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

Saudi Arabia records 1,569 new COVID cases with 1 death

Riyadh, Saudi Arabia: The middle east country healthcare facilities have recorded a total of 1,569 new COVID-19 infections on Thursday, February 17, 2022, while...

St Kitts: CIU head Michael Martin addresses forum of local service providers

St Kitts and Nevis: On Friday, December 30, the officials from the (CIU) Citizenship by Investment Unit organized an event where the local service providers of St. Kitts and Nevis participated in a forum to discuss the newly introduced amendments and regulations in the CBI (Citizenship by Investment Programme).

Imran Khan sold valuable gifts from Toshakhana to Dubai, alleged Pakistan’s PM Shehbaz Sharif

The new Prime Minister of Pakistan, Shehbaz Sharif, has accused former prime minister Imran Khan of selling valuable Toshakhana gifts including luxurious jewellery worth Rs 140 million in Dubai, which has inflicted a loss on the national exchequer.

Recent

Saudi Arabia celebrates once banned festival “Halloween”, on Sunday

A few years ago, celebrating Halloween party in Saudi Arabia was meant to arrest. But now, the Saudi government-sponsored "horror weekend" means sold-out costume shops and scary clowns.

Dubai reports an increase of almost 214% in number of visitors, states Sheikh Hamdan

Dubai welcomed almost 4 million international visitors overnight during the first three months of 2022, which is up from 1.27 million visitors for the same period in 2021, representing a vast 214% year over year (YoY) visitation growth.

Dubai: Police return Dh140, 000 to German traveller who lost it at airport

A nice gesture depicted by the Dubai police! An officer returned around Dh 140, 000 (€33,600 ) to a German traveller, who lost the...