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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.”

S&P Affirms Cyprus At A- With Positive Outlook

S&P Global Ratings confirmed Cyprus’s sovereign rating at A- with a positive outlook on March 20, 2026, according to the Ministry of Finance. This decision reflects stable economic performance despite ongoing external pressures, including geopolitical tensions in the Middle East.

Steady Economic Growth Amid Geopolitical Pressures

S&P expects economic growth to continue at around 3%, slightly lower than in previous years but still above the pace seen in many European economies. Fiscal surpluses are also expected to continue, supporting overall stability.

Robust Debt Management And Fiscal Discipline

Public debt has declined in recent years, supported by strong fiscal performance and higher service exports. Improvements in the banking sector, including lower non-performing loans and stable credit growth, have also contributed to a stronger economic position.

Impact Of The Middle East Conflict

Conflict in the Middle East remains the main external risk. However, the positive outlook indicates that Cyprus is considered capable of managing potential shocks. Future rating changes will depend on public finances, economic performance and foreign investment flows.

Government Policy And Economic Management

According to the Ministry of Finance, the rating reflects continued fiscal discipline and economic management. Recent performance has been supported by the handling of earlier shocks, including the pandemic and the impact of the war in Ukraine.

Industry And Sectoral Insights

S&P noted that key sectors remain stable, despite potential pressure from tourism and energy costs. In particular, the banking sector continues to show strong profitability, capital levels and liquidity.

Energy Security And Future Prospects

Energy remains a key challenge, with costs among the highest in the EU. Plans to develop LNG infrastructure and explore natural gas resources are expected to support supply in the medium term.  Regional energy projects continue to face geopolitical constraints.

Outlook

S&P expects GDP growth to average around 2.8% between 2026 and 2029, while public debt is projected to decline further. Finance Minister Makis Keravnos said the rating confirms the government’s economic policy and supports Cyprus’s position as a stable European economy.

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