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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.

Crime

Dubai scam alert: Authority warns of fake QR code scams as cyber fraud attempts rise

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The Dubai Electronic Security Centre (DESC) has issued a warning over a growing number of scams involving fake QR codes, especially those sent through email.

According to the authority, cybercriminals are exploiting how quickly information spreads by sharing QR codes that appear to offer urgent updates or important services. However, scanning these codes can expose users to serious risks.

DESC explained that such QR codes may install malware on devices or redirect users to fake websites designed to steal personal and financial information.

How to protect your device

Residents are being urged to stay cautious by verifying the source of any email before scanning QR codes, avoiding suspicious messages, and never entering sensitive details on untrusted links.

To boost online safety, DESC also recommends using the RZAM app, which provides real-time alerts about unsafe websites and allows users to scan links before opening them.

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Business

Dubai’s unified car rental contract explained: What residents and tourists must know

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Dubai’s Roads and Transport Authority (RTA) is reinforcing stricter rules for car rentals across the emirate, and it’s good news for both residents and tourists.

At the heart of this move is a mandatory unified contract that all rental companies must follow. This contract standardises how rental agreements work, clearly laying out the rights and responsibilities of both renters and rental offices in a transparent way.

“We have also organised a series of awareness workshops for companies operating in the car rental sector across the emirate to familiarise them with the contract’s provisions, obligations, and implementation procedures,” said Ahmed Mahboob, CEO of the Licensing Agency at RTA.

What this means for drivers

  • Same rules everywhere
    Whether you rent from a big brand or a small office, the same contract applies across Dubai, no more confusing or inconsistent terms.
  • Stronger consumer protection
    The contract ensures:
    • No hidden fees (like surprise toll charges)
    • No unfair charges during accident repairs
    • Mandatory refund of your security deposit within a set timeframe
  • Digital and secure process
    Rentals are handled through the Transport Activities Rental System (TARS), with:
    • Identity verification
    • OTP-based digital signatures
    • Secure, automated contracts
  • Proof of vehicle condition
    Photos are taken at pickup and return, protecting you from disputes over damage.
  • Better awareness for renters
    The system is designed to reduce complaints and help users, especially tourists, fully understand their rights before signing.

This move aligns with Dubai’s push to enhance trust and transparency in services, reinforcing its reputation as a well-regulated, customer-friendly destination.

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UAE warns drivers: Fines up to Dh2,000, 23 black points for risky driving during heavy rains

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Authorities across the UAE have issued a fresh warning to motorists, urging them to exercise extreme caution during ongoing unstable weather conditions. The reminder comes as part of efforts to enhance road safety and prevent accidents in high-risk areas such as valleys, flood zones, and near dams.

The UAE authorities emphasised that strict penalties are in place for violations during rainfall. Motorists found driving near valleys or flood-prone areas could face a fine of Dh1,000 along with 6 black points on their license.

More severe penalties apply to those who deliberately drive into flooded valleys, regardless of the water level or perceived danger. Offenders risk fines of up to Dh2,000, 23 black points, and a 60-day vehicle impoundment.

Additionally, authorities warned against obstructing emergency responders or traffic officials during adverse weather situations. Such actions could result in a Dh1,000 fine, 4 black points, and vehicle impoundment for up to 60 days.

Officials continue to urge drivers to prioritise safety, follow official advisories, and avoid unnecessary travel during severe weather conditions to prevent accidents and ensure smooth emergency response operations.


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