Sheikh Mansour bin Zayed, Vice President, Deputy Prime Minister and Chairman of the Presidential Court, on Wednesday executed the first cross-border payment using UAE digital currency, between the Emirates and China.
Sheikh Mansour, also Chairman of the Board of Directors of the Central Bank of the UAE, completed the milestone transaction during a meeting with Pan Gongsheng, Governor of the People’s Bank of China, at Qasr Al Watan in Abu Dhabi.
The central bank digital currency (CBDC) transfer was made through the ‘mBridge’ network, marking the official launch of a service aimed at boosting global transactions and bolstering the financial ecosystem.
The ‘mBridge’ platform, established with the participation of a group of Emirati and Chinese banks, aims to facilitate cross-border payments, significantly reduce transaction costs, and provide instant payment settlement.
The platform is expected to undergo further expansion in 2026, with the addition of more central banks.
The ceremony - which was also attended by Khaled Mohamed Balama, Governor of the Central Bank of the UAE - also featured the announcement of the first multi-scheme prepaid card under the name ‘Jaywan–UnionPay’, and the execution of its first transaction.
“These advanced initiatives reflect the depth of the strategic partnership between the United Arab Emirates and the People’s Republic of China, and open new horizons for economic, financial, and technological cooperation," said Sheikh Mansour.
"The launch of the ‘mBridge’ platform, the interlinking of instant payment systems, and the introduction of the multi-scheme prepaid card ‘Jaywan–UnionPay’ represent tangible steps towards developing a modern and secure financial infrastructure that fosters innovation and facilitates seamless cross-border payments, thereby enhancing the UAE’s competitive capabilities and its global leadership in financial innovation.”
Digital drive
The UAE government conducted its first national transaction using the Digital Dirham last week.
The transaction was carried out by the Ministry of Finance and the Dubai Department of Finance, working closely with the Central Bank of the UAE.
It is a key milestone in the nation’s campaign to embed next-generation financial technology across the public and private sectors.
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COMPANY PROFILE
Sheer grandeur
The Owo building is 14 storeys high, seven of which are below ground, with the 30,000 square feet of amenities located subterranean, including a 16-seat private cinema, seven lounges, a gym, games room, treatment suites and bicycle storage.
A clear distinction between the residences and the Raffles hotel with the amenities operated separately.
In-demand jobs and monthly salaries
- Technology expert in robotics and automation: Dh20,000 to Dh40,000
- Energy engineer: Dh25,000 to Dh30,000
- Production engineer: Dh30,000 to Dh40,000
- Data-driven supply chain management professional: Dh30,000 to Dh50,000
- HR leader: Dh40,000 to Dh60,000
- Engineering leader: Dh30,000 to Dh55,000
- Project manager: Dh55,000 to Dh65,000
- Senior reservoir engineer: Dh40,000 to Dh55,000
- Senior drilling engineer: Dh38,000 to Dh46,000
- Senior process engineer: Dh28,000 to Dh38,000
- Senior maintenance engineer: Dh22,000 to Dh34,000
- Field engineer: Dh6,500 to Dh7,500
- Field supervisor: Dh9,000 to Dh12,000
- Field operator: Dh5,000 to Dh7,000
MATCH INFO
Uefa Champions League semi-final, first leg
Tottenham v Ajax, Tuesday, 11pm (UAE).
Second leg
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Cry Macho
Director: Clint Eastwood
Stars: Clint Eastwood, Dwight Yoakam
Rating:**
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Defence review at a glance
• Increase defence spending to 2.5% of GDP by 2027 but given “turbulent times it may be necessary to go faster”
• Prioritise a shift towards working with AI and autonomous systems
• Invest in the resilience of military space systems.
• Number of active reserves should be increased by 20%
• More F-35 fighter jets required in the next decade
• New “hybrid Navy” with AUKUS submarines and autonomous vessels
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The bio
Favourite book: Kane and Abel by Jeffrey Archer
Favourite quote: “The world makes way for the man who knows where he is going.” - Ralph Waldo Emerson, American essayist
Favourite Authors: Arab poet Abu At-Tayyib Al-Mutanabbi
Favourite Emirati food: Luqaimat, a deep-fried dough soaked in date syrup
Hobbies: Reading and drawing
THE BIO
Age: 33
Favourite quote: “If you’re going through hell, keep going” Winston Churchill
Favourite breed of dog: All of them. I can’t possibly pick a favourite.
Favourite place in the UAE: The Stray Dogs Centre in Umm Al Quwain. It sounds predictable, but it honestly is my favourite place to spend time. Surrounded by hundreds of dogs that love you - what could possibly be better than that?
Favourite colour: All the colours that dogs come in
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Kareem Shaheen on Canada
The specs
Engine: 2.0-litre 4-cyl, 48V hybrid
Transmission: eight-speed automatic
Power: 325bhp
Torque: 450Nm
Price: Dh359,000
On sale: now
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RESULT
Manchester United 2 Tottenham Hotspur 1
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Uefa Champions League last 16 draw
Juventus v Tottenham Hotspur
Basel v Manchester City
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Porto v Liverpool
Real Madrid v Paris Saint-Germain
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Chelsea v Barcelona
Bayern Munich v Besiktas
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While you're here
The biog
Alwyn Stephen says much of his success is a result of taking an educated chance on business decisions.
His advice to anyone starting out in business is to have no fear as life is about taking on challenges.
“If you have the ambition and dream of something, follow that dream, be positive, determined and set goals.
"Nothing and no-one can stop you from succeeding with the right work application, and a little bit of luck along the way.”
Mr Stephen sells his luxury fragrances at selected perfumeries around the UAE, including the House of Niche Boutique in Al Seef.
He relaxes by spending time with his family at home, and enjoying his wife’s India cooking.
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UAE Premiership
Results
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Fixture
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What is 'Soft Power'?
Soft power was first mentioned in 1990 by former US Defence Secretary Joseph Nye.
He believed that there were alternative ways of cultivating support from other countries, instead of achieving goals using military strength.
Soft power is, at its root, the ability to convince other states to do what you want without force.
This is traditionally achieved by proving that you share morals and values.
World Mental Health Day
Specs
Engine: Duel electric motors
Power: 659hp
Torque: 1075Nm
On sale: Available for pre-order now
Price: On request
How to wear a kandura
Dos
- Wear the right fabric for the right season and occasion
- Always ask for the dress code if you don’t know
- Wear a white kandura, white ghutra / shemagh (headwear) and black shoes for work
- Wear 100 per cent cotton under the kandura as most fabrics are polyester
Don’ts
- Wear hamdania for work, always wear a ghutra and agal
- Buy a kandura only based on how it feels; ask questions about the fabric and understand what you are buying
Tamkeen's offering
- Option 1: 70% in year 1, 50% in year 2, 30% in year 3
- Option 2: 50% across three years
- Option 3: 30% across five years
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Benefits of first-time home buyers' scheme
- Priority access to new homes from participating developers
- Discounts on sales price of off-plan units
- Flexible payment plans from developers
- Mortgages with better interest rates, faster approval times and reduced fees
- DLD registration fee can be paid through banks or credit cards at zero interest rates
