Multiple income streams in the UAE
Multiple income streams have become a recurrent trend around the world including the UAE. The more the merrier is also applicable to income. More and more people, especially the youth, are excessively looking for alternative sources to supplement their income.
The popular pick these days is working on a contractual basis. And the buzzword you are looking for is the gig economy. Gigs essentially mean short-term assignments or projects. This is in complete contrast to the traditional style of employment that we all have always known.
The gig economy is rising in the UAE as people are looking for means to strike a balance between work life and personal life. Such a balanced lifestyle has become a near-necessity for humans and taking up gigs can give you exactly that.
You get to make your own schedule of work and that schedule can be as flexible as you want it to be. The world of freelancing has amplified satisfaction and productivity which is good news for everyone.
Co-working spaces, which pave the way for collaboration, have their fair share of appeal. Freelancers who take up part-time gigs for multiplying their income streams are utilizing these coworking spaces which are now a common sight in major cities of UAE like Dubai and Abu-Dhabi.
The gig style of working is also preferred by employers as it reduces their long-term costs by pretty large proportions. Less time, money, and energy is spent on training, managing, and rewarding the employees.
By taking advantage of the gig economy, employers in UAE are recruiting talent without having to spend time and money to enhance it. The claim is backed by research published by computer tech company Oracle where 64% of HR heads in the UAE are rooting for the gig economy to reduce a ton of costs for employers.
Freelance hiring also saves humongous legal costs and saves time by not having to deal with legal complications that come with hiring or regular employees. With contractual-based work, talent can be hired from anywhere and everywhere across the globe.
Rapid advancements in technology are making universal gig work culture possible. Gig opportunities have widely increased in the UAE, especially in the past couple of years, and the options available to multiply one's income streams have grown exponentially.
The economy in the gulf is changing fast and as new and innovative projects are coming out, opportunities are increasing. The UAE is the best example of one of the most dynamic and efficiently expanding markets right now.
There are also online platforms like Maharati which was launched in 2018, which have created a marketplace for freelancers and employers to find each other,
The rising gig economy is acting as a self-propeller for UAE as a marketplace for freelancers. It is paving way for its own expansion as it is growing. More and more international companies are looking at Dubai for their next branch.
The gig economy is also the UAE’s chance to create some fresh prospects other than oil and make the country more independent from outside backing.
Keeping this in mind Abu Dhabi has expanded freelancer licenses from only UAE citizens to also include non-residents and residents to practice about 48 economic activities in the country.
The country, on many occasions, has proved itself to be reformist and progressive, making freelancing relaxed and achievable for employers. The regulatory framework of the country has made it possible to draw talented individuals.
The importance of a wide pallet of skills is being recognized in the UAE at a fast pace. The Ministry of Education is offering courses on enhancing skills to innovate and become entrepreneurs. Now small business owners are learning the skills required to become a freelancer and take up work on a contractual basis.
The rising gig economy allows you to utilize your skills to multiply your income streams. Employers are looking for analysts, writers, project designers, assistants, and many more jobs on a contractual basis.
UAE is considered to be a rather untouched region that is packed with youth looking for unconventional and comfortable working opportunities. The demand is on the increasing curve right now and shows promise for the future too.
It is a brilliant opportunity to be used by anybody who is looking for some extra income. Many individuals have taken a step further and opted for freelancing their full-time work. The gig economy is the answer to cut loose from the tiresome conventional work environment and work in a way that is comfortable and satisfying.
Frequently Asked Questions
1. What is the gig economy?
- A gig economy is a market system where companies hire workers on a contractual basis for different projects. These projects are termed gigs.
2. What is a gig economy example?
- Taxi driving apps like Uber and Lyft, and delivery apps such as fetchr are some of the common and most popular examples of freelance gigs.
3. Is freelance legal in the UAE?
- UAE allows freelancers to work with a freelancer permit and the country has created many free zones where anyone with the permit can work as a freelancer.
4. Can I do freelance work while employed in the UAE?
- Yes. Freelance work can be done alongside regular, full-time work however, you must ensure that the same is not prohibited or restricted by your contract of employment.
5. How can I earn money online in the UAE?
- Here are some examples of gigs you can take up for earning money online in the UAE:
- Tutor online
- Become a fitness instructor
- Become an online financial consultant
- Start your own blog
- Write ebooks and how-to guides
- Sell handmade arts and crafts online
6. How do freelancers get paid?
- Freelancers can accept any form of payment. Common methods include direct account transfer. PayPal or any other online payment system may be used.