UAE currency: The two versions of the Dh100 notes in your wallet


James Langton
  • English
  • Arabic

The UAE's currency was introduced on May 20, 1973, a little more than two years after the country was formed.

Prior to the dirham, the rupee, dinar and even the Maria Theresa silver thaler were used.

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

Dh100

Always a welcome presence in your wallet, the Dh100 note was the highest denomination in general circulation when it was introduced in 1973.

The original note was green, and superficially resembled today's Dh10. Mixing the two up would be an unfortunate mistake to make.

The original Dh100 note, which was green, featured the port of Khor Fakkan and was in circulation from 1973 until 1982.
The original Dh100 note, which was green, featured the port of Khor Fakkan and was in circulation from 1973 until 1982.

The design on the English language face was a charming scene of Khor Fakkan on the Gulf of Oman, with a dhow and buildings that include a mosque and the fish market.

Although almost completely surrounded by Fujairah, Khor Fakkan is part of Sharjah, which also features on the Dh1 note and was the only emirate to be included twice on the original issue.

Design changes in 1982 meant the Dh100 note became the familiar pink or pale red (depending on your point of view) that we see today.

On the Arabic face is Al Fahidi Fort in Dubai, once the home of the emirate's Ruler and now the Dubai Museum. The reverse is the World Trade Centre, once the tallest building in the Middle East and still a symbol of Dubai's extraordinary progress in barely half a century.

If you have recently made a large withdrawal from a bank, take a closer look at your Dh100 notes and you may find the second version.

This was released in 2018 to mark the Year of Zayed and the 100th anniversary of the Founding Father's birth. The World Trade Centre on the English side is replaced with an image of Sheikh Zayed Bridge in Abu Dhabi, and on the reverse is the official symbol of the Year Of Zayed with his portrait.

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

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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