Dubai is the most populous city in the United Arab Emirates (UAE), with a population density of 2,106,177 people and landmass area of 4114m2 (1588sqmi). Dubai is located on the southeastern coast of the Persian Gulf, and on the emirate’s northern coastline. The constitutional monarchy type of Government is practiced in Dubai, with Mohammed bin Rashid Al Maktoum as Emir.
The official currency in Dubai is the Dirham (United Arab Emirates Dirham; AED). The UAE Dirham was introduced on 19 May 1973, replacing the Qatar and Dubai riyal. The Dirham (AED) is abbreviated as DH or Dhs. It is subdivided into 100 fils, with an inflation rate of 2.5%.
COINS
Coins were introduced in denomination of 1, 5, 10, 25, 50 fils and 1 dirham in 1973. The 1, 5, and 10 fils are struck in bronze, while the higher denomination in copper-nickel.
The value and numbers on the coins are written in Eastern Arabic numerals and the text is in Arab. Because of the seldom usage of the 1, 5 and 10 fils coins, all amounts are rounded up to 25 fils. The official coins used in Dubai are recorded as 25, 50 fils and 1 dirham.
BANKNOTES
On the 20th of May 1973, the U.A.E Currency Board introduced notes in denominations of 1, 5, 10, 50, and 100 dirham. On the 3rd of January 1976 the 1000 dirham notes were issued, later in 1982 the 1 and 1000 dirham notes were scrapped with the 500 dirham notes introduced later in 1983. The 200 dirham notes were introduced in 1989, while the 1000 dirham notes made a comeback (re-introduced) in the year 2000. The dirham Banknotes are currently available in the following denominations;
10 dirham (green)
20 dirham (light blue)
50 dirham (purple)
100 dirham (pink)
200 dirham (formerly green/brown, presently yellow/brown)
500 dirham (navy blue)
1000 dirham (greenish blue)
The obverse texts are written in Arabic with numbers in Eastern Arabic numerals (Arabic-Indic numerals); the revers texts are in English with numbers in Arabic numerals. A falcon water mark is present on all dirham notes to prevent fraud.
ECONOMY REVENUE AND EXCHANGE RATES
The dirham is a major in the world Exchange rate market, with Dubai being oil rich city, Dubai has evolved into a major player in the economy of the oil-rich middle-east region and the world at large. Oil now contributes less than 5% of Dubai’s total revenue, with the revenue mainly coming from tourism, aviation, real estate, and financial services. Dubai has developed into a world city and the business hub of the Persian Gulf region (middle-east). Dubai is now known for its architectural structures, with sky-scrappers a common figure. The World tallest building Burj Khalifa is cited in Dubai.
Since November 1997, the dirham has been pegged to the U.S dollar = 3.6725, which translate to approximately 1 dirham = 0.272294 dollar.
DUBAI’S CURRENCY CONVERTER
The dirham can be converted to any currency in the world online, using different currency converter platforms depending on the exchange rates of each country. The Goggle search engine is best used for this purpose.
Dubai dirham to Philippine peso:
The dirham is a stronger currency compared to the Philippine peso.
1 dirham = 12.1443 Philippine pesos
1 Philippine peso = 0.08234 dirham.
Dubai dirham to Indian rupee:
The dirham is a stronger currency compared to the Indian rupee.
1 dirham = 16.9533 Indian rupees
1 Indian rupee = 0.05899 dirham.
SUMMARY
The Dubai dirham is arguably a strong currency, comparing it with hard currencies like the U.S dollar = 3.6732 dirham, to the British pounds = 5.3744 dirham and the euro = 3.8884 dirham, shows that the Dubai dirham is on the right path to becoming a major player in the world money market.