The Coronavirus has struck hard all over the world, but the response to containing it in the United Arab Emirates has been ideal, as most industries are now working in full force to improve the economic situation after its deterioration over the past few days in all countries of the world, while up to this moment, the influx of foreigners is still increasing day after day.
If you are new to the UAE and want to cover your expenses, here are some useful tips and suggestions for you and your friends to get money.
• Reducing expenses
It may sound trite, but most people lack the skills to reduce their expenses, and the truth is that when you come to a different country it takes time to settle into your normal lifestyle. So, instead of going to the supermarket where you live, you can go to a discount center or shopping mall like LULU, where you get a concession on merchandise (especially during weekends).
You can also use buses and metro trains (if you are in Dubai) to get around instead of taxis, which open a meter for 12 AED. Most importantly, try to prepare your meals and if not try eating South Asian food it is amazing and fun.
• Allocate part of your income to investing
Investing in such turbulent times seems ridiculous, but the UAE is one of the countries that is fighting COVID-19 with encouraging results, and its financial market is no exception. If you do not have experience in investing and some investment matters such as stocks and cash trading scare you, then there is no need to worry, as There are many investment management companies you can start.
You can start investing with a minimum of 200 dirhams with a brokerage company, and what happens is that you open an account with them and make a deposit, and then the broker will seek to invest your money in a company that it deems profitable shortly, and the brokerage company will then charge a small fee for the transaction at a later time, and when You sell your shares, you can either make a profit or a loss depending on the market scenario.
- Become an online merchant
Most people who live in the UAE with their families have the money to buy basic items, so all you have to do is open “Dubizzle” (the largest online marketplace in the UAE), and start searching for items to buy and sell later.
Sometimes expatriates are in a hurry to return to their home countries due to visa expiration or job loss, and they may sell their belongings cheaply, as you can simply buy them, improve their appearance and functionality, and sell them at a profit.
• Selling homemade foods
Do you have an art in preparing food that envelops your lips?
So you are in luck in UAE, food and groceries are very expensive. But obviously, people have to eat them anyway, so what you can do is create a nice little profile on Instagram and Facebook, and start selling homemade delicacies to the locals, because the majority of expats living in the UAE belong to the working class. Who is always looking for cheap prices?
But make sure, if you are doing this commercially and on a larger scale, you have to obtain a business license or else you will find yourself at a loss.