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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.

Health

Free annual check-ups coming for Filipino workers under new health initiative

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Overseas Filipino Workers (OFWs) in the UAE and other parts of the world will soon receive free annual medical check-ups while working abroad, thanks to a new government-backed effort aimed at protecting their health and well-being.

The Department of Migrant Workers (DMW) announced yesterday that the initiative will be funded through its AKSYON Fund, a support mechanism designed to assist OFWs in urgent need. The plan was confirmed by Migrant Workers Secretary Hans Leo Cacdac during a Senate inquiry earlier that day, where concerns over irregular and costly medical exams were raised.

“We will fund follow-through medical check-ups for our OFWs through the AKSYON Fund to ensure their health and welfare while they are abroad and before they return home,” Cacdac told the committee.

The AKSYON Fund (short for Agarang Kalinga at Saklolo para sa mga OFWs na Nangangailangan) will cover routine health monitoring not only during an OFW’s deployment but also ahead of their repatriation.

A Response to Medical Irregularities

The move came after Senator Raffy Tulfo raised red flags about questionable practices in pre-employment medical exams, including reports of overcharging and lack of transparency by some clinics.

Tulfo specifically mentioned SuperCare Medical Services, Inc. (SMSI), a maritime clinic reportedly billing OFWs between Dh79 (PHP1,200) to Dh86 (PHP1,300 ) for initial and repeat tests without sufficient explanation. He urged the DMW to formalise a partnership with the Department of Health (DOH) through a memorandum of agreement (MOA), ensuring that all clinics conducting OFW medical clearances are properly regulated.

“Medical clinics must coordinate with and be accredited by the DOH to prevent exploitation and ensure proper care,” Tulfo said.

Ensuring Accountability

In response, Secretary Cacdac clarified that private recruitment agencies (PRAs) are currently responsible for pre-employment medical exams. However, the DMW maintains the authority to investigate and take action against any agency involved in malpractice.

A Healthier Future for OFWs

This initiative is a significant step forward in safeguarding the health of Filipino workers abroad, especially amid rising living costs and the often-overlooked burden of out-of-pocket medical expenses.

(Source: PNA)

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Crime

UAE: Up to Dh2 million for social media violations under new media rules

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Individuals promoting content or advertising on social media in the UAE will soon need to follow stricter rules under a new comprehensive regulatory system introduced by the UAE Media Council.

The new framework, announced this week, is designed to build public trust, protect viewers, especially children and adolescents, and raise the quality of online media content. It also outlines heavy penalties for violations, with fines reaching up to Dh1 million for first-time offences and up to Dh2 million for repeat breaches. In serious cases, violators could face temporary or permanent shutdowns, along with permit revocations.

“The new system transforms the way the media sector is regulated and developed,” said Mohammed Saeed Al Shehhi, Secretary-General of the UAE Media Council. 

“It combines updated legislation, comprehensive services, and forward-looking policies to support sustainable growth.”

Fee exemptions and local support

To encourage creativity and responsible content creation, the council announced a three-year exemption from permit fees for individuals and influencers who promote content online. This is part of a broader move to support Emirati talent and creative industries, with similar exemptions offered to local media services, producers, and writers whose work promotes national identity.

The initiative builds on last year’s Media Regulation Law and its Executive Regulation, and aims to stimulate growth in the sector while maintaining strong ethical and professional standards.

New age-rating and licensing systems

A key feature of the new regulations includes a media age-rating system, ensuring that content shared online is appropriate for different age groups, especially young viewers.

The council is also developing a new licensing policy for digital news platforms, with a focus on enhancing credibility and journalistic standards. The goal is to create a balanced legal environment that supports responsible reporting while safeguarding freedom of expression.

The updated system also outlines resolutions related to media service fees, violations, and administrative penalties, offering clearer guidelines for all stakeholders in the media landscape.

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Save 35% on Abu Dhabi traffic fines with ‘Pay Early, Gain Surely’ campaign

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Motorists in Abu Dhabi can now save up to 35% on traffic fines, thanks to the ongoing ‘Pay Early, Gain Surely’ initiative by Abu Dhabi Police.

Under the scheme:

  • A 35% discount is available if fines are paid within 60 days of the violation.
  • A 25% discount applies if payment is made after 60 days but within one year.
  • Serious traffic offences, such as reckless driving or dangerous overtaking, are not eligible for any discount.

Interest-free instalments 

Beyond discounts, motorists also have the option to pay fines in interest-free instalments over 12 months through select partner banks. To access this, users must apply for the plan within two weeks of making a payment.

Up until now, several motorists have benefited from the “Pay Early, Gain Surely” initiative.

The campaign is part of wider efforts by the Traffic and Security Patrols Directorate, in collaboration with the Community Police Department, to improve road safety, promote timely fine settlement, and enhance public awareness. 

Awareness drive

Workshops, community events, and social media videos form part of the awareness drive, alongside informative brochures distributed on the roads.

Officials say the goal is not only to make fine payments easier but also to promote positivity and reduce financial strain on motorists through flexible, user-friendly services.

Fines can be paid through digital platforms such as the Tamm Smart App, making it easier for residents to stay up to date and avoid penalties for delayed payment.

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