The seemingly endless negative stories about the Middle East should be enough to discourage any investment. This is a big mistake, however, as the Middle East has a very modern and expanding market.
It is not an area where you can build a career. In fact, there is virtually no job security in the Middle East. There are still many opportunities to make serious money in multiple areas.
Middle East residents have been forced to abandon business because of competition and job saturation. They also need to learn how to make money.
Continue reading to learn more.
Which Industries Are Growing Fastest in The Middle East?
Many industries are thriving in the Middle East. Telecommunications, real-estate, banking, finance and construction are some of the most highly rated industries in the region. These industries are also among the most dynamic in the region.
Local investors are more likely to support these industries by investing the oil wealth into local share markets.
Where is the Most Money?
There are many successful industries in the Middle East. However, there are two areas that contribute more to the economy.
Oil and natural gas are the two engines driving the economy of the Middle East. The region is home to more than 53% of the total world’s oil reserves, and nearly half of all known gas reserves.
Making Money in the Middle East
However, there are many other opportunities in the Middle East that can make serious money.
You will need to invest if you wish to make money in the Middle East. This can be either monetary or simply involve investing your time and attention in a particular craft.
Continue reading to find out more!
Trading
Day trading is a profitable way to trade stocks. You can also day trade crypto throughout the Middle East.
You will need some technical skills to day-trade crypto. This skill can be learned through practice and self-study. This is where you will need to learn important skills such as chart analysis and trading indicator — also known technical analysis.
It’s easy to open an account on a trading platform .
Trading, especially day trading, comes with high risk.
Invest In Crypto
You might be interested in learning how to invest like a local by exploring Islamic finance. You will learn how to invest crypto.
According to records, the fastest growing crypto markets in 2022 were North Africa and the Middle East (known as MENA). There are many registered crypto exchanges that offer amazing investing opportunities for all ages and financial backgrounds.
Rental of Spare Rooms
To rent your home out on an app like Airbnb, you can register with the relevant authorities in the Middle East. It’s possible to make serious money by renting out your home on Airbnb. However, you will need to meet all requirements for a trade license or permit.
This is a great way to make money in tourist-heavy areas like Dubai, especially during the summer or winter months.
Buying Artwork
The region’s love for art has been strong since its inception. This was quickly quenched with the amazing works found throughout Tehran, Cairo, Damascus. These were the cultural capitals in the region during the 20th century.
Due to geopolitical tension and economic instability, the spotlight has moved to the modern and diverse United Arab Emirates (UAE).
Although there aren’t many reasons that art appreciation and wealth are linked, there are some. The obvious reason is that art can be expensive and is often considered an investment.
International auction houses with strong Middle East presence have been known for selling prices that reach hundreds of millions of US dollars. Salvator Mundi by Leonardo da Vinci was sold at auction for $450m to Prince Badr bin Abdullah Al Saud of Saudi Arabia in 2017.
Tutoring
To make money online or in person, you can use any of your skills, such as music, dance, or investing. This is a great way to make extra money and teaches specific skills to students.
It may surprise you to find out how many people require professional tutors to improve their English language skills.
There are many options for this type business transaction, and they are plentiful. Many students in high school and businessmen in the Middle East will pay a lot to have a tutor speak English to them and help improve their skills.
You will need an internet connection and knowledge about your subject to complete this task properly.
Blogging
You may be able to sell ads on your blog posts if you have a following. It’s easy to blog, and it’s always in-style.
It is possible to interact with millions of people around the globe, not just in the Middle East. You can share your knowledge and start a discussion.
Website traffic, product promotion, running ads, running promotions and even guest articles on other sites will all bring you money.
Freelancing
You can make money by using your freelance skills to provide services for those who are in need. You can also set the price for your services, which can be very convenient.
If you have the following skills, this could be your best route to making money.
- Social media
- Proofreading
- Editing manuscripts
- Copywriting and content writing
- Graphic design
- Website development
- Website design
- Expert in IT
- Expert in legal matters
In some areas of the Middle East, you will need a permit. This may cost you Dh7.500 in Dubai. You can earn this money quickly depending on how much you work and make a decent salary.
Affiliate Marketing
A strong social media presence can help you make money by promoting products and working with brands online.
Amazon, Fiverr and Upwork offer the opportunity to earn commissions on the sale of products.
You need to ensure that you meet all legal requirements if you plan on selling products online. If you plan to open a store or sell products to the public, an e-commerce licence may be required in the UAE.
Summary
You can make easy money in the Middle East either by yourself or as an additional source of income. This is due to the Middle East’s diverse economy and the incredible opportunities available, especially online.
