While many people think of Dubai as an economy mainly based on diamonds, gold, and more recently luxury real estate and tourism, growth in other sectors is helping to keep Dubai in a top economic spot. Dubai’s financial market index saw a growth rate of 12.1 percent in 2015-2016 and rose from 3151 points in 2015 up to 3530.88 points in 2016. What does this mean for entrepreneurs who have average to lower amounts of capital to invest in a business or even those with steady jobs who want to make passive income on the side? It’s a positive outlook, as a strong economy naturally has more people able to spend on all sorts of products and business concepts. Even better, with a global economy that opens up more every year, there are some perks to making passive income in Dubai.
Ways to Make Passive Income in Dubai
Here we are presenting some ideas of making passive income in Dubai.
Support for Small Businesses If You Open as a Legal Entity
The Khalifa Fund was established in 2007 with one of its primary goals being to support and develop small to medium-sized business investments in the United Arab Emirates. The Khalifa Fund began with a total capital of AED 300 million, which grew to AED 2 billion. The Mohammed Bin Rashid Establishment is another organization in support of small to medium business enterprises in Dubai.
The Tried and True International Stock Exchange
There are the more traditional ways of making passive income. Trading stocks and bonds through international markets require knowledge to analyze risk accurately. However, if you invest well this can be a substantial way to make passive income once you get past the learning curve. It takes time to evaluate the market and learn how to invest intelligently, so if you’ve never dabbled with stocks before, take some courses or read up before throwing your money in the ring.
Real Estate for Rental Income
Investing in real estate is another option. Even if you are on a small budget, real estate can be excellent as both rental housing and rental vacation spots for international travelers through sites like Airbnb and HomeAway. Falling prices in property values make this ideal as it has pushed up rental profits in the United Arab Emirates. Rental property in Dubai is a great way to make a lot of passive income if you buy low and can rent for high prices.
Also Read: 10 Ways to Make Money from Airbnb in Dubai
YouTube is Gold
Try opening a YouTube channel. If you have a particular topic you enjoy exploring or know a lot about and enjoy being in front of the camera; YouTube could be terrific for you. Even some of the most frivolous channels, such as makeup application and recording video game play, bring in massive amounts of money for YouTubers. You need to be consistent with a YouTube channel, as with any blog or business, but if you have decent enough content and gather followers, it can be a fun way to make a passive income—and sometimes massive profits! Youtubers like Mo Vlogs can be the live example.
Write That Book
Write a book, and you could collect royalties from all over the world. The great thing about the burst of the e-books market is that not only can you publish your books and do so quickly, but the international market insanely beneficial. With traditional publishers, books are often initially released in one country before foreign markets. However, if you self-publish an e-book, it can be available worldwide within hours. Whether you can write nonfiction or fiction, there are millions of avid readers out there who are voracious consumers of e-books.
Also Read: 21 Things to do in Dubai in Lowest Budget
Create an online course if you’re an expert in a particular area. Your class doesn’t have to be something technical or even a topic that requires several degrees. If you know how to teach fitness tips like a pro, or can show people how to save money, keep their families healthier, or cook unique recipes and teach others how to do so, there is money to be made in online courses. Sites like Udemy offer a platform for you to show others without leaving your home, and that allow for pre-loaded videos to act as your lectures.
Rent a Car Business
Rent a car business is very demanding in UAE. UAE car rental market is quite filled up. With hundreds of small and big companies are operating in UAE in this business, competition is high but the ROI is very good if you able to grab some business. Almost all big international companies like Hertz, Sixt, Avis etc are providing their services in UAE. In 2014, Car Rental companies generated more than $238 millions, more than $200 millions were earned by small and medium sized companies.
Also Read: Top 10 Recruitment Agencies in Dubai
With the Internet, there are a plethora of options to make passive income in Dubai. Whether you’re technical or creative, there is something out there for everyone.