UAE Dirham

• Country: United Arab Emirates
• Currency: dirham
• Alias: UAE dirham
• ISO 4217 CODES: AED/784
• Symbol: Dh

The UAE dirham is the national currency of the United Arab Emirates, a Middle Eastern nation formed in 1971-72 and comprised of seven states with a total population of approximately 4 million. The majority of the country’s population is constituted of foreign workers employed by the energy industry. The UAE is a major exporter of oil and gas, and most of the dirham’s value has been built from revenues obtained as a direct result of energy exports. Since 1981, the UAE has maintained an exchange rate of 1 USD = 3.67330 AED.

Background of the UAE Dirham

The United Arab Emirates was founded in 1971 by the union of six emirates: Abu Dhabi, Ajman, Dubai, Fujairah, Sharja and Umm al-Quwain. A seventh emirate, Ras al-Khaimah, joined the union in 1972. Oil exports have been flowing from the region since 1962, and Abu Dhabi alone holds an estimated 90% of the UAE’s total oil reserves. Dubai and Abu Dhabi have risen to become international banking centers, supplanting Bahrain’s position as the leading banking center of the Arab world.

Tourism is becoming a growing economic segment for the UAE. In 1985, Emirates Airlines was founded in Dubai as the country’s national airline, and today operates a modern fleet of Boeing and Airbus aircraft to destinations on five continents. Dubai is also the location of the Jebel Ali Free Trade Zone, which makes the city a very popular shopping destination for tourists.

The dirham is divided into 100 fils. Denominations for coins are 5 fils,10 fils, 25 fils, 50 fils and 1 dirham. Denominations for banknotes are 5 dirhams, 10 dirhams, 20 dirhams, 50 dirhams, 100 dirhams, 200 dirhams, 500 dirhams and 1,000 dirhams.