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U.A.E. Dirham (AED)

QUOTE AND NEWS
Gulf remittances up 30% as Re slips
The Times of India  Sep 21  Comment 
Indians are queuing up at exchange houses in Dubai and other emirates for remitting funds back home with the rupee falling against the UAE dirham.
Arabtech unit wins Shah Gas contract
Upstream Online  Feb 21  Comment 
A unit of Dubai-based Arabtec Holding has won a 206 million UAE dirham ($56.08 million) construction contract for the Shah Gas development project in Abu Dhabi.
Iran floats idea of using UAE dirhams in oil trade
Reuters  Jul 18  Comment 
Iran may seek payment for its oil exports to Europe in UAE dirhams rather than euros because tougher EU sanctions could block Iranian transactions in the single European currency, an Iranian official said on Sunday.
[$] IPIC Seeks Full Control of Aabar
Wall Street Journal  Jul 12  Comment 
Aabar Investments moved a step closer to becoming a private company after its major stakeholder, IPIC, offered to buy out remaining Aabar shareholders.
[$] Nakheel Starts Payments to Creditors
Wall Street Journal  Jun 30  Comment 
Nakheel, the real-estate unit of Dubai World, said it has started making 40% cash payments to trade creditors after the developer signed "a substantial number of restructuring agreements."
[$] Mubadala Swings to Full-Year Profit
Wall Street Journal  Mar 22  Comment 
The Abu Dhabi government investment firm said it swung to a profit in 2009, as revenue nearly doubled and the value of its investments rebounded.
Property Slump Hits Nakheel
Wall Street Journal  Dec 9  Comment 
Dubai World's property unit Nakheel posted a first-half loss of $3.66 billion, bogged down by a slump in the emirate's property market.




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The UAE Dirhman' is the currency used in the UAE. The currency was introduced in 1973 to replace the Qatar and Dubai riyal.

The chart at left shows the USD/AED currency pair; the number of U.A.E Dirham equivalent to 1 U.S. Dollar (USD).

Linked Exchange Rate System

Pegged exchange to US Dollar (1USD = 3.67AED)

Since November 1997, the dirham has been pegged to the 1 U.S. dollar = 3.6725 dirhams, which translates to approximately 1 dirham = 0.272294 dollar.

GCC countries have been meaning to create a unified currency, ending the dirham’s linkage to the dollar. The initial deadline was set for 2010 but progress halted when Riyadh was chosen as the headquarters for the future unified central bank. UAE and Oman have chosen to exit the project and the new deadline involving the remaining GCC states is now, 2015.

Recent CNN interview given by the Ruler of Dubai, Sheikh Mohammed bin Rashid Al Makhtoum, Prime Minister and Vice President of UAE affirmed the nation’s commitment to the dollar. Sheikh Mohammed confirmed that the dirham would remain linked to the US dollar for the foreseeable future. He also said that the UAE has no imminent plans of joining a single GCC currency until it proves profitable.

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