The Central Bank of the UAE revealed a new Dirham symbol for the nation’s currency- the dirham- on Thursday, showcasing a design inspired by the UAE’s national flag. With this new symbol, the dirham will be used both for physical and digital currency, pointing towards a significant step towards a more modern, globalized financial ecosystem in the UAE.
The new dirham symbol design comprises of two straight horizontal lines representing the stability of the currency; the inspiration was derived directly from the flag of the United Arab Emirates. This emblematic feature is intended to represent both the strength of the dirham and the UAE’s ongoing efforts to enhance financial and monetary stability. Such a symbol uses a clean, simple design to signify its currency’s worldwide reach and the commitment of the country to a bright, forward-looking future.
Aside from the physical version, the digital dirham symbol is considered to be a circle surrounding the original design. Additionally, signifying the country’s identity, the bold colors of the UAE flag will also play a role in becoming associated with the circular aspect, which signifies security, continuity, and the UAE’s vision for a connected digital economy. It also represents the digital token that UAE will be integrating within its evolving financial landscape, thus providing a strong base for future development.
This also complements the wider plans of the UAE to further its currency’s presence on a global scale. The central bank announced that, along with the symbolic event, it has entered the FX Global Code as its latest member and the first of Arab central banks to do so. This move is part of the UAE strategy toward strengthening the role of the dirham in the financial realms worldwide, along with promoting good practices in the exchange market.
Furthermore, the launch of UAE innovation will mark the expansion of digital experience-digital dirhams by the end of 2025. Based on blockchain technology, it will offer enhanced security, lower costs of payment and be created with a new platform for tokenization and smart contracts. Digital Dirham aims at improving financial inclusion and efficiency and facilitating people and companies in dealing through a digital wallet.
Hence, this is how the UAE postures itself as a global leader in digital payment and reconfigures its functions as a leading financial hub in the digital economy.
