The United Arab Emirates (UAE) is making headlines this week with two significant developments: the introduction of a new symbol for its currency, the dirham, and the successful return of two fugitives from the UAE to India. These events not only highlight the UAE's evolving financial landscape but also its role in international law enforcement.
In a move that coincides with the festive spirit of Eid al-Fitr, the UAE Central Bank unveiled a new symbol for the dirham at the end of March 2025. This new symbol, which resembles the letter D with two horizontal lines through the middle, is designed to modernize the representation of the currency and aims to replace the commonly used abbreviations AED or Dhs in international transactions. The official currency is depicted in black, while the digital dirham features the colors of the national flag: black, red, green, and white.
Central Bank Governor Khaled Balama expressed optimism about the digital dirham, stating, "The digital dirham, as a blockchain-based platform with state-of-the-art features, is expected to significantly improve financial stability, inclusion, resilience, and the fight against financial crime." This initiative marks the UAE as the first Arab country to adopt such a symbol and aims to facilitate smoother transactions in the rapidly expanding digital economy.
Historically, the term 'dirham' is derived from the ancient Greek currency, the drachma, which was used until it was replaced by the euro in 2002. The introduction of the new currency symbol is part of a broader vision for a common Gulf currency among the six member states of the Gulf Cooperation Council (GCC). While discussions about a unified currency had taken place around the turn of the millennium, the project has yet to materialize due to varying economic interests among the member states, which include the UAE, Saudi Arabia, Kuwait, Bahrain, Qatar, and Oman.
Despite this, all six GCC banknotes are accepted widely across the Gulf region, and most currencies in the area are pegged to the US dollar. Currently, one dollar equals 3.667 UAE dirhams, a situation that benefits travelers from countries with stronger currencies, such as Switzerland and the eurozone, allowing them to exchange more dirhams for their local currencies.
Meanwhile, in a separate yet significant operation, the Central Bureau of Investigation (CBI) of India has successfully coordinated the return of two fugitives from the UAE. This operation, facilitated through Interpol channels, underscores the UAE's cooperation in international law enforcement.
Suhail Basheer, one of the fugitives, was returned to India on April 2, 2025. He was wanted by the Ernakulam Police in Kerala in connection with the alleged rape of a minor girl. An Interpol Red Notice had been issued against him on December 2, 2024, prompting sustained efforts by the CBI and Kerala Police to locate him in the UAE.
Upon his return, Basheer was escorted by a Kerala Police team from the UAE to Cochin International Airport, where he was taken into custody. In a concurrent operation, Tofik Najir Khan was also returned from the UAE. Khan was wanted by the Gujarat Police in Mehsana district for his involvement in a case of alleged criminal conspiracy, forgery, and cheating. A Red Notice for Khan was issued on February 25, 2025, and he was handed over to a Gujarat Police team upon arrival.
These developments in the UAE reflect not only its growing influence in the global financial system but also its commitment to international collaboration in law enforcement. As the country continues to modernize its currency system and engage actively with global policing efforts, it is positioning itself as a key player on both economic and security fronts.
The introduction of the new dirham symbol and the successful extradition of fugitives highlight the UAE's dual role as a financial innovator and a cooperative partner in international law enforcement. As the region evolves, these initiatives may pave the way for more robust economic interactions and enhanced security collaborations.
