• On the front of the new Dh5 note is a depiction of Ajman Fort. All photos: CBUAE
    On the front of the new Dh5 note is a depiction of Ajman Fort. All photos: CBUAE
  • On the back of the new Dh5 notes is an image of Dhayah Fort in Ras Al Khaimah.
    On the back of the new Dh5 notes is an image of Dhayah Fort in Ras Al Khaimah.
  • On the back of the new Dh10 is the Khorfakkan amphitheatre, a cultural landmark in Sharjah.
    On the back of the new Dh10 is the Khorfakkan amphitheatre, a cultural landmark in Sharjah.
  • On the new Dh10 note is an image of Sheikh Zayed Grand Mosque in Abu Dhabi.
    On the new Dh10 note is an image of Sheikh Zayed Grand Mosque in Abu Dhabi.

UAE

Heritage

UAE Central Bank launches new Dh5 and Dh10 notes

The polymer notes will enter circulation within the next five days

Sarah Forster
Sarah Forster

April 21, 2022

  • English
  • Arabic

The Central Bank of the United Arab Emirates has launched two new banknotes.

The Dh5 and Dh10 notes are made of polymer and include a number of security features.

The banknotes are the third version of the Dh5 and Dh10 notes and use environmentally friendly and recyclable polymer material. The material is more durable than traditional cotton-paper banknotes, lasting two or more times longer in circulation.

The notes include a transparent window featuring a portrait of the late Founding Father, Sheikh Zayed bin Sultan Al Nahyan. They also feature the UAE brand logo, along with fluorescent drawings and inscriptions created using special printing techniques.

The UAE launched a new Dh50 note to coincide with its 50th anniversary last year.

Dh5 note

The same colour scheme has been kept for the new Dh5 note, so that the public does not confuse it with another denomination.

The design includes UAE national symbols, and in the forefront of the note is a depiction of Ajman Fort. Appearing on the back of the note is an image of Dhayah Fort in Ras Al Khaimah.

Dh10 note

Similar to the Dh5 note, this one also keeps its familiar green hue. In the centre is an image of the iconic Sheikh Zayed Grand Mosque in Abu Dhabi. On the back is a depiction of the Khorfakkan amphitheatre, a notable cultural landmark in Sharjah.

When will the new notes be available?

The Dh10 note will enter circulation today and the Dh5 one on Tuesday, April 26.

Current versions of the notes will continue to be used along with the new polymer versions.

The new Dh50 note was launched to coincide with the Year of the 50th. Photo: CBUAE
The new Dh50 note was launched to coincide with the Year of the 50th. Photo: CBUAE

Both notes have security features to combat counterfeiting and feature braille symbols for the visually impaired.

“The new banknote issuance of five and 10 dirhams, and previously the 50 dirham note, is a source of great pride and honour," said Khalid Mohammed Balama, Governor of the Central Bank.

"The new banknotes feature symbols and images that reflect the UAE’s history and heritage, as well as embodying development and modernisation.”

Other ways to buy used products in the UAE

UAE insurance firm Al Wathba National Insurance Company (AWNIC) last year launched an e-commerce website with a facility enabling users to buy car wrecks.

Bidders and potential buyers register on the online salvage car auction portal to view vehicles, review condition reports, or arrange physical surveys, and then start bidding for motors they plan to restore or harvest for parts.

Physical salvage car auctions are a common method for insurers around the world to move on heavily damaged vehicles, but AWNIC is one of the few UAE insurers to offer such services online.

For cars and less sizeable items such as bicycles and furniture, Dubizzle is arguably the best-known marketplace for pre-loved.

Founded in 2005, in recent years it has been joined by a plethora of Facebook community pages for shifting used goods, including Abu Dhabi Marketplace, Flea Market UAE and Arabian Ranches Souq Market while sites such as The Luxury Closet and Riot deal largely in second-hand fashion.

At the high-end of the pre-used spectrum, resellers such as Timepiece360.ae, WatchBox Middle East and Watches Market Dubai deal in authenticated second-hand luxury timepieces from brands such as Rolex, Hublot and Tag Heuer, with a warranty.

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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.”

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Updated: June 21, 2023, 11:49 AM
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