UAE Introduces New Dirham Symbol and Digital Currency Initiative
The Central Bank of the UAE unveils a new dirham symbol inspired by national identity and announces the upcoming Digital Dirham project.
The Central Bank of the UAE (CBUAE) has introduced a new symbol for its national currency, the dirham, as of March 2025. The design of the symbol draws from the English name 'dirham', incorporating two horizontal lines that signify the stability of the currency, while also taking inspiration from the UAE flag.
This new symbol aims to enhance the global recognition of the UAE dirham in both physical and digital markets.
Alongside the new symbol, a digital version of the dirham, referred to as the ‘Digital Dirham’, will be issued by CBUAE.
This initiative, expected to launch in the last quarter of 2025, will utilize blockchain technology to provide a secure and efficient payment method, aiming to reduce transaction costs through its technical design which ensures effective risk management and data protection.
The CBUAE anticipates that the Digital Dirham will facilitate easier access to digital financial services, allowing individuals and businesses to transact securely via licensed financial institutions.
The introduction of the Digital Dirham includes features such as tokenization, which enhances financial inclusion, and the use of smart contracts that enable automated execution of complex transactions.
The CBUAE has developed a comprehensive platform for the Digital Dirham, including a user-friendly digital wallet for both personal and business transactions, facilitating payments, money transfers, and withdrawals.
Moreover, the unveiling of the new dirham symbol coincides with the CBUAE’s membership in the FX Global Code, marking it as the first central bank in the Arab region to join this initiative.
This membership reinforces the CBUAE's commitment to establishing the dirham as an international currency and promoting best practices in the exchange market.
The dirham itself has been a vital part of the UAE's economy since its introduction in 1973, serving not only as a currency but as a representation of national identity and economic progress.
The new symbol and digital currency project are seen as steps towards ensuring the dirham's continued relevance in an evolving global financial landscape.
In a separate development, Abu Dhabi has announced plans to launch a property listing platform named Madhmoun, aimed at enhancing trust and transparency in the real estate market.
The platform will offer verified property listings and real-time updates, enabling accurate advertising and improving user decision-making.
This initiative comes amid rising property prices and rents in the emirate, reflecting ongoing demand in the housing sector.
Last year, home sale prices in Abu Dhabi increased by 11 percent, with rents rising by 20 percent according to industry reports.
The Madhmoun platform is expected to increase the visibility of property listings significantly, aiming to eliminate misleading advertisements and promote reliability across the real estate market.
This new symbol aims to enhance the global recognition of the UAE dirham in both physical and digital markets.
Alongside the new symbol, a digital version of the dirham, referred to as the ‘Digital Dirham’, will be issued by CBUAE.
This initiative, expected to launch in the last quarter of 2025, will utilize blockchain technology to provide a secure and efficient payment method, aiming to reduce transaction costs through its technical design which ensures effective risk management and data protection.
The CBUAE anticipates that the Digital Dirham will facilitate easier access to digital financial services, allowing individuals and businesses to transact securely via licensed financial institutions.
The introduction of the Digital Dirham includes features such as tokenization, which enhances financial inclusion, and the use of smart contracts that enable automated execution of complex transactions.
The CBUAE has developed a comprehensive platform for the Digital Dirham, including a user-friendly digital wallet for both personal and business transactions, facilitating payments, money transfers, and withdrawals.
Moreover, the unveiling of the new dirham symbol coincides with the CBUAE’s membership in the FX Global Code, marking it as the first central bank in the Arab region to join this initiative.
This membership reinforces the CBUAE's commitment to establishing the dirham as an international currency and promoting best practices in the exchange market.
The dirham itself has been a vital part of the UAE's economy since its introduction in 1973, serving not only as a currency but as a representation of national identity and economic progress.
The new symbol and digital currency project are seen as steps towards ensuring the dirham's continued relevance in an evolving global financial landscape.
In a separate development, Abu Dhabi has announced plans to launch a property listing platform named Madhmoun, aimed at enhancing trust and transparency in the real estate market.
The platform will offer verified property listings and real-time updates, enabling accurate advertising and improving user decision-making.
This initiative comes amid rising property prices and rents in the emirate, reflecting ongoing demand in the housing sector.
Last year, home sale prices in Abu Dhabi increased by 11 percent, with rents rising by 20 percent according to industry reports.
The Madhmoun platform is expected to increase the visibility of property listings significantly, aiming to eliminate misleading advertisements and promote reliability across the real estate market.
