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

by News Editor

February 24, 2025

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.

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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.”

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Parliament Endorses Cyprus Academy Budget, Setting Stage For Strategic Growth

Balanced Budget Backing A Government Initiative

The Parliamentary Plenary approved a balanced budget of €570,000 for the Cyprus Academy of Sciences, Letters and Arts for the fiscal year ending December 31, 2026. The budget will be fully financed through a government grant, which remains the academy’s only source of revenue.

Focused Allocation For Administration And Development

The approved framework allocates €566,500 to administrative expenses and €3,500 to development activities. The slight increase compared to the previous year reflects the addition of three administrative positions. Academy President Achilleus Aimiliandis said the higher level of state funding allows the institution to strengthen staffing capacity and improve day-to-day operations while supporting its longer-term objectives.

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Inter-Ministerial Review And Required Amendments

The budget was submitted by the Ministry of Education, Sports and Youth to the Ministry of Finance in September 2025 for review. Following an assessment by the Public Administration and Personnel Department, several amendments were requested before the proposal proceeded to the Council of Ministers, reflecting standard oversight procedures applied to public-sector budgeting.

Building Renovation Plans Deferred

The approved budget does not include funding for the renovation of the property granted to the academy by the Holy Metropolis of Cyprus and Tillyria. A previous feasibility study estimated renovation costs at around €1.3 million plus VAT, with completion expected to take approximately two years. The project remains outside the scope of the current fiscal plan.