RIYADH: In a show of economic aspiration, Saudi Arabia and the United Arab Emirates have introduced new symbols for the dirham and riyal, which is a significant step in their pursuit of international acceptance.
The two Gulf superpowers unveiled these symbols within weeks of one another in a calculated attempt to elevate their currencies internationally and convey modernization, stability, and a vision for the future of digital finance and trade.
When King Salman authorized the introduction of a new riyal symbol in late February, Saudi Arabia seized the initiative. The design, which has its roots in Arabic calligraphy, combines modernity and cultural heritage, reflecting the Kingdom’s Vision 2030 goals.
Economist and policy adviser Mahmoud Khairy stated in an interview with Arab News: “Introducing new symbols for the riyal and dirham could help position them as modern and independent currencies. Currency symbols are vital in shaping how people view a nation’s money.
Governor of the Saudi Central Bank Ayman Al-Sayari characterized the emblem at its unveiling as a reaffirmation of the riyal’s identity on a national and international level.
With its participation in Project mBridge, a global CBDC initiative involving China, Hong Kong, Thailand, and the United Arab Emirates, Saudi Arabia is embracing digital change. This action demonstrates the Kingdom’s dedication to using blockchain technology to transform international trade.
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