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Euro or Dirham Account?

Euro or Dirham Account?

Old Jan 19th 2005, 6:43 am
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Default Euro or Dirham Account?

Hi, I'm a german living in Singapore. In a few month I will be transfered to Dubai. I would like to know what would be the better choice: Get paid in Euro or local Currency Dirham? Which currency tend to be stronger in the next few years? Thanks for helping.
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Old Jan 19th 2005, 7:53 am
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Default Re: Euro or Dirham Account?

Originally Posted by confectman
Hi, I'm a german living in Singapore. In a few month I will be transfered to Dubai. I would like to know what would be the better choice: Get paid in Euro or local Currency Dirham? Which currency tend to be stronger in the next few years? Thanks for helping.

Rupees? lol
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Old Jan 19th 2005, 8:07 am
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Default Re: Euro or Dirham Account?

Originally Posted by confectman
Hi, I'm a german living in Singapore. In a few month I will be transfered to Dubai. I would like to know what would be the better choice: Get paid in Euro or local Currency Dirham? Which currency tend to be stronger in the next few years? Thanks for helping.
Hi Confectman ....

I would say u better ask to get paid in Euro. When we arrived in the middle east nearly 4 years go... 1 poundsterling = 5,1 Qatari Riyal, and now 1 poundsterling = 7,1 Qatari Riyal. Not sure abt UAE Dirham, but being told by our friends that they have similar situation with us. Being paid by local currency and it is getting weaker.

And I don't think u can get paid in Ruppee...
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Old Jan 19th 2005, 8:14 am
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Default Re: Euro or Dirham Account?

Originally Posted by novita77
Hi Confectman ....

I would say u better ask to get paid in Euro. When we arrived in the middle east nearly 4 years go... 1 poundsterling = 5,1 Qatari Riyal, and now 1 poundsterling = 7,1 Qatari Riyal. Not sure abt UAE Dirham, but being told by our friends that they have similar situation with us. Being paid by local currency and it is getting weaker.

And I don't think u can get paid in Ruppee...
all jokes aside with this stinking hangover.... the dollar is indexed to the dirham and the dollar is getting stronger slowly. next year could see a good recovery so whatever.... payment in a mixture of currency is a good one IF they will do that.

however are u going to be living in Dubai and shipping money back to another country or what?

if it is staying here is Dubai then it does not matter too much.
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Old Jan 19th 2005, 8:20 am
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Default Re: Euro or Dirham Account?

Originally Posted by joseph.creative
all jokes aside with this stinking hangover.... the dollar is indexed to the dirham and the dollar is getting stronger slowly. next year could see a good recovery so whatever.... payment in a mixture of currency is a good one IF they will do that.

however are u going to be living in Dubai and shipping money back to another country or what?

if it is staying here is Dubai then it does not matter too much.

Yes that's right. Want to invest 30-50% in property in my home country.
The rest of course will stay in the country. Is it possible to create a personal euro bank account?
Thanks for your help!
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Old Jan 19th 2005, 8:26 am
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Default Re: Euro or Dirham Account?

Originally Posted by confectman
Yes that's right. Want to invest 30-50% in property in my home country.
The rest of course will stay in the country. Is it possible to create a personal euro bank account?
Thanks for your help!
recomend you set up an offshore account to the home country. but look in taxation rules as well about that if u rent the property out. u may be liable to tax on the rental income unless that is paid directll into an offshore account.

it may be an idea to set up an offshore business account and have that buy the properties in ur home country.

most of the main banks can do that.

lloyds tsb has dubai local branch and also an office for offshore on the Al Wasl Road opposite Safa Park. can be a pain to get to at times though.
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Old Jan 19th 2005, 9:36 am
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Default Re: Euro or Dirham Account?

Originally Posted by joseph.creative
lloyds tsb has dubai local branch and also an office for offshore on the Al Wasl Road opposite Safa Park. can be a pain to get to at times though.
why is it a pain to get 2 m8? Tis literally a stones throw away from u, isnt it? lol

Althought the $ is gradually recovering and the Dirham - Pound rate has improved somewot to 6.5 Dhs to 1 Pound.... I never expect the $ to fully recover. The € will always remain the superior currncy if u ask me.
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Old Jan 19th 2005, 9:51 am
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Default Re: Euro or Dirham Account?

Originally Posted by Face81
why is it a pain to get 2 m8? Tis literally a stones throw away from u, isnt it? lol

Althought the $ is gradually recovering and the Dirham - Pound rate has improved somewot to 6.5 Dhs to 1 Pound.... I never expect the $ to fully recover. The € will always remain the superior currncy if u ask me.
do not say that in the local pub in Eltham. not a good idea...

will sort that thing out that you want delivered to those people after I speak to that person if u know what I mean. and Happy Eid.... sorry whoops.. u gotta work ha hah!!!

am seriously hungover today and in wind up mode if u had not noticed.
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Old Jan 19th 2005, 10:28 am
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Default Re: Euro or Dirham Account?

Originally Posted by confectman
Hi, I'm a german living in Singapore. In a few month I will be transfered to Dubai. I would like to know what would be the better choice: Get paid in Euro or local Currency Dirham? Which currency tend to be stronger in the next few years? Thanks for helping.
Hi Confectman

as Joe said the AED is pegged to the usd so essentially you need to bet whether the usd will go up or down over the next few years. being based in asia i am sure you are well aware of the situation of asian currencies vs the usd.

I trade currencies in my spare time so here are my 2 cents worth;

there are currently 2 views in the marketplace re the usd.

1- USD will continue to get weaker due to the structural imbalances of the us economy (twin deficits). forecasts for eur/usd range between 1.40-1.50 by year end.

2- USD will be supported during 2005 by interest rates. the interest rate differential us vs eur will widen in the favour of the US, which in turn will support the usd (this is not the widely held view - but a very interesting one none the less). thus eur/usd will fall back into the 1.20's.

furthermore it all depends upon what china does - if it revalues then the pressure from eur/usd will be removed and the eur will fall - at the moment china are tight lipped on this issue.

My personal view is that Eur/usd is in a range 1.28-1.34. once we break this range the rate will move either to 1.24 or 1.40+. this range can last many months as was the case in 2004 (1.18-1.24) with the break seeing very sudden moves in Q4 2004.

It is very hard to be bullish the Euro because the economy is in real poor condition. the only reason for its strength is that it is rising de facto as the asians are intervening to keep their currencies weak.

either way, long term the usd will be weaker for many years to come. you should get used to eur/usd at 1.20+ until 2007+....

hope this helps....

Martin
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Old Jan 19th 2005, 10:32 am
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Default Re: Euro or Dirham Account?

Interesting...

I did get ur mail but what with moving and work and seeing if I can fatsly damage my liver, I have had little time.

going to chill this Eid break and catch up on a few things and actually get back to replying and giving u an update.
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Old Jan 19th 2005, 10:43 am
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Default Re: Euro or Dirham Account?

Originally Posted by joseph.creative
do not say that in the local pub in Eltham. not a good idea...

will sort that thing out that you want delivered to those people after I speak to that person if u know what I mean. and Happy Eid.... sorry whoops.. u gotta work ha hah!!!

am seriously hungover today and in wind up mode if u had not noticed.
hahahaha........ i am laughing as i type this. There are no pubs here. Seriouosly. Just the crap student bar.... which is like a big open space with a bar in one corner. Nothing special.

Like ur little delivery story for those people.... i know wot u mean. hahaha

Eid is actually tom, but thanks 4 the greeting. I enjoy a 2 day week, and I wont be working on Eid Day itself. lol

So u selling ur blood then? Try setting up a vending machine for people.... will help with the queues. hahaha
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Old Jan 19th 2005, 10:45 am
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Default Re: Euro or Dirham Account?

Originally Posted by Face81
hahahaha........ i am laughing as i type this. There are no pubs here. Seriouosly. Just the crap student bar.... which is like a big open space with a bar in one corner. Nothing special.

Like ur little delivery story for those people.... i know wot u mean. hahaha

Eid is actually tom, but thanks 4 the greeting. I enjoy a 2 day week, and I wont be working on Eid Day itself. lol

So u selling ur blood then? Try setting up a vending machine for people.... will help with the queues. hahaha
hmmm so how come all the bloodya government offices are shut then!

i need to remove the brandy from my system somehow.
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Old Jan 19th 2005, 10:52 am
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Default Re: Euro or Dirham Account?

Originally Posted by joseph.creative
hmmm so how come all the bloodya government offices are shut then!

i need to remove the brandy from my system somehow.
they like making the most of every holiday. hahaha..... u know wot they r like. anything to stop work and close for a few days.
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Old Jan 19th 2005, 10:54 am
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Default Re: Euro or Dirham Account?

Originally Posted by Face81
they like making the most of every holiday. hahaha..... u know wot they r like. anything to stop work and close for a few days.
i have now had enough and need to go home.... it is hard work focusing.
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Old Jan 19th 2005, 11:02 am
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Default Re: Euro or Dirham Account?

Originally Posted by joseph.creative
i have now had enough and need to go home.... it is hard work focusing.
enjoy it m8...... as the year progresses, such holidays will become somwot of a myth. Enjoy them as u will miss them later on.
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