The principal currency used in the United Arab Emirates is the "UAE Dirham," abbreviated as AED. The dirham is subdivided into 100 fils and is used across the seven emirates, including Abu Dhabi and Dubai. It was introduced in 1973 to replace the Qatar and Dubai riyal. The UAE dirham is pegged to the US dollar, providing a stable exchange rate, which promotes trade and economic stability. As a member of the Gulf Cooperation Council, the UAE has a significant role in the region's economy.