The design, made up of Arabic calligraphy of the word riyal, will be implemented gradually for use in financial and commercial transactions, according to a statement from the country’s central bank.

The Saudi riyal has been pegged to the US Dollar since 1986 and is set at a fixed exchange rate of 3.75 riyals per $1. The peg has long helped the country facilitate international trade and investment, and serves the country’s broad Vision 2030 agenda to diversify the economy.

Under Crown Prince Mohammed bin Salman, the government has been spending hundreds of billions of dollars on everything from new cities to sports, tourism and technology. Saudi Arabia has also attracted hundreds of companies including Goldman Sachs Group Inc. and BlackRock Inc. to set up offices in Riyadh as it seeks to develop the capital into the Middle East’s premier business destination.