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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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UAE withdraws recognition of university qualifications over compliance violations

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The UAE Ministry of Higher Education and Scientific Research (MoHESR) has withdrawn recognition of all degrees and qualifications issued by Midocean University, which operates an office in Fujairah. The decision comes after a joint inspection with the Fujairah Free Zone Authority uncovered serious compliance issues.

Officials found that the university had been offering registration and academic programmes without proper accreditation. Some online programmes were run without a clear quality assurance system, and there were significant discrepancies between the student and course information submitted to authorities and what was actually happening on site.

After a thorough review, MoHESR confirmed that Midocean University does not meet the UAE’s national standards. The university’s status has now been updated to “not accredited” in the official records.

The ministry stressed that this move is aimed at protecting students and ensuring the credibility of higher education in the UAE. Students and parents are encouraged to check the accreditation status of any institution before enrolling, either via MoHESR’s website or by calling the Customer Happiness Centre at 800511.

MoHESR reiterated its commitment to strong oversight and cooperation with local and federal authorities to ensure a safe, transparent, and trustworthy learning environment for all students.

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Dubai’s new bus shelters are here, set to serve 192 million passengers a year

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Dubai is rolling out its next-generation bus shelters, designed to offer modern, comfortable, and user-friendly facilities for public transport passengers. The Roads and Transport Authority (RTA) announced that the overall project completion rate has reached 89 per cent, with the shelters set to serve a significant number of bus routes, some accommodating more than 10 routes each. Once fully operational, the network is expected to handle over 192 million passengers annually.

“We focused on combining modern, aesthetic design with a range of services that enhance public confidence in the bus network, support sustainability goals, and make mass transit a more attractive choice,” said Mattar Al Tayer, Director-General and Chairman of the RTA.

The new shelters are categorised into four models based on daily usage: Main stops (750+ passengers), secondary stops (250–750), basic stops (100–250), and drop-off/pick-up points (under 100). Key features include air-conditioned canopies in major areas, shaded outdoor spaces, advertising areas, and digital information screens displaying route maps, timetables, and real-time arrivals.

Accessibility has also been a priority. The shelters are designed according to the Dubai Code for People of Determination, with designated spaces for wheelchairs, supporting the emirate’s initiative to become a fully inclusive city.

With these upgrades, the RTA aims to enhance network efficiency, reduce travel times, and increase reliance on sustainable public transport across Dubai.

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Bisleri becomes official water partner for UAE national cricket teams

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Bisleri International, India’s leading packaged drinking water brand, has signed a three-year partnership with the Emirates Cricket Board (ECB) to become its Official Hydration Partner. The agreement was formalised at Dubai International Stadium and marks a major step in Bisleri’s expansion in the UAE while promoting hydration and wellness in sports.

Under the partnership, Bisleri branding will appear on the uniforms of the Men’s, Women’s, U19 Men’s, and U19 Women’s national teams. The branding will feature across bilateral series, Asian Cricket Council events, and ICC tournaments, increasing visibility for the brand across high-profile cricket platforms.

Subhan Ahmad, COO of ECB, said: “We are delighted to start this exciting three-year journey with Bisleri. The Emirates Cricket Board continues to formalise partnerships with leading international brands and looks forward to a mutually rewarding collaboration for both men’s and women’s teams.”

Ishan Chopra, Head of Commercial at ECB, added: “This partnership represents a strong alignment of values and ambitions, reinforcing our mission to empower UAE cricket talent at every level while representing the nation globally.”

Angelo George, CEO of Bisleri International, said: “Bisleri is synonymous with packaged drinking water and a market leader in India. This partnership with ECB brings together two strong institutions with a shared commitment to excellence and helps strengthen Bisleri’s international presence.”

Tushar Malhotra, Director of Sales and Marketing at Bisleri, added: “We are thrilled to champion hydration alongside the Emirates Cricket Board. This collaboration will be brought alive through an exciting, integrated marketing approach across India and the UAE.”

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