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Six currencies account for 90% of Arab transactions: AMF chief
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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Parents, take note: Dubai Police warn about teens riding motorbikes after Iftar in residential areas
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Foodilicious: A new Dubai-based TV series that brings Ramadan culinary traditions and cultural stories to screen
Commuters using one of Dubai’s busiest corridors just got a major upgrade.
The Roads and Transport Authority (RTA) has officially opened a new 1,000-metre bridge linking Sheikh Zayed Road to Sheikh Khalifa bin Zayed Street, slashing journey times from six minutes to just one minute.
And this is only part of a much bigger transformation.
What’s the new bridge?
- It spans 1,000 metres
- Has two lanes
- Handles up to 3,000 vehicles per hour
- Connects traffic from Sheikh Zayed Road towards Al Karama and Deira
It’s the third bridge completed under the wider World Trade Centre Roundabout Development Project.
Two earlier bridges opened in February 2026, improving traffic from 2nd December Street towards Sheikh Rashid Street and Al Majlis Street.
Why this intersection matters
The World Trade Centre Roundabout is one of Dubai’s most critical traffic nodes. It connects five major roads:
- Sheikh Khalifa bin Zayed Street
- Sheikh Rashid Street
- 2nd December Street
- Zabeel Palace Street
- Al Majlis Street
It also serves key destinations like:
- Dubai World Trade Centre
- Dubai International Financial Centre
More than half a million residents and visitors rely on this corridor daily.
From 12 Minutes to 90 Seconds
When the full five-bridge project is completed:
- Average delays will drop from 12 minutes to 90 seconds
- That’s a 92% reduction
- Free-flow traffic will operate in multiple directions
- The existing roundabout will become a signalised junction
Two additional bridges, connecting traffic from Sheikh Rashid Street and Al Majlis Street towards 2nd December Street, are set to open in October.
Who benefits most?
- Daily commuters heading to Deira and Karama
- Residents in Zabeel, Al Satwa, Al Jafiliya and Al Mankhool
- Businesses in DIFC
- Event attendees at Dubai World Trade Centre
For drivers, the impact is immediate. For central Dubai’s traffic grid, the biggest gains are still coming later this year.
If you drive this stretch daily, you’ll likely feel the difference from your very next commute.
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Foodilicious: A new Dubai-based TV series that brings Ramadan culinary traditions and cultural stories to screen
