Overview
The United Arab Emirates Dirham is the currency of the United Arab Emirates. It has been pegged to the US dollar since 1997 at a rate of 3.6725 AED = 1 USD. The UAE has one of the most stable currencies in the Middle East due to its oil wealth and prudent monetary policy.
Economy
- United Arab Emirates is a member of GCC, Arab League, OIC, OPEC.
- Main industries include: Oil and gas, Tourism, Aviation, Real estate, Financial services, Trade, Manufacturing.
- United Arab Emirates is part of the World Trade Organization.
- Imports are machinery, chemicals, food, textiles, transport equipment.
- Major exports include crude oil, natural gas, re-exports, dried fish, dates.
- GDP: $507.5 billion (2023, nominal).
- GDP per capita: $51,475 (2023).
- Unemployment rate: 2.1% (2023).
- Inflation rate: 4.8% (2023).
- Main trading partners: India, China, Saudi Arabia, Iraq, Switzerland, Germany.
- Trade agreements: GCC Common Market, UAE-India CEPA, Various bilateral agreements.
History
- Previous currencies used: Qatar and Dubai riyal, Gulf rupee, Indian rupee.
- The dirham was introduced in 1973, replacing the Qatar and Dubai riyal at par. The name 'dirham' is derived from the Greek word 'drachma'.
- 1973: AED introduced, replacing Qatar and Dubai riyal
- 1978: Pegged to IMF Special Drawing Rights
- 1997: Pegged to US dollar at 3.6725 AED = 1 USD
- 2018: Introduction of polymer banknotes
- 2019: 50th anniversary commemorative currency series
- Exchange rate peg: USD (1997-present) at 3.6725:1.
- Exchange rate peg: IMF SDR (1978-1997).
- Currently pegged to USD at 3.6725 AED = 1 USD.
General Information
- ISO 4217 Code: AED
- Symbols: AED/د.إ
- Currency Subunits: 100 fils
- Central Bank: Central Bank of the UAE
- Monetary Policy: Currency board system maintaining USD peg. Focus on price stability and supporting economic growth while maintaining the fixed exchange rate.
- Bills: 5 AED, 10 AED, 20 AED, 50 AED, 100 AED, 200 AED, 500 AED, 1000 AED
- Coins: 1 fils, 5 fils, 10 fils, 25 fils, 50 fils, 1 dirham
- USD Exchange Rate: 3.6725
- Pegged To: USD at 3.6725 AED = 1 USD
- Capital: Abu Dhabi
- Population: 9,441,129 (2023 est.)
- Area: 83,600 km²
- Languages: Arabic (official), English, Hindi, Urdu, Persian, Tagalog
- Time Zones: UTC+4 (Gulf Standard Time)
- Government Type: Federal absolute monarchy
- Head of Government: President (currently Sheikh Mohamed bin Zayed Al Nahyan)
- Independence: December 2, 1971 (from United Kingdom)
- Ethnic Groups: Emirati 11.6%, South Asian 59.4%, Egyptian 10.2%, Filipino 6.1%, Other 12.7%
- Religions: Islam 76%, Christianity 9%, Hinduism 8%, Buddhism 2%, Other 5%
- Literacy Rate: 93.8% (2015 est.)
- Transport: Modern airports (Dubai International, Abu Dhabi), major ports (Jebel Ali, Abu Dhabi), extensive road network, Dubai Metro
- Communications: Advanced telecommunications, 99% internet penetration, widespread 5G coverage
- Energy: Oil 37%, Natural gas 49%, Nuclear 9%, Solar 3%, Other renewables 2%
- Countries Using This Currency: United Arab Emirates
- Data Sources: Central Bank: Central Bank of the UAE (centralbank.ae), Economic Data: UAE Ministry of Economy, World Bank, IMF, Trade Data: UAE Federal Competitiveness and Statistics Centre, Demographic Data: UAE National Bureau of Statistics, Geographic Data: UAE National Center of Meteorology, Historical Data: Central Bank of UAE archives
- Last Updated: 2025