UAE currency: an ode to Sharjah on the Dh5 note


James Langton
  • English
  • Arabic

UAE currency: the story behind the money in your pockets

The UAE was formed in December 1971 but it took another two years or so before the new country got its own currency.

On May 20, 1973, in came the dirham and out went the rupee, the dinar, the riyal and even the Maria Theresa silver thaler.

Having a currency was an expression of sovereignty and unity, especially when so many others had been in circulation among the seven emirates.

In this weekly series, The National breaks down the historical and cultural significance of the designs for each of the denominations.

Dh5

For many years, the Dh5 was the workhorse of UAE currency, representing the price of a soda and a shawarma, a trip across town in the old gold and white Abu Dhabi taxis, or a cup of karak tea and the morning newspaper. Even today it remains a welcome sight for small cash purchases or a tip.

The Dh5 banknote was introduced in 1973, and is today the lowest value paper currency - after the Dh1 note was phased out by the early 1980s.

It has been through a series of barely perceptible colour changes but only two major designs. The original pictured Fujairah’s Al Bithnah Fort, with the words “Five Dirhams” in English and the number 5.

The previous design for the Dh5 note featured Al Bithnah Fort in Fujairah. Chris Whiteoak / The National
The previous design for the Dh5 note featured Al Bithnah Fort in Fujairah. Chris Whiteoak / The National

The Arabic side featured a watermark of composite design that included a sailing dhow and the Arabian Gulf coastline, an oil derrick, palm tree, string of pearls and a line of camels.

The design we know today was introduced in 1982. The Arabic side shows Sharjah’s Central Market, generally known as the Blue Souq, which opened in 1978.

On the English language side is the bay at Khor Fakkan and a detail of the nearby Imam Salem Al Mutawa Mosque, built around 200 years ago and one of the oldest in the country.

Alongside is a watermark of a sparrow hawk, widely used in falconry and which now appears on all UAE banknotes.

The design reflects both Sharjah’s peaceful Arabian Sea coast and its busy economic heart. In 2015, a tactile feature of small horizontal lines on the short sides was added to assist the sight impaired.

The inspiration behind the design of the UAE's currency

  • An Arabian sand gazelle at the Mleiha Archaeological Centre in Sharjah. The gazelle is native to the region and can be found on the 25 fils coin. Chris Whiteoak / The National
    An Arabian sand gazelle at the Mleiha Archaeological Centre in Sharjah. The gazelle is native to the region and can be found on the 25 fils coin. Chris Whiteoak / The National
  • The Murban 2 oil well in Abu Dhabi, pictured in 1956. The discovery of oil transformed the emirate and eventually the UAE. Three oil derricks are featured on the 50 fils coin. Adnoc
    The Murban 2 oil well in Abu Dhabi, pictured in 1956. The discovery of oil transformed the emirate and eventually the UAE. Three oil derricks are featured on the 50 fils coin. Adnoc
  • A dallah belonging to Sheikh Zayed in the early 20th century on display during the Majlis Zayed Exhibition in Abu Dhabi. The traditional coffee pot, a symbol of Emirati hospitality, appears on the Dh1 coin. Pawan Singh / The National
    A dallah belonging to Sheikh Zayed in the early 20th century on display during the Majlis Zayed Exhibition in Abu Dhabi. The traditional coffee pot, a symbol of Emirati hospitality, appears on the Dh1 coin. Pawan Singh / The National
  • One of the entrances to the Central Market, also known as the Blue Souq, in Sharjah. The market was built in 1979 and is adorned with Islamic designs. It can be seen on the Arabic side of the Dh5. Amy Leang / The National
    One of the entrances to the Central Market, also known as the Blue Souq, in Sharjah. The market was built in 1979 and is adorned with Islamic designs. It can be seen on the Arabic side of the Dh5. Amy Leang / The National
  • Salem Al Mutawa Mosque is one of the oldest two in the UAE. About 200 years old, it can be seen on the English side of the Dh5 along with the Khor Fakkan coastline. Antonie Robertson / The National
    Salem Al Mutawa Mosque is one of the oldest two in the UAE. About 200 years old, it can be seen on the English side of the Dh5 along with the Khor Fakkan coastline. Antonie Robertson / The National
  • The khanjar is a curved ceremonial dagger worn by men in the UAE and Oman. An illustration of the knife can be seen on the Arabic side of the Dh10. Victor Besa / The National
    The khanjar is a curved ceremonial dagger worn by men in the UAE and Oman. An illustration of the knife can be seen on the Arabic side of the Dh10. Victor Besa / The National
  • Date palm tree at Al Dahra farm in Al Ain. A date tree and farm are the main illustrations on the Dh10 note. Pawan Singh / The National
    Date palm tree at Al Dahra farm in Al Ain. A date tree and farm are the main illustrations on the Dh10 note. Pawan Singh / The National
  • An Arabian dhow at sea in 1973. The vessel features prominently on the Dh20 note. Marion Kaplan
    An Arabian dhow at sea in 1973. The vessel features prominently on the Dh20 note. Marion Kaplan
  • Dubai Creek Golf & Yacht Club opened in 1993 and can be seen on the Arabic side of the Dh20 note. Tourism Ireland
    Dubai Creek Golf & Yacht Club opened in 1993 and can be seen on the Arabic side of the Dh20 note. Tourism Ireland
  • An Arabian oryx at Al Maha Desert Resort in Dubai. The species was endangered but conservation efforts, led by Sheikh Zayed, helped it to flourish. It can be seen on the Dh50 note. Gerry O’Leary
    An Arabian oryx at Al Maha Desert Resort in Dubai. The species was endangered but conservation efforts, led by Sheikh Zayed, helped it to flourish. It can be seen on the Dh50 note. Gerry O’Leary
  • Completed in 1898 on the orders of Sheikh Zayed the First, Al Jahili Fort in Al Ain is one of the country’s largest. It appears on the English-language side of the Dh50 note. Abu Dhabi Culture and Tourism
    Completed in 1898 on the orders of Sheikh Zayed the First, Al Jahili Fort in Al Ain is one of the country’s largest. It appears on the English-language side of the Dh50 note. Abu Dhabi Culture and Tourism
  • Al Fahidi Fort in Dubai was built in 1787. Since then, it has had many uses, even functioning as a prison for outlaws for a time. It can be found on the Arabic face of the Dh100 note. Pawan Singh / The National
    Al Fahidi Fort in Dubai was built in 1787. Since then, it has had many uses, even functioning as a prison for outlaws for a time. It can be found on the Arabic face of the Dh100 note. Pawan Singh / The National
  • Dubai World Trade Centre (the grey, rectangular building to the middle left) was opened by Queen Elizabeth II in 1979. The tallest building in the UAE until 1999, it appears on the Dh100 banknote. Alamy
    Dubai World Trade Centre (the grey, rectangular building to the middle left) was opened by Queen Elizabeth II in 1979. The tallest building in the UAE until 1999, it appears on the Dh100 banknote. Alamy
  • Established in 1980, the UAE Central Bank was preceded by the Currency Board, which issued the country’s first independent currency: the dirham. The headquarters now features on the Dh200 note. Sammy Dallal / The National
    Established in 1980, the UAE Central Bank was preceded by the Currency Board, which issued the country’s first independent currency: the dirham. The headquarters now features on the Dh200 note. Sammy Dallal / The National
  • Worshippers leave the stadium at Zayed Sports City, Abu Dhabi, after Pope Francis led a holy Mass there in 2019. The building opened in 1979 and is featured on the Dh200 banknote. Pawan Singh / The National
    Worshippers leave the stadium at Zayed Sports City, Abu Dhabi, after Pope Francis led a holy Mass there in 2019. The building opened in 1979 and is featured on the Dh200 banknote. Pawan Singh / The National
  • Falcons feature on each of the dirham notes, but the beloved bird takes centre stage on the Arabic side of the Dh500. Getty
    Falcons feature on each of the dirham notes, but the beloved bird takes centre stage on the Arabic side of the Dh500. Getty
  • Sheikh Zayed Bridge was designed by renowned Iraqi architect Zaha Hadid. It was opened in 2010, becoming the third gateway from Abu Dhabi island to the greater emirate. During the Year of Zayed in 2019, a special Dh100 note, which is still in circulation, was printed depicting the bridge. Andrew Henderson / The National
    Sheikh Zayed Bridge was designed by renowned Iraqi architect Zaha Hadid. It was opened in 2010, becoming the third gateway from Abu Dhabi island to the greater emirate. During the Year of Zayed in 2019, a special Dh100 note, which is still in circulation, was printed depicting the bridge. Andrew Henderson / The National
  • Jumeirah Mosque in Dubai opened in 1979. One of two mosques open to non-Muslims, it is a distinctive feature of the Dh500 note. Getty
    Jumeirah Mosque in Dubai opened in 1979. One of two mosques open to non-Muslims, it is a distinctive feature of the Dh500 note. Getty
  • Qasr Al Hosn, the birthplace of Sheikh Zayed, is on the Arabic side of the Dh1,000 note. Victor Besa / The National
    Qasr Al Hosn, the birthplace of Sheikh Zayed, is on the Arabic side of the Dh1,000 note. Victor Besa / The National
  • Abu Dhabi’s skyline has changed dramatically since the dirham was launched. The UAE’s capital is featured on the Dh1,000 note. Chris Whiteoak / The National
    Abu Dhabi’s skyline has changed dramatically since the dirham was launched. The UAE’s capital is featured on the Dh1,000 note. Chris Whiteoak / The National
ENGLAND TEAM

England (15-1)
George Furbank; Jonny May, Manu Tuilagi, Owen Farrell (capt), Elliot Daly; George Ford, Ben Youngs; Tom Curry, Sam Underhill, Courtney Lawes; Charlie Ewels, Maro Itoje; Kyle Sinckler, Jamie George, Joe Marler
Replacements: Luke Cowan-Dickie, Ellis Genge, Will Stuart, George Kruis, Lewis Ludlam, Willi Heinz, Ollie Devoto, Jonathan Joseph

COMPANY%20PROFILE
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The%20Beekeeper
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COMPANY%20PROFILE
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Living in...

This article is part of a guide on where to live in the UAE. Our reporters will profile some of the country’s most desirable districts, provide an estimate of rental prices and introduce you to some of the residents who call each area home.

The specs: 2018 Ducati SuperSport S

Price, base / as tested: Dh74,900 / Dh85,900

Engine: 937cc

Transmission: Six-speed gearbox

Power: 110hp @ 9,000rpm

Torque: 93Nm @ 6,500rpm

Fuel economy, combined: 5.9L / 100km

What is graphene?

Graphene is a single layer of carbon atoms arranged like honeycomb.

It was discovered in 2004, when Russian-born Manchester scientists Andrei Geim and Kostya Novoselov were "playing about" with sticky tape and graphite - the material used as "lead" in pencils.

Placing the tape on the graphite and peeling it, they managed to rip off thin flakes of carbon. In the beginning they got flakes consisting of many layers of graphene. But as they repeated the process many times, the flakes got thinner.

By separating the graphite fragments repeatedly, they managed to create flakes that were just one atom thick. Their experiment had led to graphene being isolated for the very first time.

At the time, many believed it was impossible for such thin crystalline materials to be stable. But examined under a microscope, the material remained stable, and when tested was found to have incredible properties.

It is many times times stronger than steel, yet incredibly lightweight and flexible. It is electrically and thermally conductive but also transparent. The world's first 2D material, it is one million times thinner than the diameter of a single human hair.

But the 'sticky tape' method would not work on an industrial scale. Since then, scientists have been working on manufacturing graphene, to make use of its incredible properties.

In 2010, Geim and Novoselov were awarded the Nobel Prize for Physics. Their discovery meant physicists could study a new class of two-dimensional materials with unique properties. 

 

Cricket World Cup League Two

Oman, UAE, Namibia

Al Amerat, Muscat

 

Results

Oman beat UAE by five wickets

UAE beat Namibia by eight runs

 

Fixtures

Wednesday January 8 –Oman v Namibia

Thursday January 9 – Oman v UAE

Saturday January 11 – UAE v Namibia

Sunday January 12 – Oman v Namibia

CABINET%20OF%20CURIOSITIES%20EPISODE%201%3A%20LOT%2036
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The specs

AT4 Ultimate, as tested

Engine: 6.2-litre V8

Power: 420hp

Torque: 623Nm

Transmission: 10-speed automatic

Price: From Dh330,800 (Elevation: Dh236,400; AT4: Dh286,800; Denali: Dh345,800)

On sale: Now

Porsche Taycan Turbo specs

Engine: Two permanent-magnet synchronous AC motors

Transmission: two-speed

Power: 671hp

Torque: 1050Nm

Range: 450km

Price: Dh601,800

On sale: now

Dubai Bling season three

Cast: Loujain Adada, Zeina Khoury, Farhana Bodi, Ebraheem Al Samadi, Mona Kattan, and couples Safa & Fahad Siddiqui and DJ Bliss & Danya Mohammed 

Rating: 1/5

Pakistan World Cup squad

Sarfraz Ahmed (c), Fakhar Zaman, Imam-ul-Haq, Abid Ali, Babar Azam, Haris Sohail, Shoaib Malik, Mohammad Hafeez(subject to fitness), Imad Wasim, Shadab Khan, Hasan Ali, Faheem Ashraf, Junaid Khan, Shaheen Shah Afridi, Mohammad Hasnain      

Two additions for England ODIs: Mohammad Amir and Asif Ali

Company Profile

Name: Thndr
Started: 2019
Co-founders: Ahmad Hammouda and Seif Amr
Sector: FinTech
Headquarters: Egypt
UAE base: Hub71, Abu Dhabi
Current number of staff: More than 150
Funds raised: $22 million

Ten tax points to be aware of in 2026

1. Domestic VAT refund amendments: request your refund within five years

If a business does not apply for the refund on time, they lose their credit.

2. E-invoicing in the UAE

Businesses should continue preparing for the implementation of e-invoicing in the UAE, with 2026 a preparation and transition period ahead of phased mandatory adoption. 

3. More tax audits

Tax authorities are increasingly using data already available across multiple filings to identify audit risks. 

4. More beneficial VAT and excise tax penalty regime

Tax disputes are expected to become more frequent and more structured, with clearer administrative objection and appeal processes. The UAE has adopted a new penalty regime for VAT and excise disputes, which now mirrors the penalty regime for corporate tax.

5. Greater emphasis on statutory audit

There is a greater need for the accuracy of financial statements. The International Financial Reporting Standards standards need to be strictly adhered to and, as a result, the quality of the audits will need to increase.

6. Further transfer pricing enforcement

Transfer pricing enforcement, which refers to the practice of establishing prices for internal transactions between related entities, is expected to broaden in scope. The UAE will shortly open the possibility to negotiate advance pricing agreements, or essentially rulings for transfer pricing purposes. 

7. Limited time periods for audits

Recent amendments also introduce a default five-year limitation period for tax audits and assessments, subject to specific statutory exceptions. While the standard audit and assessment period is five years, this may be extended to up to 15 years in cases involving fraud or tax evasion. 

8. Pillar 2 implementation 

Many multinational groups will begin to feel the practical effect of the Domestic Minimum Top-Up Tax (DMTT), the UAE's implementation of the OECD’s global minimum tax under Pillar 2. While the rules apply for financial years starting on or after January 1, 2025, it is 2026 that marks the transition to an operational phase.

9. Reduced compliance obligations for imported goods and services

Businesses that apply the reverse-charge mechanism for VAT purposes in the UAE may benefit from reduced compliance obligations. 

10. Substance and CbC reporting focus

Tax authorities are expected to continue strengthening the enforcement of economic substance and Country-by-Country (CbC) reporting frameworks. In the UAE, these regimes are increasingly being used as risk-assessment tools, providing tax authorities with a comprehensive view of multinational groups’ global footprints and enabling them to assess whether profits are aligned with real economic activity. 

Contributed by Thomas Vanhee and Hend Rashwan, Aurifer

The biog:

From: Wimbledon, London, UK

Education: Medical doctor

Hobbies: Travelling, meeting new people and cultures 

Favourite animals: All of them 

IF YOU GO
 
The flights: FlyDubai offers direct flights to Catania Airport from Dubai International Terminal 2 daily with return fares starting from Dh1,895.
 
The details: Access to the 2,900-metre elevation point at Mount Etna by cable car and 4x4 transport vehicle cost around €57.50 (Dh248) per adult. Entry into Teatro Greco costs €10 (Dh43). For more go to www.visitsicily.info

 Where to stay: Hilton Giardini Naxos offers beachfront access and accessible to Taormina and Mount Etna. Rooms start from around €130 (Dh561) per night, including taxes.

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The National photo project

Chris Whiteoak, a photographer at The National, spent months taking some of Jacqui Allan's props around the UAE, positioning them perfectly in front of some of the country's most recognisable landmarks. He placed a pirate on Kite Beach, in front of the Burj Al Arab, the Cheshire Cat from Alice in Wonderland at the Burj Khalifa, and brought one of Allan's snails (Freddie, which represents her grandfather) to the Dubai Frame. In Abu Dhabi, a dinosaur went to Al Ain's Jebel Hafeet. And a flamingo was taken all the way to the Hatta Mountains. This special project suitably brings to life the quirky nature of Allan's prop shop (and Allan herself!).

The specs

Engine: 2.0-litre 4cyl turbo

Power: 261hp at 5,500rpm

Torque: 405Nm at 1,750-3,500rpm

Transmission: 9-speed auto

Fuel consumption: 6.9L/100km

On sale: Now

Price: From Dh117,059

The specs

Engine: 1.5-litre 4-cylinder petrol

Power: 154bhp

Torque: 250Nm

Transmission: 7-speed automatic with 8-speed sports option 

Price: From Dh79,600

On sale: Now

Non-oil%20trade
%3Cp%3ENon-oil%20trade%20between%20the%20UAE%20and%20Japan%20grew%20by%2034%20per%20cent%20over%20the%20past%20two%20years%2C%20according%20to%20data%20from%20the%20Federal%20Competitiveness%20and%20Statistics%20Centre.%C2%A0%3C%2Fp%3E%0A%3Cp%3EIn%2010%20years%2C%20it%20has%20reached%20a%20total%20of%20Dh524.4%20billion.%C2%A0%3C%2Fp%3E%0A%3Cp%3ECars%20topped%20the%20list%20of%20the%20top%20five%20commodities%20re-exported%20to%20Japan%20in%202022%2C%20with%20a%20value%20of%20Dh1.3%20billion.%C2%A0%3C%2Fp%3E%0A%3Cp%3EJewellery%20and%20ornaments%20amounted%20to%20Dh150%20million%20while%20precious%20metal%20scraps%20amounted%20to%20Dh105%20million.%C2%A0%3C%2Fp%3E%0A%3Cp%3ERaw%20aluminium%20was%20ranked%20first%20among%20the%20top%20five%20commodities%20exported%20to%20Japan.%C2%A0%3C%2Fp%3E%0A%3Cp%3ETop%20of%20the%20list%20of%20commodities%20imported%20from%20Japan%20in%202022%20was%20cars%2C%20with%20a%20value%20of%20Dh20.08%20billion.%3C%2Fp%3E%0A
Results:

6.30pm: Al Maktoum Challenge Round-2 (PA) | Group 1 US$75,000 (Dirt) | 2,200 metres

Winner: Goshawke, Fernando Jara (jockey), Ali Rashid Al Raihe (trainer)

7.05pm: UAE 1000 Guineas (TB) | Listed $250,000 (D) | 1,600m

Winner: Silva, Oisin Murphy, Pia Brendt

7.40pm: Meydan Classic Trial (TB) | Conditions $100,000 (Turf) | 1,400m

Winner: Golden Jaguar, Connor Beasley, Ahmad bin Harmash

8.15pm: Al Shindagha Sprint (TB) | Group 3 $200,000 (D) | 1,200m

Winner: Drafted, Pat Dobbs, Doug Watson

8.50pm: Handicap (TB) | $175,000 (D) | 1,600m

Winner: Capezzano, Mickael Barzalona, Sandeep Jadhav

9.25pm: Handicap (TB) | $175,000 (T) | 2,000m

Winner: Oasis Charm, William Buick, Charlie Appleby

10pm: Handicap (TB) | $135,000 (T) | 1,600m

Winner: Escalator, Christopher Hayes, Charlie Fellowes

Building boom turning to bust as Turkey's economy slows

Deep in a provincial region of northwestern Turkey, it looks like a mirage - hundreds of luxury houses built in neat rows, their pointed towers somewhere between French chateau and Disney castle.

Meant to provide luxurious accommodations for foreign buyers, the houses are however standing empty in what is anything but a fairytale for their investors.

The ambitious development has been hit by regional turmoil as well as the slump in the Turkish construction industry - a key sector - as the country's economy heads towards what could be a hard landing in an intensifying downturn.

After a long period of solid growth, Turkey's economy contracted 1.1 per cent in the third quarter, and many economists expect it will enter into recession this year.

The country has been hit by high inflation and a currency crisis in August. The lira lost 28 per cent of its value against the dollar in 2018 and markets are still unconvinced by the readiness of the government under President Recep Tayyip Erdogan to tackle underlying economic issues.

The villas close to the town centre of Mudurnu in the Bolu region are intended to resemble European architecture and are part of the Sarot Group's Burj Al Babas project.

But the development of 732 villas and a shopping centre - which began in 2014 - is now in limbo as Sarot Group has sought bankruptcy protection.

It is one of hundreds of Turkish companies that have done so as they seek cover from creditors and to restructure their debts.

Naga
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UAE currency: the story behind the money in your pockets