Latest news with #Dirham
Gulf Today
12-05-2025
- Business
- Gulf Today
Mbank provides AED Escrow Account Services to Changer.ae clients enabling secure and regulated Dirham to crypto conversions
Gulf Network In a significant step toward bridging the gap between traditional finance and the digital asset economy, Mbank provides AED Escrow Account Services to clients enabling secure and regulated dirham to crypto conversions and trades executed at the platform. Through this service, customers can safely utilize a Dirham escrow account powered by Al Maryah Community Bank (Mbank), while all conversions between dirhams and crypto assets are executed by Mbank and have announced the launch of a unique Dirham-based crypto conversion service, including a fully regulated fiat escrow account in AED for crypto transactions. The announcement was made during TOKEN2049 Dubai, with Mohammed Wassim Khayata, CEO of Mbank and Board Member of and Wang Hao, Senior Executive Officer at in attendance. The Central Bank of the United Arab Emirates (CBUAE) has officially approved Mbank to open an AED Escrow Account for is a premium independent crypto custodian service and Virtual Asset Service Provider (VASP) licensed by the Financial Services Regulatory Authority (FSRA) of the Abu Dhabi Global Market (ADGM). This approval enables secure and compliant holding of AED funds in escrow through Mbank's digital infrastructure, while the conversion of virtual assets and stablecoins such as USDT and USDC into AED is carried out by For customers, this means they can confidently and immediately convert their digital assets into local currency within a fully regulated and secure environment, eliminating the uncertainty and delays often associated with fiat, in on-ramp and off-ramp transactions. The service is entirely online, providing fast, transparent, and seamless access to funds, and allows individuals and businesses to manage crypto-to-fiat flows with ease, backed by Mbank's trusted digital banking platform. The cooperation between Mbank and enables individuals to exchange supported cryptocurrencies and stablecoins into AED via with the converted Dirham funds held securely in escrow by Mbank. It also provides businesses with the tools to operate transactions entirely within a regulated, blockchain-enabled system, with real-time access to fiat and crypto balances. Mr. Mohammed Wassim Khayata, CEO of Mbank and Board Member of stated: 'We are excited to offer this unique service to our customers, providing a seamless way to integrate Dirhams and crypto-related transactions with confidence. By providing AED Escrow Account Services to we ensure secure and regulated dirham to crypto conversions for Changer clients. This partnership with aligns with our mission to drive innovation in the UAE's financial ecosystem by offering regulated and secure financial infrastructure. The launch of this escrow account demonstrates the UAE's commitment to becoming a global crypto hub while maintaining the highest standards of security and regulatory compliance.' Mr. Wang Hao, Senior Executive Officer at said: 'At we are thrilled to bring this innovative product to the market in collaboration with Mbank. With the approval from CBUAE, we are enhancing our service offerings by providing a secure, reliable, and convenient way for customers to access crypto services. This product reflects our continued dedication to bridge the gap between traditional finance world and the rapidly growing world.' Mr. Tarek Soubra, Chief Technology Officer at Mbank, added: 'This new AED escrow account service is an exciting leap forward for both Mbank and By leveraging the safe and reliable crypto custody infrastructure and systems of developed in-house using the highest standards of security, reliability, and compliance without reliance on third-party Crypto custody platforms, and the seamless and straight through integration between the systems of Mbank and our customers benefit from a safe, fast, and transparent crypto-to-fiat experience. Customers can now convert their cryptocurrencies into AED through and then use their converted AED funds immediately and seamlessly, with Mbank holding the AED funds in escrow. Alternatively, Mwallet customers can now receive their converted AED funds immediately into their wallets and use them for any supported transactions or for immediate cash withdrawal, using Jaywan ATM card.' To find out more, visit
Arabian Business
07-04-2025
- Business
- Arabian Business
Dubai real estate surges as a new set of buyers eyes super-high returns on land investments
The land market is fast emerging as what industry players describe as the 'ultimate asset class' in Dubai for super-high investment returns, driven by a new set of buyers who bet on the city's evolving master plan and potential impact on long-term value, sector experts said. The demand for ready plots and off-plan land in prime districts is seeing a surge of late, with buyers securing land in key districts, positioning themselves to emerge as key players in Dubai's future landscape, eyeing to hit a jack in the medium-to-long-term, they said. Industry insiders said investing in plots in Dubai presents are increasingly seen as a strategic advantage for both individual investors and institutional buyers, with returns reaching up to triple-digit percentages in key locations. The plot segment is projected to emerge as a key wealth-generation vehicle for both regional and global investors, with prime land continuing to set new benchmarks. The growing momentum for plot investments is evident, with some of the leading real estate consultancies in the city – such as Springfield Properties – reporting multi-million Dirham investments in secondary market land sales in just the first ten days of Ramadan. 'Buyers are securing land in key districts with a clear, long-term vision – understanding that these locations are not just about prime real estate, but about positioning themselves in Dubai's future landscape,' Farooq Syed, CEO of Springfield Properties, told Arabian Business. 'The sustained demand for prime plots in Dubai also reflects a strategic shift among investors toward assets that offer both exclusivity and substantial capital appreciation,' he said. Senior executives at other leading real estate service providers also confirmed the rising demand for investments in plots in the city. Record land deals surge Among the deals involving plots in the first week of Ramadan were the AED100 million transactions in Al Wasl District, and an additional AED100 million in sales at The Oasis by Emaar, branded by The Address in secondary market land sales reported by Springfield Properties. The plot sales in Al Wasl District saw price-per-square-foot values reaching up to AED2,500, highlighting the area's resilience as a high-performing micro-market for prime land acquisitions, industry executives said. Unique Properties, a leading developer in Dubai's ultra-luxury real estate market, reported successfully closing a record-breaking residential land sale deal on Jumeirah Bay Island for $50 million (AED182 million) last week. The surging demand for land investments is also reflected in the AED9.6 billion plot sales registered in February across 608 transactions, posting a surge of about 75 per cent compared to the same year-ago period. Syed said the surging investments in the plot segment also underscore the strength of Dubai's off-plan market, where branded developments continue to attract buyers seeking both exclusivity and long-term capital appreciation. 'Dubai's real estate market has long been synonymous with high-value investment opportunities, but few segments offer the capital appreciation and wealth-generation potential of land acquisitions,' he said. Dubai real estate surge Sector experts said the trend of surging demand for investments in plots, along with the sustained momentum in the growth of the residential and commercial real estate sectors, enables Dubai to maintain its lead as one of the strongest-performing real estate markets globally. The sustained demand for plots also drives new benchmarks in both prime and emerging locations in the emirate, they said. The Springfield Properties chief executive said Dubia's ability to maintain this momentum is being driven by record-breaking population growth, continued inflows of international capital, and government-led infrastructure expansion. The emirate's real estate market has exhibited substantial growth in the first quarter of 2025, recording a total transaction value of over $31 billion (AED114.08 billion), a jump of more than 29 per cent from the same year-ago period, according to the latest analysis by Springfield Properties. Market projections suggest that property prices are expected to increase by 5 – 10 per cent throughout 2025, supported by the anticipated delivery of approximately 72,365 residential units.
CairoScene
28-03-2025
- Business
- CairoScene
The Dirham Now Has Its Own Official Symbol
The new Dirham symbol draws inspiration from the UAE flag. Mar 28, 2025 A dedicated symbol for the Dirham has officially been unveiled, aligning it with global currencies like the dollar ($), pound (£), and euro (€). The new Dirham symbol—a stylized "D" with two horizontal lines—draws inspiration from the UAE flag and marks a significant step in standardizing the national currency's identity. Announced by the Central Bank of the UAE (CBUAE), this move strengthens financial stability and reinforces the Dirham's global presence. Until now, the currency lacked a unified symbol, with abbreviations like AED, Dhs, and Dh used interchangeably. Beyond physical currency, the UAE is set to launch the Digital Dirham in Q4 2025, integrating blockchain technology for cross-border transactions, remittances, and digital payments—alongside the Digital Dirham Wallet. The UAE joins a growing trend of currency modernization, following Saudi Arabia's recent introduction of a symbol for the Riyal.
Express Tribune
28-03-2025
- Business
- Express Tribune
UAE launches new Dirham symbol reflecting national identity
Listen to article The UAE has introduced a new symbol for its national currency, the Dirham, which was unveiled by the Central Bank of the UAE (CBUAE) on Thursday. The new design will be used for both physical and digital forms of the Dirham. The symbol draws inspiration from the UAE's flag and embodies the nation's strength and unity. It features two horizontal lines representing the stability of the Dirham, while the flag's elements highlight the power and unity of the country. In its digital form, the Dirham symbol is encircled by a ring, symbolising security and continuity, while echoing the shape of a digital token. This design reflects the UAE's commitment to financial innovation. Incorporating the colours of the UAE flag—green, white, red, and black—the symbol's structure forms the letter 'D' for Dirham, further integrating the flag's lines. The design's curves are inspired by traditional Arabic calligraphy, giving it an elegant and strong presence. The unveiling of the new symbol is part of the UAE's broader efforts to strengthen the Dirham's relevance on the international stage. Recently, the UAE became the first Arab nation to join the FX Global Code, further cementing its position in global finance. Looking ahead, the Central Bank plans to launch the "Digital Dirham" by 2025. This digital currency, based on blockchain technology, aims to enhance transaction security, improve speed, and reduce costs for both individuals and businesses.
TAG 91.1
27-03-2025
- Business
- TAG 91.1
New symbol revealed for UAE Dirham
The Central Bank of the UAE (CBUAE) has unveiled the new symbol for the country's national currency, representing both its physical and digital forms. The new symbol, inspired by the English name of the Dirham, features two horizontal lines symbolizing the stability of the currency and is inspired by the UAE flag to reflect financial stability. For its digital counterpart, a circle surrounds the symbol, using the UAE flag's colours to emphasise national pride and identity. This announcement highlights the UAE's global ambitions, demonstrating the Dirham's expanding international presence and the country's commitment to innovation in its financial system. In related news, the CBUAE has also joined the FX Global Code, becoming the first central bank in the Arab region to do so. This move supports the UAE Dirham's goal of becoming a key international currency, while reinforcing best practices and ethical standards in currency exchange. The 'Digital Dirham', a secure and efficient digital version of the national currency, is set to launch in late 2025 for the retail sector. The digital currency, which leverages blockchain technology, promises lower transaction costs, enhanced data security, and efficient risk management. Individuals and businesses will be able to obtain the Digital Dirham through licensed financial institutions such as banks, exchange houses, finance companies and fintech companies, according to the use cases that will be activated. Key features of the Digital Dirham include tokenization, promoting financial inclusion and greater liquidity, and the use of smart contracts to facilitate automatic, real-time transactions, even for complex, multi-party deals. Integrated Platform and Digital Wallet The CBUAE has developed an integrated and secure platform for the issuance, circulation and use of the Digital Dirham, including a wallet. The Digital Dirham wallet is designed for ease of use and management by both individuals and businesses, enabling a number of financial transactions, including retail, wholesale and cross-border payments, money transfers and withdrawals, top-ups, and redemption of the Digital Dirham when needed. The platform can also easily incorporate innovative financial solutions tailored to emerging use cases driven by the rapid growth of the digital economy in the UAE.
