Money in the UAE is about far more than material wealth.
A clock tower and police fort in Sharjah. A bird's eye view of Umm Al Quwain. The Ruler's palace in Ajman. A harbour in Ras Al Khaimah.
These were some of the images displayed on the UAE's first-issue banknotes, which came into being on May 19, 1973, nearly two years after the nation was unified.
Arabic lettering adorned the front of the Dh1, Dh5, Dh10, Dh50 and Dh100 notes, while there was English on the back.
While the currency undoubtedly hoisted the UAE into a new era of global recognition, allowing it to join the World Bank, these banknotes not only symbolise the country's prosperity, but also its heritage, traditions and moral values.
A brief history of UAE currency
Three years later, in 1976, a dark blue Dh1,000 note was issued, featuring forts from Dubai and Abu Dhabi.
It was 10 years before the Dh500 note, featuring Dubai's Jumeirah mosque, made its debut, while the colour-shifting, brown-hued Dh200, on which the Central Bank of the UAE is pictured, did not appear until 1989.
Before the UAE dirham, which since 1997 has been pegged to the US dollar at a rate of Dh3.6725, the Qatar and Dubai riyal changed hands among Emiratis, and previously, in 1959, there was a special Gulf issue of the Indian rupee, which was in circulation in what were then known as the Trucial States.
The Qatar and Dubai riyal had been in circulation since 1966 in all emirates but one: Abu Dhabi, where residents used the Bahraini dinar instead.
The Saudi riyal and even the Maria Theresa silver thaler were other currencies that had been used at various points the history of the area.
Paper money was not the only form of currency issued nearly 50 years ago, there were also six types of coin, only three of which are still in circulation: the 25 fils, 50 fils and one dirham. The 1, 5 and 10 fils are no longer used.
A sand gazelle, oil derricks and traditional dallah coffee pot all featured on the metal coins.
'A renewed pledge'
The currency continues to progress with the times and, over the years, several new banknotes marking important occasions have been circulated, such as in December, when a new Dh50 banknote was launched to celebrate the country's 50th National Day.
It depicts a portrait of the UAE Founding Father, the late Sheikh Zayed bin Sultan Al Nahyan, with a commemorative picture of the founding rulers after signing the Union document, and an image of Wahat Al Karama, a memorial for Emirati soldiers killed in the line of duty.
“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, at the launch of the note, state news agency Wam reported.
Only last month the Dh50, with new Dh5 and Dh10 banknotes, entered circulation, made of durable polymer material and with security features to prevent counterfeiting.
Ajman Fort and Dhayah Fort in Ras Al Khaimah feature on the Dh5, while Sheikh Zayed Grand Mosque in Abu Dhabi and Sharjah's Khor Fakkan amphitheatre appear on the Dh10.
Each has a transparent window featuring a portrait of Sheikh Zayed, along with the UAE brand logo, fluorescent drawings and inscriptions created using special printing techniques.
The technology and techniques might be new, but the symbols and images are as old as the country, and will no doubt continue to be used for many years to come.
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Jordan cabinet changes
In
- Raed Mozafar Abu Al Saoud, Minister of Water and Irrigation
- Dr Bassam Samir Al Talhouni, Minister of Justice
- Majd Mohamed Shoueikeh, State Minister of Development of Foundation Performance
- Azmi Mahmud Mohafaza, Minister of Education and Minister of Higher Education and Scientific Research
- Falah Abdalla Al Ammoush, Minister of Public Works and Housing
- Basma Moussa Ishakat, Minister of Social Development
- Dr Ghazi Monawar Al Zein, Minister of Health
- Ibrahim Sobhi Alshahahede, Minister of Agriculture and Minister of Environment
- Dr Mohamed Suleiman Aburamman, Minister of Culture and Minister of Youth
Out
- Dr Adel Issa Al Tawissi, Minister of High Education and Scientific Research
- Hala Noaman “Basiso Lattouf”, Minister of Social Development
- Dr Mahmud Yassin Al Sheyab, Minister of Health
- Yahya Moussa Kasbi, Minister of Public Works and Housing
- Nayef Hamidi Al Fayez, Minister of Environment
- Majd Mohamed Shoueika, Minister of Public Sector Development
- Khalid Moussa Al Huneifat, Minister of Agriculture
- Dr Awad Abu Jarad Al Mushakiba, Minister of Justice
- Mounir Moussa Ouwais, Minister of Water and Agriculture
- Dr Azmi Mahmud Mohafaza, Minister of Education
- Mokarram Mustafa Al Kaysi, Minister of Youth
- Basma Mohamed Al Nousour, Minister of Culture
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Name: Enhance Fitness
Year started: 2018
Based: UAE
Employees: 200
Amount raised: $3m
Investors: Global Ventures and angel investors
Terror attacks in Paris, November 13, 2015
- At 9.16pm, three suicide attackers killed one person outside the Atade de France during a foootball match between France and Germany
- At 9.25pm, three attackers opened fire on restaurants and cafes over 20 minutes, killing 39 people
- Shortly after 9.40pm, three other attackers launched a three-hour raid on the Bataclan, in which 1,500 people had gathered to watch a rock concert. In total, 90 people were killed
- Salah Abdeslam, the only survivor of the terrorists, did not directly participate in the attacks, thought to be due to a technical glitch in his suicide vest
- He fled to Belgium and was involved in attacks on Brussels in March 2016. He is serving a life sentence in France
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.”
The language of diplomacy in 1853
Treaty of Peace in Perpetuity Agreed Upon by the Chiefs of the Arabian Coast on Behalf of Themselves, Their Heirs and Successors Under the Mediation of the Resident of the Persian Gulf, 1853
(This treaty gave the region the name “Trucial States”.)
We, whose seals are hereunto affixed, Sheikh Sultan bin Suggar, Chief of Rassool-Kheimah, Sheikh Saeed bin Tahnoon, Chief of Aboo Dhebbee, Sheikh Saeed bin Buyte, Chief of Debay, Sheikh Hamid bin Rashed, Chief of Ejman, Sheikh Abdoola bin Rashed, Chief of Umm-ool-Keiweyn, having experienced for a series of years the benefits and advantages resulting from a maritime truce contracted amongst ourselves under the mediation of the Resident in the Persian Gulf and renewed from time to time up to the present period, and being fully impressed, therefore, with a sense of evil consequence formerly arising, from the prosecution of our feuds at sea, whereby our subjects and dependants were prevented from carrying on the pearl fishery in security, and were exposed to interruption and molestation when passing on their lawful occasions, accordingly, we, as aforesaid have determined, for ourselves, our heirs and successors, to conclude together a lasting and inviolable peace from this time forth in perpetuity.
Taken from Britain and Saudi Arabia, 1925-1939: the Imperial Oasis, by Clive Leatherdale
