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Six currencies account for 90% of Arab transactions: AMF chief

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Six currencies account for 90 per cent of Arab transactions, which are the Emirati Dirham, the Saudi Riyal, the Egyptian Pound, the Jordanian Dinar, the US Dollar and the Euro, said Dr Abdulrahman bin Abdullah Al Hamidy, director-general and chairman of the Board of Executive Directors of the Arab Monetary Fund (AMF).

Al Hamidy pointed out that the ‘Buna Payment Platform’ is the first regional cross-border and multi-currency payment system that supports Arab transactions in investment, trade and financial transfers, and strengthens Arab integration through the use of Arab currencies in transactions, he told Wam.

The platform is progressing towards achieving its objectives and has forged alliances with Arab and international trade partners, he added, noting that a related agreement was signed with India, and the efforts are on to open new markets in Africa.

The platform has adopted a comprehensive strategy to link Arab financial markets with the Jordanian financial payment system recently joining the platform, which will encourage the use of the Jordanian Dinar in Arab transactions, he added.

The platform is an integrated system designed to provide clearing and settlement services for payments in Arab and international currencies, to enable financial and banking institutions in the Arab region and beyond, including central and commercial banks, to send and receive cross-border payments throughout the region and abroad in a safe, reliable and affordable manner, Al Hamidy further added.

The platform offers users modern payment solutions, in line with international standards and compliance requirements, to strengthen economic and financial integration in the Arab region and reinforce investment ties with commercial partners worldwide, he said in conclusion.

Buna is a cross-border payment system owned by the Arab Monetary Fund, aiming to enable financial institutions and central banks in the Arab region and beyond to send and receive payments in local currencies as well as key international currencies in a safe, cost- effective, risk-controlled, and transparent environment. Buna offers participants modern payment solutions that comply with international standards, principles, and compliance requirements.

Thanks to its cross-border payment system Buna contributes to exploring and strengthening opportunities for economic and financial integration in the Arab region and supporting investment ties with the global trading partners. Buna welcomes the inclusion of all banks that meet the criteria and conditions for participation, primarily the standards and procedures of compliance aspects.

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Dubai’s World Trade Centre Roundabout to partially open by January 2026, easing traffic congestion

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Relief is finally on the horizon for Dubai motorists. The first phase of the major upgrade at the World Trade Centre Roundabout is set to open as early as January 2026, officials confirmed.

Two new bridges, serving traffic from 2nd December Street towards Al Majlis Street and Sheikh Rashid Street, are almost ready, with the project now 40% complete.

Once fully finished, the iconic roundabout will transform into a surface-level intersection with five bridges spanning 5km, designed to cut traffic delays dramatically. Travel time will drop from 12 minutes to just 90 seconds, and the road capacity will double.

Additional phases include:

  • March 2026: Bridge from Sheikh Zayed Road to Sheikh Khalifa bin Zayed Street
  • October 2026: Two more bridges serving traffic from Sheikh Rashid Street and Al Majlis Street

The upgrade ties into the wider Al Mustaqbal Street improvement plan, expected in 2027, which will expand lanes and reduce travel time from 13 minutes to 6 minutes.

Together, both projects, worth Dh1.3 billion, will benefit more than 1 million residents and commuters across Downtown Dubai, DIFC, Museum of the Future, Emirates Towers, and surrounding areas.

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Dubai Air Show 2025: Indian fighter jet crashes during demonstration, pilot killed

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A Tejas fighter aircraft of the Indian Air Force (IAF) crashed during an aerial display at the Dubai Airshow on Thursday afternoon, resulting in the death of the pilot. The incident has been confirmed by both the Dubai Media Office and the Indian Air Force.

The crash occurred at approximately 2:10pm (UAE time) during a scheduled flying demonstration at Al Maktoum International Airport. Eyewitness footages show the aircraft performing a manoeuvre before suddenly losing altitude and rapidly descending, then exploding on impact at a distance from the spectator stands. Emergency response teams were deployed instantly to the crash site.

In a statement posted on X, the UAE Ministry of Defence said: “A Tejas fighter aircraft from India participating in today’s flying display at the Dubai Airshow has crashed, resulting in the tragic death of the pilot. Firefighting and emergency teams responded rapidly to the incident and are currently managing the situation on-site.”

The IAF also confirmed the pilot’s death and announced the formation of a court of inquiry to investigate the cause of the crash. “Indian Air Force deeply regrets the loss of life and stands firmly with the bereaved family in this time of grief,” the statement said.

Eyewitness videos

Video recordings of the crash circulated widely online shortly after the incident, showing the jet descending rapidly before the impact and subsequent explosion. Emergency response teams were deployed instantly, but the pilot could not be saved.

Aerial displays temporarily halted

Following the crash, aerial stunt displays were temporarily halted. The outdoor exhibition zone was cordoned off, and visitors were evacuated from the viewing areas as safety protocols were activated.

Eyewitnesses confirmed that aerobatic displays were paused for nearly 90 minutes following the incident. “The aerobatic displays were halted for about an hour and a half and resumed at 3.40pm (UAE time) with the Russian Knights flying Sukhoi jets,” said a visitor attending the event.

About the Tejas aircraft

The Tejas is a single-seat, 4.5-generation Light Combat Aircraft (LCA) developed by Hindustan Aeronautics Limited (HAL). Designed for air defence and multi-role combat operations, it is regarded as one of the lightest fighter jets in its class. The aircraft is equipped with a Martin-Baker zero-zero ejection seat, designed to enable safe ejection at low altitudes and low speeds.

Dubai Airshow continues

The Dubai Airshow, one of the world’s largest aviation exhibitions, opened on November 17 and ends on November 21. More than 1,500 exhibitors, including 440 first-time participants and 490 military and civil delegations from 115 countries, participated in the event this year.

Source: TOI, GN, KT

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UAE drivers warned: RAK Police enforce new speed limit on Shamal–Rams Road

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Ras Al Khaimah Police have clarified the speed limit on the Shamal–Rams Road, and motorists, take note: The radar enforcement speed is firmly set at 80km/h, exactly as displayed on the traffic signs along the highway.


The update comes as part of ongoing efforts to support the Ministry of Interior’s road safety strategy and cut down on traffic violations and accidents across the UAE. Authorities say the speed cap is designed to keep traffic moving smoothly, reduce congestion, and prevent serious crashes on one of the emirate’s key routes.


Police are urging drivers to stick to the posted limits and follow road rules, reminding motorists that speeding violations could lead to fines and legal penalties. They stressed that consistent road discipline and respecting speed limits remain among the most effective ways to keep all road users safe.

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