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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

Online scam alert: Abu Dhabi Police reveal new tactics used by fraudsters

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Abu Dhabi Police have issued a fresh warning to the public following a spike in online fraud cases involving fake auctions, counterfeit products, and bogus job offers.

One of the scams involves fraudsters placing online ads for luxury watches. Victims are tricked into transferring money, only to discover that the watches are fake upon delivery.

Authorities also warned of fraudulent trading platforms. These websites often appear legitimate, with professional ads and fake profiles that simulate profits to convince victims to deposit more funds. However, when victims attempt to withdraw their money, they are blocked.

The police also cautioned residents against paying deposits for fake vehicle plate numbers, properties, or insurance policies promoted on scam websites. Some fake platforms mimic popular restaurant or retail brands to steal money through fake offers and then drain users’ bank cards.

Job seekers were specifically warned about fake employment schemes, where scammers pretend to be recruitment agents or company representatives, sometimes even using the names of real events. Victims are asked to pay fees for jobs that don’t exist.

Abu Dhabi Police urged residents to:

  • Never share confidential banking information, including card numbers, passwords, PINs, or verification codes.
  • Be cautious of suspicious calls or messages requesting to update banking details.
  • Report any suspicious activity by calling the Aman service on 8002626, sending a text to 2828, or visiting the nearest police station.

The warning comes as part of ongoing efforts to fight cybercrime and protect community members from financial loss.

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Pay Dh1,000 fee to waive traffic fines older than 10 years in Sharjah

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The Sharjah Executive Council (SEC), on Tuesday, announced a new decision to waive traffic violations under certain conditions.

Chaired by Sheikh Abdullah bin Salem Al Qasimi, Deputy Ruler of Sharjah and Vice Chairman of the Council, the decision allows for the cancellation of traffic fines recorded by Sharjah Police if 10 years have passed since the violation.

To apply for the waiver, individuals must pay a processing fee of Dh1,000. However, there are exceptions to this fee in the following cases:

  1. Verified death of the vehicle owner
  2. Continuous departure of the vehicle owner from the country for at least 10 years
  3. Abandoned vehicles where the owner cannot be located

This move is part of Sharjah’s ongoing efforts to ease financial burdens on residents and support the well-being of the community.

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New AI tools to improve understanding of Arabic content

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Dubai Media Academy has launched a new initiative aimed at developing AI tools that can better understand and support Arabic content, especially the unique languages, dialects, and cultures across the Arab world.

The “Artificial Intelligence Initiative in Arab Media” was announced during Dubai AI Week, which is running from April 21 to 25.

The idea came out of a series of discussions and workshops held by the Academy over the past year, where experts pointed out a big problem: Most current AI tools don’t work well with Arabic, especially when it comes to different dialects and cultural meanings.

To fix this, Dubai Media Academy will be working with media companies, tech developers, universities, and researchers to build better tools. These will help in areas like:

  • Representing different Arabic dialects more accurately
  • Making sure visual content is authentic
  • Improving the quality and availability of Arabic-language data used for AI training

Muna Busamra, Director of Dubai Media Academy, said the initiative is a direct response to what people in the media industry have been asking for.

“We saw a clear need for AI tools that truly understand Arabic and reflect the diversity of Arab societies,” she said. 

“This project supports Arab media in keeping our identity alive, while helping us stand out globally.”

During Dubai AI Week, the academy will host special workshops and talks, and more partnerships and projects will be announced later this year.

(Source: Wam)

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