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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 motorist alert: Abu Dhabi announces new toll gates on major highways

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Motorists travelling across Abu Dhabi may soon notice a shift in how road tolls are applied, as the emirate quietly expands its Darb toll system beyond island entry points to major highways.

New toll gates have been installed in strategic locations such as Ghantoot along the busy Dubai–Abu Dhabi corridor and in the Al Qurm area. While the structures are visible and clearly marked, authorities have confirmed they are not yet operational and are currently undergoing testing.

The move signals a broader approach to traffic management, aiming to ease congestion and improve flow on some of the UAE’s busiest routes. Unlike the earlier system focused on bridge access to Abu Dhabi Island, the expansion hints at a more comprehensive, network-wide tolling strategy.

For now, motorists are advised to stay updated through official channels and ensure their vehicles are registered on the TAMM platform to avoid penalties once the system goes live.

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Dubai’s senior citizens just got a new social hub: Thukher Club opens in Al Khawaneej

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Dubai is making sure its senior citizens are living their best lives. Under the directives of Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, a brand-new branch of the Thukher Club has officially opened its doors in Al Khawaneej.

This isn’t just a community centre, it’s a high-tech, high-heart hub designed to keep seniors right at the centre of the action. Supervised by the Community Development Authority (CDA), the club is all about recognising that wisdom doesn’t retire, it just finds a better place to hang out.

What’s inside the new Al Khawaneej branch

  • Integrated facilities: Think workshop halls, social lounges, and spaces dedicated to health and fitness.
  • Generational knowledge: The club acts as a bridge where seniors can share their massive life experiences with younger generations.
  • Wellness first: From sports to cultural programmes, the focus is on staying active, healthy, and connected.
  • Group effort: This isn’t a solo mission. The CDA teamed up with heavy hitters like Dubai Police, Dubai Health, and Dubai Municipality to make sure the services are top-tier.

Hessa bint Essa Buhumaid, Director General of the CDA, highlighted that this move is part of the Dubai Social Agenda 33. The goal? To make the family the ‘Foundation of the Nation’ and ensure Dubai remains the best city in the world to live in, no matter your age.

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Extra cash for more families as UAE extends support to 2040

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Good news for Emirati families. The UAE just levelled up the Nafis programme, and it’s looking like a major win for those working in the private sector. In a move that basically says “we’ve got your back for the long haul,””the government has officially extended the initiative all the way to 2040.

So, what’s actually changing? The big headline is a new salary support package of up to Dh 3,000. This boost is specifically aimed at the children of Emirati women and the wives of Emirati citizens working in private firms. To get in on this, there’s a minimum salary threshold of Dh 6,000, making sure the support hits where it’s needed most.

But wait, there’s more. Remember the cap on child allowances? Yeah, that’s gone. The government has scrapped the limit on how many children can benefit, meaning bigger families get bigger support.

Mark your calendars:

  • New Beneficiaries: You’ll start seeing the impact in early September.
  • Existing Beneficiaries: Don’t worry, you aren’t being left out. The updates will roll out for you via a phased implementation over the next three years.

This initiative was officially announced by Sheikh Mansour bin Zayed Al Nahyan. It’s all part of a grand plan to make the private sector the ‘place to be’ for Emiratis for decades to come.

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