the $2 billion deal with the Emiratis.

Earlier this year, World Liberty, the crypto firm run by the Trumps and Witkoffs, announced an agreement with an investment firm backed by the ruling family of the U.A.E. The Emirati firm would conduct a $2 billion transaction using World Liberty’s digital coins, a deal that would provide a windfall to the Trump and Witkoff families.

Yet at the same time, Mr. Witkoff, Mr. Trump’s Middle East envoy, along with others in the White House, were pressing to allow the Emirates access to something it desperately wanted: the world’s most advanced A.I. chips. Mr. Witkoff was involved in this high-stakes policy debate within the White House despite federal ethics rules that prohibit U.S. officials from participating in matters that could financially benefit their families.

The White House, in a statement, maintained that Mr. Witkoff “did not participate” in the chip negotiations but did not dispute that he discussed the deal in White House meetings and pushed colleagues to finalize it. A White House spokeswoman, when asked about a possible violation of conflict of interest rules, said that Mr. Witkoff was “working with ethics officials and counsel to ensure he is in full compliance.”

Another top Trump adviser was involved in the chip negotiations while still working as a tech executive.

David Sacks, who serves as both A.I. and crypto czar for Mr. Trump, helped lead the White House negotiations with the U.A.E., even as he continued to work as a Silicon Valley investor. Those dual roles raised alarm from some Trump administration officials, who believed that it was improper for a working venture capitalist to help broker deals that could benefit his industry and investors in his company.

Mr. Sacks received ethics waivers from the White House recognizing that he had a potential conflict of interest, but allowing him to participate in the discussions. He and his firm divested from holdings in A.I. companies in the months after his work with the administration started, a spokeswoman for his company said.

“Mr. Sacks has no financial interest in the U.A.E. chip deal,” the White House said in a statement.

An executive worked two jobs at the same time: one for the Trump crypto firm and one for the U.A.E.

Fiacc Larkin, a technologist with a doctorate from Ireland’s University of Limerick, served in roles simultaneously for Mr. Trump’s crypto company and the tech firm G42, which is backed by Emirati royals. His two jobs created a business link between World Liberty and the Emiratis, at the same time that the U.A.E. was pushing to gain access to the chips.

That was far from the only overlap. MGX, the company that would send $2 billion to World Liberty, is overseen by the same Emirati royal family member who was leading the chips negotiations, Sheikh Tahnoon bin Zayed Al Nahyan. And one of MGX’s board members is the New York real estate lawyer Marty Edelman, a longtime friend of Steve Witkoff’s.

Laura Loomer contributed to the firing of a participant in the White House chip deliberations at a key moment.

Some Trump administration officials attempted to limit the chips sale over national security concerns, because of the close ties between the U.A.E. and China. These officials worried that if the U.A.E. shared access to those advanced chips, China might use them to accelerate its efforts to build A.I.-enhanced missiles and drones.

But an unexpected intervention by Ms. Loomer, the conservative agitator, changed the power dynamic within the White House in the U.A.E.’s favor. In early April, Mr. Trump fired six key staff members at the National Security Council, including David Feith, who had been pushing for tighter limits on the chips. The firings came at the recommendation of Ms. Loomer, who said she targeted them for not being pure enough in their adherence to Mr. Trump’s worldview.

With that, Mr. Sacks became a key figure in the chip negotiations, with enough clout to help overcome internal Trump administration concerns about the U.A.E.’s requests.

Trump made no public mention of the U.A.E.’s involvement with his crypto firm when he visited the tiny country.

In May, Mr. Trump flew to the U.A.E. to formalize the chips deal. He was joined by Mr. Witkoff, Mr. Sacks, Sheikh Tahnoon and other Emirati leaders at Qasr Al Watan, the presidential palace.

The powerful men were photographed viewing a scale model of the technology facilities that the U.A.E. intends to build, using the American chips that the Trump administration had agreed to share.

The president praised the Emirati royals but did not publicly mention the $2 billion transaction with his crypto company.

That same month, he told a Times reporter that “I don’t know anything about” the crypto deal, then added: “I’m a big crypto fan.”