Handling Your Money in Dubai
Hi, Sunil here to talk about money in Dubai
The locals are filthy rich and the expats are running the corporate show, raking in tax free income year over year.
This is designated by either the symbols AED or DHS. Each is made up of 100 Fils (the equivalent of cents).
The Dirham is pegged to the US Dollar (as of 2009). As the US currency goes, so goes toe Dirham.
GCC Common CurrencyRemember when the Euro was formed? The Gulf Coast or GCC nations have been thinking of something similar (has not happened as of 2009 yet). This will lift the current peg of the Dirham to the US Dollar.
I personally do not know how realistic this is. If it is, it can perhaps mark the end of the US Petro Dollar reign. Can someone say the end of the USA? Scary !!!!
Forex Trading in DubaiOne of the most lucrative ways people are making money in Dubai is through foreign currency trading. AbuDhabiFX is a Forex trading website that has been around since 2005. It was the idea of experienced Forex investors and has become the number one choice for Forex traders.
Their financial services also extend to CFD brokerage services. As of 2009 there were over 50,000 traders actively trading on this website (including me!). I was introduced to this by a friend.
Having a finance and CPA background, I was able to realize the money making potential and quickly got in the game. I do not do this a lot but when I do it I make good money on the side.
The site caters mostly to professional brokers in the Middle East. It is essentially an electronic introducing broker targeting that you can join to start trading immediately.
Some of the benefits of an account include:
Want to know how much your money is worth in Dubai? Convert your local currency to Dirhams here.
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