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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 residents could get a long weekend for Islamic New Year 2026

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UAE residents could be in line for another long weekend as the country prepares to mark the Islamic New Year, one of the key public holidays observed nationwide.

The occasion marks the beginning of the year 1448 in the Islamic calendar and is celebrated on the first day of Muharram, the opening month of the Hijri year. Both public- and private-sector employees are entitled to a paid holiday to commemorate the event.

While the official date has not yet been confirmed, astronomical calculations suggest the Islamic New Year is likely to fall in mid-June 2026. The final determination will depend on lunar observations and the length of Dhu Al Hijjah, the last month of the Islamic calendar.

If Dhu Al Hijjah concludes after 29 days, Muharram 1 is expected to fall on Tuesday, June 16. However, under the UAE’s public holiday framework, holidays that occur in the middle of the working week can be moved to either the beginning or end of the week to create a longer break for residents.

As a result, many observers expect the public holiday to be officially observed on Monday, June 15, creating a three-day weekend for employees across the country.

The Islamic New Year is one of the few holidays in the UAE that is linked directly to the Hijri calendar, which follows the lunar cycle rather than the Gregorian calendar. Because lunar months are either 29 or 30 days long, the exact date of the holiday can vary each year until officially confirmed by authorities.

Although the holiday is generally observed more quietly than Eid Al Fitr or Eid Al Adha, it remains an important occasion for Muslims worldwide, marking the historic migration, or Hijrah, of Prophet Muhammad (PBUH) from Makkah to Madinah, an event that serves as the starting point of the Islamic calendar.

An official announcement confirming the holiday date is expected closer to the occasion, following the customary moon-sighting process.

For UAE residents already planning their 2026 calendars, the Islamic New Year holiday could offer a welcome opportunity for a mid-year break and another long weekend to look forward to.

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Stop using these insect sprays immediately, UAE authority warns

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UAE authorities have issued an urgent recall of two insecticide products marketed under the Goodbye All Insects brand after identifying multiple regulatory and safety concerns, including the presence of a prohibited substance in one of the products

The action was announced by the Emirates Drug Establishment (EDE), which said the recall forms part of its ongoing efforts to protect consumers and ensure that products available in the UAE market meet approved health, safety and regulatory standards.

The products affected by the recall are Goodbye All Insects Max Kills in One Spray and Goodbye All Insects Spray, both manufactured by SCITRA.

According to the EDE, investigations uncovered regulatory and technical violations linked to the sale and distribution of products that had not been officially registered with the authority. Registration is a key requirement designed to ensure that products undergo the necessary evaluation before reaching consumers.

Product does not comply with specifications

In addition to the registration issues, the authority found discrepancies in the concentration levels of active ingredients in one of the insecticides. Officials said the product did not comply with approved specifications or relevant international standards, raising concerns about quality and consistency.

More significantly, one of the recalled products was found to contain a prohibited substance. As a result, authorities ordered its immediate removal from the market to prevent further distribution and reduce any potential risk to public health.

The Emirates Drug Establishment said it is working closely with regulatory agencies and relevant authorities across the UAE to ensure the affected products are removed from retail stores, distribution channels and online marketplaces in accordance with established regulatory procedures.

Consumers urged to stop using products

Consumers who have already purchased either product have been strongly advised to stop using them immediately. Authorities also urged the public not to buy, sell or distribute the recalled products and to follow official guidance issued by relevant government entities.

The Emirates Drug Establishment reaffirmed its commitment to transparency, proactive risk management and rapid response measures when potential safety concerns are identified. Officials added that cooperation with local regulatory partners remains a key part of efforts to safeguard public health and ensure only safe, compliant products remain available in the UAE market.

Residents are encouraged to stay informed through official announcements and report any concerns regarding recalled or non-compliant products to the relevant authorities.

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Abu Dhabi launches smart parking system with automatic payments

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Parking in Abu Dhabi is becoming faster and more convenient as Q Mobility introduces a new smart parking system that automatically deducts parking fees through the Darb app wallet.

The newly launched service aims to simplify the parking experience for motorists by removing the need for traditional payment methods such as SMS messages, parking machines, QR code scans or paper tickets. Instead, drivers can enter and exit participating parking areas while the system handles the entire payment process automatically.

Powered by artificial intelligence and advanced automatic license plate recognition technology, the platform identifies vehicles as they enter designated parking locations. Once a parking session begins, the system tracks the duration of the stay and calculates the applicable charges, which are then deducted directly from the user’s Darb wallet upon exit.

The initiative represents another milestone in Abu Dhabi’s broader push toward smarter and more integrated digital mobility services.

For drivers, the benefits are straightforward. There is no need to search for payment machines, send text messages or manually start and end parking sessions. Everything happens automatically in the background, creating a seamless and hassle-free experience.

Beyond convenience, the system is also expected to improve parking management efficiency by reducing reliance on cash transactions and paper-based processes. Officials say the move supports Abu Dhabi’s vision of embracing digital innovation while integrating smart infrastructure into everyday services.

Q Mobility highlighted that motorists should ensure they maintain sufficient funds in their Darb e-wallet before using the service. Having an adequate balance will help avoid interruptions to the automatic payment process and prevent potential parking fines.

The Free Flow Paid Parking System is being introduced gradually across Abu Dhabi, with activation planned in several city sectors and selected private parking facilities. The phased rollout is designed to support the emirate’s transition towards a more connected and technology-driven transportation ecosystem.

With parking payments now automated through a single digital platform, drivers can expect a smoother, faster and more efficient experience whenever they park in participating locations across the capital.

UAEInnovation SmartCity DigitalTransformation AI ParkingUpdate Mobility Technology

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