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

Published

4 years ago

March 22, 2022

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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.

Staff Reporter

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Dubai-India travel: Security procedures triggered for Emirates flight following bomb threat email, flight lands safely

Published

3 hours ago

December 5, 2025

Michael Gomes

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Authorities at Hyderabad’s Rajiv Gandhi International Airport activated full emergency protocols on Friday after receiving a bomb threat email linked to Emirates flight EK526 travelling from Dubai (DXB) to Hyderabad (HYD).

According to GMR officials, the threat email landed in the airport’s customer support inbox around 7.30am on December 5. Despite the alert, the flight continued under strict monitoring and landed safely at 8.30am.

Once on the ground, the aircraft was immediately moved to an isolated bay. Passengers were safely deboarded, and security te

ams carried out standard bomb threat checks. Investigations are currently underway.

Emirates confirmed the incident in a statement to local media, saying authorities had alerted them to a “potential security threat” to EK526.
“All standard security procedures were implemented by the relevant local authorities with full co-operation from Emirates’ ground teams,” the airline said, adding that “the safety and well-being of passengers and crew remain the highest priority.”

Authorities say all threats are being investigated, and extra security measures remain in place at the airport.

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Driving through Abu Dhabi this week? Here are the road closures you need to know about

Published

3 hours ago

December 5, 2025

Michael Gomes

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Abu Dhabi motorists can expect some delays over the next few days, with the Department of Municipalities and Transport (DMT) announcing a series of partial road closures across key routes in the capital. Drivers are being urged to plan, allow extra travel time, and follow diversions to avoid congestion.

Sheikh Zayed Bin Sultan Street

A major set of phased lane closures will take place near Sheikh Zayed Bridge from Tuesday, December 9 to Monday, December 22, 2025.

Three left lanes will be closed from 12am on December 9 until 10pm on December 15.
Two right lanes will then shut from 10pm on December 15 until 6am on December 22.

Sheikha Fatima Bint Mubarak Street

Another temporary closure is scheduled on Sheikha Fatima Bint Mubarak Street from 5pm on December 5 until 5am on December 8.

Authorities explained that these restrictions are part of ongoing road enhancement projects designed to improve traffic flow and safety across the city. Motorists are encouraged to use alternative routes wherever possible during the maintenance period.

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Sharjah Police give deadline to remove National Day stickers, or face fines

Published

3 hours ago

December 5, 2025

Michael Gomes

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If your car is still sporting National Day decals, it’s time to take them off. Sharjah Police have announced that all vehicle owners must remove their UAE National Day celebration stickers by Saturday, December 6, and those who miss the deadline will face violations.

The reminder follows a crackdown during the 54th Eid Al Etihad celebrations, where authorities impounded 106 vehicles and nine motorbikes for dangerous and irresponsible behaviour on the roads.

According to Sharjah Police, the violations included:

Creating loud noise and disturbing residents
Driving recklessly and endangering others
Operating vehicles without a valid licence

Police officials urged motorists to celebrate responsibly and avoid turning festivities into safety risks.

However, there has been a shift in decorating trends this year. Many residents opted for cleaner, simpler, more elegant designs to showcase their UAE pride ahead of the long weekend, and demand for custom decals surged.

Authorities are now urging residents to ensure all celebratory stickers and decorations are removed by the set deadline to keep roads safe and avoid penalties.