Dubai: Issac Banks seeks at trading up from Dh1 coin to villa in Palm Jumeirah

A Dubai-based communications professional, Issac Banks, is attempting to trade his way up from Dh1 coin to a villa on Palm Jumeirah within the time of one year. He is again trying to reinstate the barter system.

A Dubai-based communications professional, Issac Banks, is attempting to trade his way up from Dh1 coin to a villa on Palm Jumeirah within the time of one year. He is again trying to reinstate the barter system.

Banks, aged 33, is from New Zealand and has launched The Dirham Project in late February as a social experiment to test how far a dirham can go.

Advertisement

He stated, “The goal is to go from a Dh1 coin all the way to a house on Palm Jumeirah. This is via a series of trades for all manner of goods and services.”

Banks got inspired by Kyle MacDonald, who is a blogger from Canada. In 2005 MacDonald traded a red paper clip all the way up to a house over the period of 14 trades in one year.

MacDonald made his first trade of a red paper clip in exchange for a fish-shaped pen on 14 July 2005. He achieved his goal of trading up to a house with his 14th transaction by trading a movie role for a home in the small town of Kipling in Saskatchewan province, Canada.

The venture then led him to trade up from a doorknob to a camping stove, a snowmobile, a generator and a recording contract.

MacDonald, meanwhile, got the idea from a game known as Bigger and Better.

He made a website for the project and also promised to visit potential traders wherever they wanted.

Advertisement

As per property consultancy CBRE, The Palm Jumeirah villas are the most costly properties in Dubai at Dh2,776 per square foot.

The rise in wealthy buyer demand pushed lavish home prices up by 44% in prime areas such as Jumeirah Bay Island, Emirates Hills and Palm Jumeirah last year, said, Knight Frank.

Issac Banks first made a trade of Dh1 in exchange for a Dubai keychain.

Till now, Banks has completed over five trades: for the Dh1 coin, he got a Dubai keychain, which he then traded for a Paw Patrol backpack, a Ted Baker laptop bag, then a signed Mercedes F1 hat with Lewis Hamilton and George Russell’s signatures, and now he has traded a jukebox.

LEAVE A REPLY

Please enter your comment!
Please enter your name here

Read More

Dubai: Emiratis awarded for having clean traffic record at ‘White Points’ programme

The Commander-in-Chief of Dubai Police, His Excellency Lieutenant General Abdullah Khalifa Al Marri, and His Excellency Khalaf Al Habtoor, Founding Chairman of Al Habtoor Group, have witnessed the honouring ceremony of the strategic partners and sponsors of the 'White Points' programme, which honours committed drivers across Dubai.

UAE witnessed recent rise in COVID-19 cases with 1084 infections

The United Arab Emirates reported more than 1000 new cases of Covid-19 infection on Friday, June 10, showing a recent rise in infection rates in the country.

Bahrain: WHO announces continuation of eliminating Kingdom of measles

Among the continuous achievements of the Kingdom of Bahrain in the field of health, WHO announces the continuation of eliminating the Kingdom of measles and German measles.

Recent

Mona Kattan set to launch new KAYALI perfume series

Huda Kattan's sister and Co-Founder & Global President of world-famous makeup brand Huda Beauty and Kayali' Mona Kattan' has recently shared the poster of the new series of scents which are yet to be launched on November 11.

Egypt’s health ministry issues warning for crowded shops & malls amid COVID

Cairo, Egypt: In a press release on Saturday, the Egyptian Ministry of Health and Population issued a warning for the replete places: shops, malls...

Dubai police arrests man for damaging hotel apartment

A resident of Dubai city was detained by the police authorities after he damaged and attempted to ignite a fire in the apartment of a hotel.