Dubai City Information Site

Handling Your Money in Dubai

Hi, Sunil here to talk about money in Dubai

There is plenty of money in Dubai, no question about that.

The locals are filthy rich and the expats are running the corporate show, raking in tax free income year over year.

Most transactions are done using the UAE Dirham, also known as the Dirham or Arab Emirate Dirham.

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.

The US Dollar, or the “greenback” is the second most used currency in Dubai.

Many places accept this as legal tender.

However, you will find exchange houses on every corner so redeeming dollars for Dirhams is not a difficult task.

In addition to exchange houses and banks, many hotels will also exchange your currency.

Exchange houses give the best deals in my experience and hotels give the worst.

As of 2009, cash is the preferred method of conducting transactions, followed by check and then the growing usage of credit cards. People carry plenty of money in Dubai in their pockets.

GCC Common Currency

Remember 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 Dubai

One 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:

  • 2-3 PIP Spread on all major currencies

  • No commissions or maintenance margins

  • Fixed spreads; All the time

  • Instant Order Execution; No dealing desk

  • Automated Backoffice; No paperwork

  • Bank/Credit/Paypal Deposits & Withdrawals

  • Multilingual around-the-clock Tech. support
Whether you are a professional currency trader or just someone who wants to make extra cash on the side, I definitely recommend you read more about the concept.

Want to know how much your money is worth in Dubai? Convert your local currency to Dirhams here.

Go from Money in Dubai to Dubai Currency

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