UAE rebrands the Dirham and readies digital currency launch
The Dirham — the UAE's official currency which has been in existence since 1973 — now has a new symbol as part of a new digital push.
The Central Bank of the UAE (CBUAE) revealed on Thursday the new currency symbol as part of a broader effort to strengthen the UAE's position as a leading global financial hub.
The updated symbol draws from the English name 'Dirham,' with two horizontal lines representing the currency's stability, reflecting elements of the UAE flag. For the digital version, the symbol is enclosed in a circle with the national flag's colours: an emblem meant to underscore national pride and the country's forward-looking financial vision.
The move coincides with the CBUAE's accession to the FX Global Code, making it the first central bank in the Arab region to join the voluntary code that promotes fair and transparent practices in the foreign exchange market. The new symbol and digital developments reflect efforts to raise the Dirham's international profile, especially as digital finance gains pace.
As part of the broader Financial Infrastructure Transformation (FIT) programme launched in 2023, the CBUAE is preparing for the phased issuance of the Digital Dirham. Legally recognised as a universal payment instrument under Federal Decree-Law No. (54) of 2023, the Digital Dirham will be accepted across all payment platforms and channels, alongside physical currency.
CBUAE Governor Khaled Mohamed Balama described the initiative as a 'major milestone' for the central bank.
'This marks a major milestone in the implementation of the Digital Dirham programme and aligns with the Central Bank's strategic vision,' he said.
'The Digital Dirham, as a blockchain-based platform with cutting-edge capabilities, will enhance financial stability, inclusion, and resilience, while helping to combat financial crime,' Balama added. 'It will also drive innovation in digital products and services, reduce costs, and expand access to global markets.'
Built on blockchain architecture, the Digital Dirham aims to provide atomic transaction completion, improved privacy, and strong risk management. Retail issuance is expected in the last quarter of 2025, with individuals and businesses set to access it via licensed banks, exchange houses, and fintechs.
The CBUAE is also rolling out a secure and integrated digital wallet that will support a wide range of use cases, from retail and wholesale payments to cross-border transfers and redemptions. Features such as tokenisation and smart contracts are expected to support more complex and automated financial transactions while enhancing efficiency and inclusion.
Similar move in Saudi
The UAE's move mirrors a similar initiative in Saudi Arabia, where the Saudi Central Bank (SAMA) unveiled an official symbol for the Saudi Riyal in February 2025. Inspired by Arabic calligraphy, the new Riyal symbol is designed to reinforce the currency's identity and usage in local and international financial contexts.
Saudi Arabia has also become a full participant in Project mBridge, a cross-border central bank digital currency (CBDC) pilot involving central banks from China, Hong Kong, Thailand, and the UAE. The project is seen as a key initiative to modernise international trade payments through blockchain-powered CBDCs.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Al Etihad
40 minutes ago
- Al Etihad
New report calls for collective action to speed up green transition in Arab governments
10 June 2025 00:15 SARA ALZAABI (ABU DHABI)Empowering talent, accelerating green digital transformation, and expanding partnerships to finance a sustainable future emerged as key priorities for collective action in the latest report on the "State of Arab Governments: Government Policies and Sustainability-Based Technologies".Based on insights from more than 1,600 leaders and officials across Arab governments, the third edition of the report was unveiled at the 2025 Sustainability and Government Action Forum, in collaboration with the Arab Organisation for Administrative Development (ARADO).The report highlights the critical role of technology and innovation in advancing sustainability efforts amid escalating global climate risks. In this context, the UAE's investments in irrigation, precision farming, and digital harvesting are emerging as exemplary models for the percent of officials in the region indicate that their governments have established and publicly shared a clear climate action plan, according to the 8 in 10 individuals agree that climate action should be a top government priority, and 42% believe that their current approaches align well with global best many respondents acknowledged the need for progress in key areas: 22% highlighted water management and conservation as a critical next focus, while 17% identified both urban planning and sustainable infrastructure as top priorities for 59% say their governments have laid out net-zero emissions goals, only 39% think their governments are adequately prepared to achieve sustainability, and 34% are moderately prepared with respect to key terms of infrastructure, 38% of the respondents strongly agree that their governments are working towards a shift to e-vehicles and sustainable transport, while 69% indicate that steps have been taken to make buildings more than half of those polled (53%) recognise that climate change affects citizens' daily lives - and 44% strongly agree that climate action is a priority for their officials also highlighted the importance of informed policymaking, with 45% agreeing that specific climate and environment data must be collected as part of regulatory 38% strongly believe that their governments are working with the private sector to build a green economy, the report conservation has emerged as an area of concern. Forty-two percent of officials identified renewable energy as a top priority, while 39% stressed the importance of water management the private sector, 50% of officials stated that they have developed policies encouraging the use of sustainable tech, and 43% confirmed that their governments support green-tech startups. Primary RecommendationsThe report outlined some recommendations to speed up the green transition in Arab governments. It called for government budgets to be classified according to their environmental impact, highlighting the importance of aligning the use of funds with sustainability officials also recommend nurturing green skills through regional training programmes and creating public-private climate innovation labs that develop actionable key measures include implementing full sustainability standards for government buildings, along with promoting performance-based financing the report highlighted the need to develop unified climate data platforms, standardise green procurement policies, as well as actively engage citizens; especially the youth - in sustainability initiatives. It further calls on developing digital infrastructure and a regional academy to upskill government officials on climate policy and green finance. Source: Aletihad - Abu Dhabi
TECHx
11 hours ago
- TECHx
Coursera UAE Reports 344% Surge in GenAI Enrollments
Home » Smart Sectors » Education » Coursera UAE Reports 344% Surge in GenAI Enrollments Coursera UAE, a leading online learning platform, has announced a 344% year-over-year increase in Generative AI (GenAI) enrollments in the UAE. This growth far exceeds the MENA regional average of 128% and the global average of 195%. The data comes from Coursera's latest Global Skills Report, now in its seventh year. The report revealed that 87% of employers in the UAE prioritize technology literacy, AI, and big data. This highlights a rising demand for future-ready talent with emerging tech capabilities. Coursera also reported that 13% of the UAE's labor force is actively learning on the platform. Professional Certificate enrollments rose by 41%. Cybersecurity courses saw a 14% increase, signaling demand for job-relevant credentials. Drawing from over 170 million learners worldwide, the report identified skill proficiencies, gaps, and learning trends across more than 100 countries. The UAE's rapid rise in GenAI enrollments reflects a national drive toward a knowledge-based economy. This effort aligns with the 'We the UAE 2031' vision. This year's report introduced the AI Maturity Index. It assesses a country's readiness for AI using Coursera data and external sources like the IMF and OECD. The UAE ranked first in the Arab world and 32nd globally out of 109 countries. This ranking highlights the country's strong foundation in AI innovation, research, and real-world application of AI skills. Coursera noted several government-led initiatives that support this growth: A planned 5GW AI Campus Mandatory AI curriculum in public schools These efforts support the UAE's National Artificial Intelligence Strategy 2031. The goal is to increase the digital economy's contribution to over 20% of non-oil GDP by 2031. Kais Zribi, Coursera's General Manager for the Middle East and Africa, said the UAE is scaling AI learning and infrastructure to drive transformation and innovation. He added that the UAE's high AI Maturity Index ranking and skill proficiency show its readiness to close gaps and lead in digital growth. The UAE currently ranks 38th globally in overall skills proficiency. It leads the Arab world in this metric, with 85% in business, 52% in technology, and 59% in data science. There are 1.3 million Coursera learners in the UAE, out of 10.8 million across MENA. The median age of learners is 36. Additionally, 41% access Coursera through mobile devices. Despite the progress, 72% of UAE employers still cite skills gaps as a major challenge above the global average. Increasing women's participation in tech is seen as key to bridging this gap. Women make up 32% of Coursera learners in the UAE. Of these, 24% are enrolled in STEM and 21% in GenAI. Coursera emphasized that boosting gender equity in tech is vital for long-term economic transformation.
Khaleej Times
11 hours ago
- Khaleej Times
Pakistan economy to grow 2.7% in FY25, economic survey shows
Pakistan's economy is likely to expand 2.7% in the fiscal year ending June 2025 after growing 2.5% during the previous year, the government's economic survey showed on Monday, a day before the country's federal budget is unveiled. The government initially targeted 3.6% GDP growth, but lowered it to 2.7% last month. The IMF expects real GDP to grow by 2.6% in FY25 and for the economy to grow 3.6% in FY26. Prime Minister Shehbaz Sharif's government aims for 4.2% GDP growth next year, the country's planning minister said last week, amid competing priorities, including stimulating investment, maintaining a primary surplus, and managing defence expenditure amid heightened tensions with India. Pakistan's central bank, in a bid to encourage growth, cut its policy rate by more than 1,000 basis points in the current fiscal year. Its latest cut last month brought the key rate to 11%, resuming an easing cycle that had brought rates down from 22% after a brief pause in March. Pakistan had a current account surplus of $1.9 billion in the July to April period of the current fiscal year compared to a deficit of $200 million in the same period last year, the survey showed. 'Pakistan's economy has been globally acknowledged for achieving macroeconomic stabilisation in the outgoing fiscal year,' Finance Minister Muhammad Aurangzeb said in his foreword to the survey. 'Pakistan is consistently advancing on an upward trajectory, built upon investment friendly reforms, enhanced domestic savings, and increased foreign direct investment, with GDP growth projected at 5.7 percent over the medium term,' he said. The economic survey, a key pre-budget document, comes at a time when Pakistan's economy is stabilising but remains fragile as the country navigates reforms under a $7 billion International Monetary Fund programme. Pakistan's federal budget for the next fiscal year starting July will be released on Tuesday. The government's total revenue for the first three quarters of the current year stood at 13.37 trillion rupees, the survey showed. Increasing revenue to trim the fiscal deficit, a key demand of the IMF programme, is considered challenging for Islamabad. Other key performance indicators mentioned in the economic survey include fiscal deficit at 2.6% of GDP during the first three quarters of the fiscal year.
