The Corona virus has hit hard all parts of the world. But the response to containing it in the UAE has been exemplary. Most of the industries are now working at full strength, while the influx of foreigners is also increasing.
If you are new to the UAE and want to make ends meet, here are some useful tips and suggestions for you and your loved ones.
- Cut Down on Expenses
Alright, while this sounds pretty cliché, most of the people lack the skills to reduce their expenses. This is attributed to the fact that when you come to a different country, it takes time to settle in and get accustomed to the way of life.
So, instead of going to your normal grocery, go to a discount center or a mall like LULU where you get concession on goods (especially during the weekends). Use buses and metro trains (if you’re in Dubai) to commute instead of taxis that open meter at 12 AED. Most importantly, try to prepare your own meals, if not, try your hands on South Asian food – it’s exquisite and bang for your buck.
- Set Aside a Portion of Your Income to Invest
Investing in such volatile times sound ridiculous but the UAE is one country that is battling Covid with encouraging results, and its stock market is no exception. If you have no experience of investing and words like stock and trading daunt you, need not worry, as there are plenty of investment management firms that you can hit up.
You can start investing with as low as 200 AED with a brokerage firm. What happens is you open an account with them and make a deposit, then the broker will seek to invest your funds in a company they deem profitable in the near future. The brokerage firm will then charge a nominal fee on the transaction. Later, when you sell your stock, you can either make a profit or loss depending upon the market scenario.
- Become an Online Merchant
Most of the people living in the Emirates with families have the cash to splash. So, simply open Dubizzle (UAE’s largest online marketplace) and start looking for items to purchase and later sell.
Sometimes, expats are in a hurry to return to their native countries due to visa expiry or job losses, and they might sell off their possessions dirt cheap. You can simply buy them off – enhance their appearance/functionality and sell them at a profit.
- Sell Home Made Food
Do you have the art of preparing lip-smacking food? Then you’re in good luck. In UAE, food and groceries are expensive but people obviously have to take them anyway. So, what you can do is make a cute little profile on Instagram and Facebook, and start selling homemade delicacies to close by residents – because, majority of the expats living in the Emirates belong to the working class who are always on the lookout for cheap eating options. But make sure, if you are doing it commercially and on a larger scale, get a business license or else, you could find yourself in hot waters.