Symbols of power: Saudi Arabia and UAE stamp their marks on global finance

Arun Leslie John, Arab News, April 11, 2025

RIYADH: In a display of economic ambition, Saudi Arabia and the UAE have unveiled new currency symbols for the riyal and dirham, marking a pivotal moment in their quest for global recognition.

Within just a few weeks of each other, the two Gulf powerhouses introduced these symbols — a strategic move designed to elevate their currencies on the world stage, signaling modernization, stability, and a vision for the future of trade and digital finance.

Saudi Arabia took the lead as King Salman approved the launch of a new riyal symbol in late February. The design, rooted in Arabic calligraphy, merges cultural heritage with modernity — a reflection of the Kingdom’s Vision 2030 ambitions.

In an interview with Arab News, economist and policy adviser Mahmoud Khairy said: “Currency symbols play a vital role in shaping how people view a nation’s money, and introducing new symbols for the riyal and dirham could help position them as modern and independent currencies.”

He added that a well-crafted symbol fosters national pride and distinguishes these currencies from others, crucial for gaining international recognition.

When it was revealed, Saudi Central Bank Gov. Ayman Al-Sayari described the symbol as a reinforcement of the riyal’s identity both domestically and internationally.

The design comes as Saudi Arabia embraces digital transformation, having joined Project mBridge, a multinational CBDC initiative that includes China, Hong Kong, Thailand, and the UAE. This move underscores the Kingdom’s commitment to reshaping global trade through blockchain technology.

The UAE followed closely, revealing the new dirham symbol, a sleek and meaningful design that blends the English letter “D” with two horizontal lines symbolizing financial strength.

The inclusion of elements from the UAE flag underscores national pride while reinforcing the currency’s role in international markets.

The Central Bank of the UAE emphasized that the symbol will soon be integrated into global typographical fonts, ensuring the dirham stands alongside the US dollar, British pound, and euro as a recognizable financial emblem.

This rebrand is not merely cosmetic. It coincides with the UAE’s adoption of the FX Global Code, making the CBUAE the first central bank in the Arab world to join this framework, which promotes transparency and best practices in foreign exchange markets.

Additionally, the UAE is pushing forward with its digital dirham, a blockchain-based central bank digital currency set to revolutionize financial transactions.

CBUAE Gov. Khaled Mohamed Balama has hailed the initiative as a leap forward for financial inclusion, security, and efficiency.

The digital dirham will feature smart contracts, tokenization for fractional asset ownership, and seamless cross-border payments — positioning the UAE as a leader in the digital economy.

The bigger picture: a strategic assertion of financial independence

The introduction of these symbols is far more than a typographical update — it is a calculated assertion of financial independence.

Historically, dominant currencies such as the dollar and euro have enjoyed instant recognition through their symbols, reinforcing their influence in global markets.

By establishing their own, Saudi Arabia and the UAE are declaring their currencies as serious contenders in international trade and finance.

Arun Leslie John, chief market analyst at investment planning firm Century Financial, told Arab News that the rebranding reflects economic confidence and institutional maturity, which are key to attracting foreign direct investment.

“The new logos will bring more visibility in cross-border transactions, making the UAE dirham and Saudi riyal practical as invoicing currencies for trade, thereby reducing reliance on traditional denominations like the dollar and euro,” he said.

The UAE dirham has already been ranked among the top 10 most traded currencies by a leading UK forex provider, signaling its growing prominence. Saudi Arabia, with its vast oil wealth and economic diversification efforts, is similarly positioning the riyal as a currency of stability and innovation.

Source: