Business

UAE Central Bank unveils new symbol for Dirham

Published

3 months ago

March 27, 2025

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The Central Bank of the UAE (CBUAE) has introduced a bold new symbol for the Dirham, reinforcing the nation’s financial identity and its position as a global economic powerhouse. This move, driven by the vision of Sheikh Mansour bin Zayed Al Nahyan, aligns with the UAE’s push for modernisation and digital transformation.

But that’s not all, the Digital Dirham is here. As part of the Financial Infrastructure Transformation (FIT) Programme, the CBUAE has announced major steps in rolling out the blockchain-based digital version of the Dirham, set to revolutionize financial transactions across the nation.

What’s Changing?

Dirham’s New Look – A fresh, modern currency symbol inspired by the English name “Dirham,” featuring two horizontal lines representing stability and the UAE flag’s elements.

The Digital Dirham Arrives – A secure, blockchain-powered digital currency that will be legally recognised alongside physical cash and accepted everywhere by 2025.

Smart, Secure & Cost-Effective – The Digital Dirham lowers transaction costs, enhances privacy, and ensures faster payments through smart contracts and tokenisation.

Seamless Wallet & Transactions – A new Digital Dirham wallet will allow users to make retail, wholesale, and cross-border payments, money transfers, top-ups, and more—securely and efficiently.

Big Financial Move on the Global Stage

The CBUAE is making history as the first Arab central bank to join the FX Global Code, a move that strengthens the Dirham’s position as a trusted international currency.

Khaled Mohamed Balama, Governor of the CBUAE, said, “We are proud to unveil today the new symbol for the UAE’s national currency, the ‘Dirham” in both its physical and digital forms, and the design of the Digital Dirham wallet. This reflects the significant advancements in the implementation of the Digital Dirham programme and a leap towards realising the CBUAE’s vision.”

He added, “It is anticipated that the Digital Dirham as a blockchain based platform with cutting edge capabilities shall substantially enhance financial stability, inclusion, resilience, and combatting financial crime. It will further enable the development of innovative digital products, services, and new business models, while reducing cost and increasing access to international markets.”

(Source: Wam)

Related Topics:currency digitalcurrency dirham newsymbol symbol uae

Michael Gomes

With over 35 years of experience in journalism, copywriting, and PR, Michael Gomes is a seasoned media professional deeply rooted in the UAE’s print and digital landscape.

Business

Sheikh Mohammed announces new UAE Ministry of Foreign Trade and renames Ministry of Economy

Published

20 hours ago

June 20, 2025

Michael Gomes

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In a major UAE government move, His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE, and Ruler of Dubai, has announced the creation of a new Ministry of Foreign Trade and renamed the Ministry of Economy to the Ministry of Economy and Tourism.

Taking to the social media platform X, Sheikh Mohammed said the decisions were made in consultation with His Highness Sheikh Mohamed bin Zayed Al Nahyan, President of the UAE.

“Brothers and sisters, after consultation with my brother, the President of the State, may God protect him, and with his approval, we announce today several changes in the UAE government as follows: The Ministry of Foreign Trade was established in the UAE government and the name of the Ministry of Economy is changed to Ministry of Economy and Tourism,” the Dubai Ruler wrote in his post.

Key announcements include:

The establishment of a new Ministry of Foreign Trade, with Dr. Thani Al Zeyoudi appointed as the minister.
The Ministry of Economy is now renamed the Ministry of Economy and Tourism, to reflect its broader scope. Abdullah Bin Touq Al Marri will continue to lead it.
The National Artificial Intelligence System will become an advisory member of the Cabinet, starting January 2026. It will also join the Ministerial Council for Development and the boards of all federal entities and government-owned companies.

The integration of AI into key decision-making bodies aims to enhance policy efficiency, provide real-time technical advice, and support future-focused governance across sectors.

Sheikh Mohammed emphasised that the move aligns with the UAE’s ongoing commitment to innovation, agility, and strategic leadership at all levels of government.

Real estate

Abu Dhabi launches smart platform to boost real estate investment and speed up construction approvals

Published

2 days ago

June 19, 2025

Michael Gomes

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Real estate investors in Abu Dhabi have a new reason to celebrate. The Department of Municipalities and Transport (DMT) has launched Binaa, an AI-powered digital platform that promises to slash building permit approval times by up to 70 per cent and reduce unnecessary construction costs, making the emirate even more attractive for real estate development and investment.

Unveiled during the Abu Dhabi Infrastructure Summit, the goal of Binaa is to dramatically reduce red tape, speed up approvals, and modernise how building projects are reviewed and managed.

What Binaa Means for You:

Up to 70 per cent faster permit approvals
Simplified process for private villa construction
Real-time tracking for architects, contractors, and homeowners
Minimises the cost and environmental impact of over-designed plans
Supports full coordination across 15 plus government entities

Smarter Construction, Powered by AI

Binaa uses AI, Building Information Modelling (BIM), and virtual/augmented reality to help spot design inefficiencies and ensure buildings meet safety and sustainability codes. It can also simulate site inspections using 3D overlays, making it easier to spot errors before they become costly construction issues.

During Phase 1, the platform will focus on private villas, which account for around 20,000 applications annually. Future phases will expand to larger developments.

One Platform, Endless Possibilities

Binaa offers a single digital window for managing the entire building process. It allows instant collaboration between consultants, project owners, and government agencies.

Business

UAE Central Bank keeps interest rate steady at 4.40%

Published

2 days ago

June 19, 2025

Michael Gomes

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The Central Bank of the UAE (CBUAE) has announced that it will maintain its Base Rate at 4.40%, following the US Federal Reserve’s decision to leave its Interest Rate on Reserve Balances (IORB) unchanged.

The Base Rate is applied to the Overnight Deposit Facility (ODF) and serves as a key benchmark for short-term interest rates in the country’s financial system.

In line with this, the CBUAE also confirmed that the borrowing rate for short-term liquidity from the central bank will remain 50 basis points above the Base Rate, applicable across all standing credit facilities.

What does this mean?
Anchored to the US Fed’s IORB, the UAE’s Base Rate reflects the overall monetary policy stance and helps set the floor for overnight money market interest rates, ensuring stability in the financial sector.