Throughout the Gulf, the names of currencies reflect the history of global trade. And that history reveals a great deal about language itself.
Dinar is derived from the denarius, a Roman coin, while dirham goes back to the Ancient Greek drachma; rial comes from the Spanish real, meaning “royal”.
But one currency that expresses the shared past of an entire continent is the Omani rial, which is divided into baisa, a Hindi/Urdu loanword (paisa) with roots in Sanskrit. The word paisa, in fact, is spread all over the Indian Ocean world, from Myanmar to Mauritius and nearly everywhere in between.
I first noticed this word while reading the Egyptian author Sonallah Ibrahim's novel Warda, about the Dhofar Rebellion in Oman. It's more common to find Arabic loanwords in Hindi and Urdu than the reverse; Hindustani – the umbrella term linguists use to cover both Hindi and Urdu – uses thousands of Arabic words, which entered the language through Persian. These include everyday vocabulary like insan (person) or dunya (world).
But a word like baisa in Omani Arabic is no surprise. Like many Arabic dialects of the Gulf, it features loanwords from Hindustani, Persian, English, Portuguese, Swahili and other languages, revealing the linguistic routes of the Indian Ocean. In this case, paisa became baisa because Arabic generally lacks the “p” sound. Modern loans with this sound are usually rendered with “b”, as in bebsi (Pepsi). In antiquity, “p” more often became “f” in Arabic, seen in words like fil (elephant, from the Middle Persian word pil).
The cities of the Gulf have long been closely linked to India through trade. In 1835, Muscat’s currency was pegged to the Indian rupee (rupiya, or in Arabic rubiya), which is subdivided into paise (the plural of paisa). By the turn of the 20th century, trade with India accounted for half to as much as three quarters of overall trade in places like Bahrain, Muscat, and the Trucial States, which would later form the UAE.
Words, like money, are useful because their meaning is agreed upon between speakers
The Indian rupee was in official circulation throughout much of the Gulf, to such an extent that it placed a strain on India’s foreign reserves. To address this issue, in 1959 India began to issue “Gulf rupees” for circulation outside the country. The Gulf rupee remained in use until the Gulf states introduced national currencies in the 1960s. Oman was the last to switch, holding on to the Gulf rupee up until the establishment of the Saidi rial (named for the ruling Al Said family) under Sultan Qaboos in 1970. In 1972, this was replaced with the Omani rial, subdivided into 1,000 baisa and still the official currency today.
The legacy of the paisa – which goes back to Sanskrit padamsa, a “quarter part” – stretches beyond Indian-Gulf trade. The first element of the Sanskrit word is also the source of the name of Thailand’s currency, the baht. Today, in South Asia, in addition to being one hundredth of a rupee, paisa just means “money”. The word exists all over India (from north to south), Pakistan, Bangladesh, Nepal and even the Maldives and Burma.
Afghanistan also used a rupee subdivided into paise in the 19th century. Though the afghani was established as the national currency in 1926 (which is why many Afghans don’t like to be called “Afghanis”), Afghan Persian and Pashto still use the word paisa to mean “money”.
Paisa also made its way around East Africa, leaving traces in Mauritius, Ethiopia, Somalia, Kenya, Tanzania and elsewhere. The word, or terms derived from it, still means “money” in many of the languages of the region, like Swahili (where it is spelled pesa). The money transfer service M-Pesa, first launched in Kenya, is named for mobile pesa, punning on its similarity to mapesa, the Swahili plural for “money”.
Though Indonesia lacks a derivative of paisa, its official currency is the rupiah, derived from the same Sanskrit word (rupya, meaning wrought silver) as the rupee of India. The Indian subcontinent and Southeast Asia have been in contact for thousands of years, and the languages of the Indonesian archipelago and Malay peninsula evince this history with their abundance of loanwords from Sanskrit and other Indian languages. The word rupiah even entered the languages of the aboriginal Yolngu people of northern Australia as the result of trade and exchange between them and the Makassans of Sulawesi (now part of Indonesia) during the 18th and 19th centuries.
The legacy of the paisa stretches beyond Indian-Gulf trade
Today, half a century after the rupee ceased to be an official currency in Gulf countries, you can still hear its echoes in colloquial Arabic. Older Bahrainis and Omanis might refer to rubiyat, and in some Gulf dialects bayza (or its plural bayzat) connotes “money”. More recently, pidgin forms of Arabic have sprung up, facilitating communication between local employers and migrant workers.
Along with the unique syntax of pidgin Arabic, the workers have introduced new loanwords among some in the Gulf. These are not limited to the names of foods like tamees, the Afghan bread beloved in the Hijaz, or the ubiquitous karak chai. They also include words that have become part of everyday communication like sida (straight), from the Hindustani sidha.
Indeed, Hindustani increasingly serves as a lingua franca within some communities of the Gulf, alongside Arabic and English. Many in the Arab world have learnt to understand Hindustani, and it is not uncommon to hear Malayalees and Bangladeshis speaking to each other in the language, which they may have even learned while working in the Gulf.
Language, after all, functions similarly to currency, as an abstraction that enables exchange through shared value. Words, like money, are useful because their meaning is agreed upon between speakers. This allows them to travel far beyond their initial contexts, just like the Indian rupee. And language can be a form of cultural capital; currently, English knowledge is a global marker of education and class distinction and facilitates international communication, but in past eras Arabic and Persian served similar roles across the Indian Ocean world. The languages of that interconnected world of Indian Ocean trade are palimpsests, constantly changing but still revealing layers of history forged through commerce and migration.
Alexander Jabbari is an assistant professor of Persian language and literature at the University of Oklahoma
Wonka
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Three trading apps to try
Sharad Nair recommends three investment apps for UAE residents:
- For beginners or people who want to start investing with limited capital, Mr Nair suggests eToro. “The low fees and low minimum balance requirements make the platform more accessible,” he says. “The user interface is straightforward to understand and operate, while its social element may help ease beginners into the idea of investing money by looking to a virtual community.”
- If you’re an experienced investor, and have $10,000 or more to invest, consider Saxo Bank. “Saxo Bank offers a more comprehensive trading platform with advanced features and insight for more experienced users. It offers a more personalised approach to opening and operating an account on their platform,” he says.
- Finally, StashAway could work for those who want a hands-off approach to their investing. “It removes one of the biggest challenges for novice traders: picking the securities in their portfolio,” Mr Nair says. “A goal-based approach or view towards investing can help motivate residents who may usually shy away from investment platforms.”
Timeline
2012-2015
The company offers payments/bribes to win key contracts in the Middle East
May 2017
The UK SFO officially opens investigation into Petrofac’s use of agents, corruption, and potential bribery to secure contracts
September 2021
Petrofac pleads guilty to seven counts of failing to prevent bribery under the UK Bribery Act
October 2021
Court fines Petrofac £77 million for bribery. Former executive receives a two-year suspended sentence
December 2024
Petrofac enters into comprehensive restructuring to strengthen the financial position of the group
May 2025
The High Court of England and Wales approves the company’s restructuring plan
July 2025
The Court of Appeal issues a judgment challenging parts of the restructuring plan
August 2025
Petrofac issues a business update to execute the restructuring and confirms it will appeal the Court of Appeal decision
October 2025
Petrofac loses a major TenneT offshore wind contract worth €13 billion. Holding company files for administration in the UK. Petrofac delisted from the London Stock Exchange
November 2025
180 Petrofac employees laid off in the UAE
NBA Finals results
Game 1: Warriors 124, Cavaliers 114
Game 2: Warriors 122, Cavaliers 103
Game 3: Cavaliers 102, Warriors 110
Game 4: In Cleveland, Sunday (Monday morning UAE)
Company%20profile
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Titanium Escrow profile
Started: December 2016
Founder: Ibrahim Kamalmaz
Based: UAE
Sector: Finance / legal
Size: 3 employees, pre-revenue
Stage: Early stage
Investors: Founder's friends and Family
KILLING OF QASSEM SULEIMANI
Tearful appearance
Chancellor Rachel Reeves set markets on edge as she appeared visibly distraught in parliament on Wednesday.
Legislative setbacks for the government have blown a new hole in the budgetary calculations at a time when the deficit is stubbornly large and the economy is struggling to grow.
She appeared with Keir Starmer on Thursday and the pair embraced, but he had failed to give her his backing as she cried a day earlier.
A spokesman said her upset demeanour was due to a personal matter.
CRICKET%20WORLD%20CUP%20LEAGUE%202
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MATCH INFO
Watford 1 (Deulofeu 80' p)
Chelsea 2 (Abraham 5', Pulisic 55')
BRAZIL SQUAD
Alisson (Liverpool), Daniel Fuzato (Roma), Ederson (Man City); Alex Sandro (Juventus), Danilo (Juventus), Eder Militao (Real Madrid), Emerson (Real Betis), Felipe (Atletico Madrid), Marquinhos (PSG), Renan Lodi (Atletico Madrid), Thiago Silva (PSG); Arthur (Barcelona), Casemiro (Real Madrid), Douglas Luiz (Aston Villa), Fabinho (Liverpool), Lucas Paqueta (AC Milan), Philippe Coutinho (Bayern Munich); David Neres (Ajax), Gabriel Jesus (Man City), Richarlison (Everton), Roberto Firmino (Liverpool), Rodrygo (Real Madrid), Willian (Chelsea).
Company%20Profile
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Day 2, Dubai Test: At a glance
Moment of the day Pakistan’s effort in the field had hints of shambles about it. The wheels were officially off when Wahab Riaz lost his run up and aborted the delivery four times in a row. He re-measured his run, jogged in for two practice goes. Then, when he was finally ready to go, he bailed out again. It was a total cringefest.
Stat of the day – 139.5 Yasir Shah has bowled 139.5 overs in three innings so far in this Test series. Judged by his returns, the workload has not withered him. He has 14 wickets so far, and became history’s first spinner to take five-wickets in an innings in five consecutive Tests. Not bad for someone whose fitness was in question before the series.
The verdict Stranger things have happened, but it is going to take something extraordinary for Pakistan to keep their undefeated record in Test series in the UAE in tact from this position. At least Shan Masood and Sami Aslam have made a positive start to the salvage effort.
FINAL SCORES
Fujairah 130 for 8 in 20 overs
(Sandy Sandeep 29, Hamdan Tahir 26 no, Umair Ali 2-15)
Sharjah 131 for 8 in 19.3 overs
(Kashif Daud 51, Umair Ali 20, Rohan Mustafa 2-17, Sabir Rao 2-26)
UFC%20FIGHT%20NIGHT%3A%20SAUDI%20ARABIA%20RESULTS
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Mercer, the investment consulting arm of US services company Marsh & McLennan, expects its wealth division to at least double its assets under management (AUM) in the Middle East as wealth in the region continues to grow despite economic headwinds, a company official said.
Mercer Wealth, which globally has $160 billion in AUM, plans to boost its AUM in the region to $2-$3bn in the next 2-3 years from the present $1bn, said Yasir AbuShaban, a Dubai-based principal with Mercer Wealth.
“Within the next two to three years, we are looking at reaching $2 to $3 billion as a conservative estimate and we do see an opportunity to do so,” said Mr AbuShaban.
Mercer does not directly make investments, but allocates clients’ money they have discretion to, to professional asset managers. They also provide advice to clients.
“We have buying power. We can negotiate on their (client’s) behalf with asset managers to provide them lower fees than they otherwise would have to get on their own,” he added.
Mercer Wealth’s clients include sovereign wealth funds, family offices, and insurance companies among others.
From its office in Dubai, Mercer also looks after Africa, India and Turkey, where they also see opportunity for growth.
Wealth creation in Middle East and Africa (MEA) grew 8.5 per cent to $8.1 trillion last year from $7.5tn in 2015, higher than last year’s global average of 6 per cent and the second-highest growth in a region after Asia-Pacific which grew 9.9 per cent, according to consultancy Boston Consulting Group (BCG). In the region, where wealth grew just 1.9 per cent in 2015 compared with 2014, a pickup in oil prices has helped in wealth generation.
BCG is forecasting MEA wealth will rise to $12tn by 2021, growing at an annual average of 8 per cent.
Drivers of wealth generation in the region will be split evenly between new wealth creation and growth of performance of existing assets, according to BCG.
Another general trend in the region is clients’ looking for a comprehensive approach to investing, according to Mr AbuShaban.
“Institutional investors or some of the families are seeing a slowdown in the available capital they have to invest and in that sense they are looking at optimizing the way they manage their portfolios and making sure they are not investing haphazardly and different parts of their investment are working together,” said Mr AbuShaban.
Some clients also have a higher appetite for risk, given the low interest-rate environment that does not provide enough yield for some institutional investors. These clients are keen to invest in illiquid assets, such as private equity and infrastructure.
“What we have seen is a desire for higher returns in what has been a low-return environment specifically in various fixed income or bonds,” he said.
“In this environment, we have seen a de facto increase in the risk that clients are taking in things like illiquid investments, private equity investments, infrastructure and private debt, those kind of investments were higher illiquidity results in incrementally higher returns.”
The Abu Dhabi Investment Authority, one of the largest sovereign wealth funds, said in its 2016 report that has gradually increased its exposure in direct private equity and private credit transactions, mainly in Asian markets and especially in China and India. The authority’s private equity department focused on structured equities owing to “their defensive characteristics.”
Manchester United v Club America
When: Thursday, 9pm Arizona time (Friday UAE, 8am)
SPEC%20SHEET%3A%20APPLE%20IPHONE%2014%20PRO%20MAX
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Company Profile
Company name: NutriCal
Started: 2019
Founder: Soniya Ashar
Based: Dubai
Industry: Food Technology
Initial investment: Self-funded undisclosed amount
Future plan: Looking to raise fresh capital and expand in Saudi Arabia
Total Clients: Over 50
Who has lived at The Bishops Avenue?
- George Sainsbury of the supermarket dynasty, sugar magnate William Park Lyle and actress Dame Gracie Fields were residents in the 1930s when the street was only known as ‘Millionaires’ Row’.
- Then came the international super rich, including the last king of Greece, Constantine II, the Sultan of Brunei and Indian steel magnate Lakshmi Mittal who was at one point ranked the third richest person in the world.
- Turkish tycoon Halis Torprak sold his mansion for £50m in 2008 after spending just two days there. The House of Saud sold 10 properties on the road in 2013 for almost £80m.
- Other residents have included Iraqi businessman Nemir Kirdar, singer Ariana Grande, holiday camp impresario Sir Billy Butlin, businessman Asil Nadir, Paul McCartney’s former wife Heather Mills.
Hunting park to luxury living
- Land was originally the Bishop of London's hunting park, hence the name
- The road was laid out in the mid 19th Century, meandering through woodland and farmland
- Its earliest houses at the turn of the 20th Century were substantial detached properties with extensive grounds
Yahya Al Ghassani's bio
Date of birth: April 18, 1998
Playing position: Winger
Clubs: 2015-2017 – Al Ahli Dubai; March-June 2018 – Paris FC; August – Al Wahda
The Brutalist
Director: Brady Corbet
Stars: Adrien Brody, Felicity Jones, Guy Pearce, Joe Alwyn
Rating: 3.5/5
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