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UAE 500 Dirham Polymer Banknote: Setting High Standards in EMEA Region

The UAE Central Bank’s 500 Dirham banknote has been celebrated as the ‘Best New Banknote Issue for 2025’ in the Europe, Middle East, and Africa (EMEA) region. This honor was announced at the prestigious High Security Printing EMEA conference in Basel, Switzerland.

This cutting-edge banknote, part of the UAE’s innovative third polymer series, has been praised for its advanced security features and a design emphasizing sustainability. Building on the technological advancements of the Dh1,000 note issued in 2023, its stunning three-dimensional design includes the largest surface-applied foil stripe in the Middle East.

Manufactured by Oumolat Security Printing, a subsidiary of the UAE Central Bank, the new note entered circulation on November 30, 2023. It highlights landmarks such as the Terra Sustainability Pavilion in Expo City Dubai and the Museum of the Future, reflecting the nation’s architectural prowess and dedication to green initiatives. Notably, it incorporates Braille symbols, showcasing a commitment to inclusivity.

The shift to polymer not only extends durability but also reduces environmental impact, as these materials are fully recyclable, aligning with the UAE’s vision for a sustainable economy. Similar initiatives can be seen with Cyprus’s own efforts in promoting renewable energy, like those detailed in our article on Cyprus’s Renewable Energy Targets for 2030.

Saif Humaid Al Dhaheri, Assistant Governor of the Central Bank of the UAE, noted, “We proudly lead the region in adopting banknotes with advanced security and sustainable materials. Our dedication to accessibility ensures that everyone, including the visually impaired, can easily identify our banknotes.”

Cyprus Building Permits Fall 14% In Early 2025, Signaling A Market Slowdown

New data from the Cyprus Statistical Service reveals a notable 14% decline in building permits issued during the January–July 2025 period. A total of 4,195 permits were granted compared to 4,879 in the corresponding period of 2024, indicating a deceleration in the approval of new developments.

July 2025 At A Glance

In July 2025 alone, authorities issued 796 permits, which collectively held a value of €454.9 million. The construction projects covered a total area of 359,100 square meters, equating to approximately 1,512 residential units. These figures underscore the robust scale of investment despite a broader decline in permit numbers.

Year-On-Year Value And Scope Increases

Interestingly, comparing the figures to the same month in the previous year, experts observed a 4.8% increase in the total value of permits, a 7.8% expansion in the overall area approved, and a 4.6% growth in the number of residential units. Such statistics suggest that while the frequency of permits has fallen, the focus has shifted towards higher-value and potentially more substantial projects.

Institutional Reforms And Digital Transformation

It is important to note that, effective from July 1, 2024, the responsibility for issuing building permits transitioned from municipalities and regional administrations to the Provincial Regional Self-Government Organizations. This change, coupled with the adoption of the new integrated digital platform Hippodamos, aims to streamline the permit approval process, enhancing both efficiency and oversight in the sector.

These developments provide a crucial insight into the evolving landscape of Cyprus’s construction market and highlight the challenges and opportunities that lie ahead for stakeholders in the real estate and development arena.

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