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