UAE leaders attend launch of new Dh50 banknote


Sarah Forster
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A new Dh50 banknote has been issued by the UAE Central Bank to celebrate the country's 50th National Day.

Sheikh Mohammed bin Rashid, Vice President and Ruler of Dubai, and Sheikh Mohamed bin Zayed, Crown Prince of Abu Dhabi and Deputy Supreme Commander of the Armed Forces, attended the unveiling of the third issue of the note on Tuesday.

The banknote has a picture of the Founding Father, Sheikh Zayed, and the other founding Rulers, according to state news agency Wam. It also features a number of national and historical monuments.

The redesign is in honour of Sheikh Zayed, the founding Rulers and their dedication to uniting the country.

  • From left, Sheikh Mohammed bin Rashid, Sheikh Mohamed bin Zayed and Sheikh Hamad bin Mohammed Al Sharqi. Mohamed Al Hammadi / Ministry of Presidential Affairs
    From left, Sheikh Mohammed bin Rashid, Sheikh Mohamed bin Zayed and Sheikh Hamad bin Mohammed Al Sharqi. Mohamed Al Hammadi / Ministry of Presidential Affairs
  • The design of the new currency from the UAE Central Bank. Wam
    The design of the new currency from the UAE Central Bank. Wam
  • Sheikh Mohamed bin Zayed, Crown Prince of Abu Dhabi and Deputy Supreme Commander of the Armed Forces, left, and Sheikh Hamad bin Mohammed Al Sharqi, Ruler of Fujairah, centre, witness the launch of the UAE's new currency. Seen with Khaled Mohammed Balama, Governor of the Central Bank of the UAE. Mohamed Al Hammadi / Ministry of Presidential Affairs
    Sheikh Mohamed bin Zayed, Crown Prince of Abu Dhabi and Deputy Supreme Commander of the Armed Forces, left, and Sheikh Hamad bin Mohammed Al Sharqi, Ruler of Fujairah, centre, witness the launch of the UAE's new currency. Seen with Khaled Mohammed Balama, Governor of the Central Bank of the UAE. Mohamed Al Hammadi / Ministry of Presidential Affairs
  • Pictured, from left, Sheikh Ammar bin Humaid Al Nuaimi, Crown Prince of Ajman, Sheikh Sultan bin Mohammed Al Qasimi, Crown Prince and Deputy Ruler of Sharjah, Sheikh Saud bin Saqr Al Qasimi, Ruler of Ras Al Khaimah, Sheikh Saud bin Rashid Al Mualla, Ruler of Umm Al Quwain, Sheikh Mohammed bin Rashid, Vice President and Ruler of Dubai, Sheikh Mohamed bin Zayed and Sheikh Hamad bin Mohammed Al Sharqi, along with Mr Balama. Mohamed Al Hammadi / Ministry of Presidential Affairs
    Pictured, from left, Sheikh Ammar bin Humaid Al Nuaimi, Crown Prince of Ajman, Sheikh Sultan bin Mohammed Al Qasimi, Crown Prince and Deputy Ruler of Sharjah, Sheikh Saud bin Saqr Al Qasimi, Ruler of Ras Al Khaimah, Sheikh Saud bin Rashid Al Mualla, Ruler of Umm Al Quwain, Sheikh Mohammed bin Rashid, Vice President and Ruler of Dubai, Sheikh Mohamed bin Zayed and Sheikh Hamad bin Mohammed Al Sharqi, along with Mr Balama. Mohamed Al Hammadi / Ministry of Presidential Affairs
  • From left, Sheikh Ammar bin Humaid Al Nuaimi, Sheikh Sultan bin Mohammed Al Qasimi, Sheikh Saud bin Saqr Al Qasimi, Sheikh Saud bin Rashid Al Mualla and Sheikh Mohammed bin Rashid. Mohamed Al Hammadi / Ministry of Presidential Affairs
    From left, Sheikh Ammar bin Humaid Al Nuaimi, Sheikh Sultan bin Mohammed Al Qasimi, Sheikh Saud bin Saqr Al Qasimi, Sheikh Saud bin Rashid Al Mualla and Sheikh Mohammed bin Rashid. Mohamed Al Hammadi / Ministry of Presidential Affairs
  • Pictured, from left, Sheikh Ammar bin Humaid Al Nuaimi, Sheikh Sultan bin Mohammed Al Qasimi, Sheikh Saud bin Saqr Al Qasimi, Sheikh Saud bin Rashid Al Mualla, Sheikh Mohammed bin Rashid, Sheikh Mohamed bin Zayed and Sheikh Hamad bin Mohammed Al Sharqi, with Mr Balama. Mohamed Al Hammadi / Ministry of Presidential Affairs
    Pictured, from left, Sheikh Ammar bin Humaid Al Nuaimi, Sheikh Sultan bin Mohammed Al Qasimi, Sheikh Saud bin Saqr Al Qasimi, Sheikh Saud bin Rashid Al Mualla, Sheikh Mohammed bin Rashid, Sheikh Mohamed bin Zayed and Sheikh Hamad bin Mohammed Al Sharqi, with Mr Balama. Mohamed Al Hammadi / Ministry of Presidential Affairs
  • The new Dh50 banknote is adorned with an image of the UAE's Founding Father, Sheikh Zayed. Photo: Dubai Media Office
    The new Dh50 banknote is adorned with an image of the UAE's Founding Father, Sheikh Zayed. Photo: Dubai Media Office

"We see, in this issuance, the new phase that the UAE will enter and a renewed pledge to continue its growth path," said Sheikh Mansour bin Zayed, Deputy Prime Minister and Minister of Presidential Affairs, and chairman of the board of directors of the UAE Central Bank, according to the Wam report.

"The occasion also allowed us to express our appreciation and gratitude to our founding fathers by issuing a new [Dh50] banknote to celebrate the 50th anniversary of the establishment of the UAE."

The front of the new note has a portrait of the late Sheikh Zayed on the right and the commemorative picture of the founding Rulers after signing the Union document.

It also has a picture of Wahat Al Karama – the memorial to the heroes of the Emirates – on the left side.

The reverse has a picture of Sheikh Zayed signing the Union agreement, as well as a picture of Etihad Museum, which is where the Union was established and the UAE flag raised for the first time.

The banknote is made of polymer, which allows for enhanced security features such as a see-through window and holograms.

Polymer banknotes are more durable and sustainable than traditional banknotes, which are made of cotton paper. They can also be recycled.

The design has different shades of violet and fluorescent blue colours at the note's centre, along with drawings and inscriptions.

In this issue, the Central Bank took into consideration all banknote users by adding symbols in Braille to help blind and visually-impaired people identify the note.

The new note will be available at Central Bank branches and ATMs soon. The current Dh50 note will continue to be in circulation and accepted as currency.

Sheikh Hamad bin Mohammed Al Sharqi, Ruler of Fujairah; Sheikh Saud bin Rashid Al Mualla, Ruler of Umm Al Quwain; Sheikh Saud bin Saqr Al Qasimi, Ruler of Ras Al Khaimah; Sheikh Sultan bin Mohammed Al Qasimi, Crown Prince and Deputy Ruler of Sharjah and Sheikh Ammar bin Humaid Al Nuaimi, Crown Prince of Ajman, also attended the unveiling ceremony.

UAE currency: The old Dh50 note was a tribute to the desert

Bharat

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1. Lewis Hamilton, Mercedes - 263
2. Sebastian Vettel, Ferrari - 235
3. Valtteri Bottas, Mercedes - 212
4. Daniel Ricciardo, Red Bull - 162
5. Kimi Raikkonen, Ferrari - 138
6. Sergio Perez, Force India - 68

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.”

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Mohamed Salah, Liverpool, Premier League, 23 goals, 46 points
Lionel Messi, Barcelona, La Liga, 22 goals, 44 points

Iftar programme at the Sheikh Mohammed Centre for Cultural Understanding

Established in 1998, the Sheikh Mohammed Centre for Cultural Understanding was created with a vision to teach residents about the traditions and customs of the UAE. Its motto is ‘open doors, open minds’. All year-round, visitors can sign up for a traditional Emirati breakfast, lunch or dinner meal, as well as a range of walking tours, including ones to sites such as the Jumeirah Mosque or Al Fahidi Historical Neighbourhood.

Every year during Ramadan, an iftar programme is rolled out. This allows guests to break their fast with the centre’s presenters, visit a nearby mosque and observe their guides while they pray. These events last for about two hours and are open to the public, or can be booked for a private event.

Until the end of Ramadan, the iftar events take place from 7pm until 9pm, from Saturday to Thursday. Advanced booking is required.

For more details, email openminds@cultures.ae or visit www.cultures.ae

 

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England

Arsenal, Chelsea, Liverpool, Manchester City, Manchester United, Tottenham Hotspur

Italy
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Spain
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How much do leading UAE’s UK curriculum schools charge for Year 6?
  1. Nord Anglia International School (Dubai) – Dh85,032
  2. Kings School Al Barsha (Dubai) – Dh71,905
  3. Brighton College Abu Dhabi - Dh68,560
  4. Jumeirah English Speaking School (Dubai) – Dh59,728
  5. Gems Wellington International School – Dubai Branch – Dh58,488
  6. The British School Al Khubairat (Abu Dhabi) - Dh54,170
  7. Dubai English Speaking School – Dh51,269

*Annual tuition fees covering the 2024/2025 academic year

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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

Updated: December 23, 2021, 11:27 AM