Exciting news for households, restaurants, and eateries across the UAE. Onions, a vital ingredient in countless dishes, are set to become more affordable. Thanks to India’s decision to abolish export duties on onions — its most significant export — this essential kitchen staple will soon be more accessible, making it easier for everyone to enjoy their favourite dishes at a lower cost.

The announcement, made yesterday (March 25 )by India’s Minister for Agriculture and Farmers’ Welfare, Shivraj Singh Chouhan, is expected to bring down onion prices across the GCC, including in the UAE, as well as in Bangladesh, Nepal, Malaysia, and Sri Lanka.

For months, high export duties — peaking at 40% before being reduced to 20% — had kept onion prices inflated. But with this duty now completely removed, experts predict a significant drop in onion prices, making them more affordable for shoppers across the region.

India, known as the world’s onion powerhouse, is the primary supplier to the Gulf states, where the vegetable is a must-have ingredient in countless dishes. Other major exporters include Pakistan, China, and Egypt, but Indian onions have long dominated the market due to their quality and availability.

Good News for Farmers Too!

While UAE consumers will benefit from lower prices, Indian farmers are also celebrating. The removal of export duties will allow them to sell onions at higher prices globally, boosting their income.

This move is part of India’s broader strategy to ease export restrictions on staple food items, which were previously imposed to control domestic inflation. The Indian government is now progressively revising these policies to support both farmers and international trade.

With onion prices expected to drop in UAE supermarkets in the coming weeks, shoppers can look forward to bigger savings on their grocery bills.

(Source: Wam)

The Central Bank of the UAE (CBUAE) has imposed financial penalties amounting to Dh2.62 million on five banks and two insurance companies for failing to comply with international financial reporting standards.

The fines were issued due to violations of the Common Reporting Standard (CRS) and the Foreign Account Tax Compliance Act (FATCA) guidelines, which require financial institutions to ensure accurate reporting and due diligence. Despite being given sufficient time to correct their processes, these institutions failed to meet the necessary compliance standards.

The CBUAE stated that these measures aim to strengthen the UAE’s financial sector by enhancing transparency and aligning with global efforts to prevent tax evasion. This step also reinforces the country’s reputation as a trusted international financial hub committed to best practices.

(Source: Wam)

The Central Bank of the UAE (CBUAE) has introduced a brand-new Dh100 banknote, crafted from durable polymer and featuring state-of-the-art security enhancements. This latest addition to the nation’s currency reflects the UAE’s vision for innovation, sustainability, and global leadership.

A Celebration of UAE’s Progress and Heritage

Part of the CBUAE’s Third Issuance of the National Currency Project, the new banknote is more than just money—it’s a tribute to the UAE’s incredible journey as a thriving economic and commercial hub. Designed with striking shades of red, the banknote seamlessly blends cultural and developmental symbols, reinforcing the country’s rich heritage and ambitious future.

On the front, you’ll find the Umm Al Quwain National Fort, a historic landmark that stands as a bridge between the UAE’s past and present. Meanwhile, the reverse showcases two symbols of the nation’s modern success:

• Port of Fujairah – One of the country’s largest ports, a key global shipping and maritime hub.
• Etihad Rail – The UAE’s game-changing railway network, seamlessly connecting the seven Emirates and extending to the Gulf Cooperation Council (GCC) countries, promoting economic growth and social unity.

Security Meets Innovation

The CBUAE has equipped the Dh100 note with cutting-edge security features to protect against counterfeiting. These include:

Park Flow Dimensions Technology – A high-tech security element with dynamic color shifts.
Kinegram Colours – A multi-layered, holographic security chip ensuring authenticity.

Made from eco-friendly polymer, this banknote is not just visually striking but also highly durable, lasting twice as long as traditional paper notes. To ensure accessibility, it features Braille symbols to assist visually impaired users in identifying its value.

When Does It Enter Circulation?

Starting March 24, 2025, the new Dh100 banknote will officially enter circulation, coexisting with the current edition. Banks and exchange houses have been instructed to update their cash-handling machines for seamless transactions.

Award-Winning Innovation

The UAE continues to earn global recognition for its advanced currency designs. The CBUAE recently won the ‘Best New Banknote’ award at the 2023 and 2025 High Security Printing EMEA conference for its Dh500 and Dh1,000 polymer banknotes.

(Source: Wam)