A new rental marketplace app has launched in Dubai to help residents save on general living expenses via the sharing economy.
The app, Tnerit, founded by Emirati brothers Ali and Hussain Al Abbas, allows users to lend and borrow personal and household items from one another on a daily or monthly basis – earning money and saving in the process.
A spokesperson for the company said users can either borrow items they need or “profit from lending” out their own possessions to the community.
“We live in a time when individuals want to own and experience products that exceed what they can afford,” the spokesperson said, adding that the app's launch is privately funded. “We want Tnerit to be the go-to app used throughout Dubai by people who wish to earn and save.”
The company hopes to strike a chord with residents at a time when many are struggling with the rising cost of living due to higher prices and job uncertainty. According to the quarterly Consumer Confidence Tracker from comparison site yallacompare released last month, almost half of UAE residents are now feeling less confident about their financial health than they were this time last year.
This means residents are looking for any way to save and cut back on their monthly expenditure – something the app founders are hoping to capitalise on.
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Read more:
Personal finance in the UAE: Residents track finances better but struggle with saving and debt
The expensive bills you can now pay monthly in the UAE
How to budget for a surprise expense in the UAE
20 tips to get your finances back on track in the UAE
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By sharing possessions, residents can live more sustainable lives and save money as they will not have to pay the full purchase price for items they may only need to use once or twice.
Log onto Tnerit - rent spelt backwards - and listings include a Maxi Cosi car seat available for Dh10 per day, a Jawbone speaker for Dh12 a day or the book Economics: A User's Guide by Ha-Joon Chang for Dh7 per day.
Categories of rental items currently available include electronics, home, garden and DIY items, as well as toys, games, party supplies, sports and fitness, clothes, books and musical instruments. However, the app, which only went live two weeks ago, appears in the early stages of development with only a few listings currently available and some sections of the app listed as "upcoming".
The company also hopes to encourage “an entrepreneurial spark” among its users, who could potentially boost their monthly incomes by renting out personal possessions.
Dubai resident Emma White, a personal trainer and founder of group exercise and Pilates company bactive.me, said the concept has huge potential both for her business and her personal life.
"In the summer months, I install a home gym in my house so I could rent out my dining table to help clear space," she said. "I could also rent out equipment to offer different types of classes or rent out my sand bags or kettle bells for a set period to generate extra income."
Ms White said that when guests come to stay, residents like her could rent an extra bed, garden chairs or bikes for the duration of their stay.
The company hopes residents will soon be sharing items such as children’s Halloween costumes, power drills, barbecues and garden furniture.
The app, currently only available to Dubai users, will be offered to Abu Dhabi and Sharjah residents next year. It can be downloaded for free from the Apple App Store and the Google Play Store.
Greatest of All Time
Starring: Vijay, Sneha, Prashanth, Prabhu Deva, Mohan
Forced%20Deportations
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Violence%20
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Company%20profile
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The Buckingham Murders
Starring: Kareena Kapoor Khan, Ash Tandon, Prabhleen Sandhu
Director: Hansal Mehta
Rating: 4 / 5
COMPANY PROFILE
Founders: Alhaan Ahmed, Alyina Ahmed and Maximo Tettamanzi
Total funding: Self funded
Superliminal%20
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How to protect yourself when air quality drops
Install an air filter in your home.
Close your windows and turn on the AC.
Shower or bath after being outside.
Wear a face mask.
Stay indoors when conditions are particularly poor.
If driving, turn your engine off when stationary.
Company%20Profile
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The specs
Engine: Long-range single or dual motor with 200kW or 400kW battery
Transmission: Single-speed automatic
Max touring range: 620km / 590km
Price: From Dh250,000 (estimated)
Where to donate in the UAE
The Emirates Charity Portal
You can donate to several registered charities through a “donation catalogue”. The use of the donation is quite specific, such as buying a fan for a poor family in Niger for Dh130.
The General Authority of Islamic Affairs & Endowments
The site has an e-donation service accepting debit card, credit card or e-Dirham, an electronic payment tool developed by the Ministry of Finance and First Abu Dhabi Bank.
Al Noor Special Needs Centre
You can donate online or order Smiles n’ Stuff products handcrafted by Al Noor students. The centre publishes a wish list of extras needed, starting at Dh500.
Beit Al Khair Society
Beit Al Khair Society has the motto “From – and to – the UAE,” with donations going towards the neediest in the country. Its website has a list of physical donation sites, but people can also contribute money by SMS, bank transfer and through the hotline 800-22554.
Dar Al Ber Society
Dar Al Ber Society, which has charity projects in 39 countries, accept cash payments, money transfers or SMS donations. Its donation hotline is 800-79.
Dubai Cares
Dubai Cares provides several options for individuals and companies to donate, including online, through banks, at retail outlets, via phone and by purchasing Dubai Cares branded merchandise. It is currently running a campaign called Bookings 2030, which allows people to help change the future of six underprivileged children and young people.
Emirates Airline Foundation
Those who travel on Emirates have undoubtedly seen the little donation envelopes in the seat pockets. But the foundation also accepts donations online and in the form of Skywards Miles. Donated miles are used to sponsor travel for doctors, surgeons, engineers and other professionals volunteering on humanitarian missions around the world.
Emirates Red Crescent
On the Emirates Red Crescent website you can choose between 35 different purposes for your donation, such as providing food for fasters, supporting debtors and contributing to a refugee women fund. It also has a list of bank accounts for each donation type.
Gulf for Good
Gulf for Good raises funds for partner charity projects through challenges, like climbing Kilimanjaro and cycling through Thailand. This year’s projects are in partnership with Street Child Nepal, Larchfield Kids, the Foundation for African Empowerment and SOS Children's Villages. Since 2001, the organisation has raised more than $3.5 million (Dh12.8m) in support of over 50 children’s charities.
Noor Dubai Foundation
Sheikh Mohammed bin Rashid Al Maktoum launched the Noor Dubai Foundation a decade ago with the aim of eliminating all forms of preventable blindness globally. You can donate Dh50 to support mobile eye camps by texting the word “Noor” to 4565 (Etisalat) or 4849 (du).
What is graphene?
Graphene is extracted from graphite and is made up of pure carbon.
It is 200 times more resistant than steel and five times lighter than aluminum.
It conducts electricity better than any other material at room temperature.
It is thought that graphene could boost the useful life of batteries by 10 per cent.
Graphene can also detect cancer cells in the early stages of the disease.
The material was first discovered when Andre Geim and Konstantin Novoselov were 'playing' with graphite at the University of Manchester in 2004.
Poacher
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INVESTMENT PLEDGES
Cartlow: $13.4m
Rabbitmart: $14m
Smileneo: $5.8m
Soum: $4m
imVentures: $100m
Plug and Play: $25m
COMPANY%20PROFILE
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THE%20HOLDOVERS
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COMPANY%20PROFILE%20
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The%20specs%3A%20Panamera%20Turbo%20E-Hybrid
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Civil%20War
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ON%20TRACK
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ROUTE%20TO%20TITLE
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COMPANY%20PROFILE%20
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The Penguin
Starring: Colin Farrell, Cristin Milioti, Rhenzy Feliz
Creator: Lauren LeFranc
Rating: 4/5
The Bio
Ram Buxani earned a salary of 125 rupees per month in 1959
Indian currency was then legal tender in the Trucial States.
He received the wages plus food, accommodation, a haircut and cinema ticket twice a month and actuals for shaving and laundry expenses
Buxani followed in his father’s footsteps when he applied for a job overseas
His father Jivat Ram worked in general merchandize store in Gibraltar and the Canary Islands in the early 1930s
Buxani grew the UAE business over several sectors from retail to financial services but is attached to the original textile business
He talks in detail about natural fibres, the texture of cloth, mirrorwork and embroidery
Buxani lives by a simple philosophy – do good to all
The specs
Engine: 77.4kW all-wheel-drive dual motor
Power: 320bhp
Torque: 605Nm
Transmission: Single-speed automatic
Price: From Dh219,000
On sale: Now
The specs
Engine: 3.5-litre V6
Power: 272hp at 6,400rpm
Torque: 331Nm from 5,000rpm
Transmission: 8-speed auto
Fuel consumption: 9.7L/100km
On sale: now
Price: Dh149,000
The%20specs
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The specs
Engine: 1.5-litre 4-cylinder petrol
Power: 154bhp
Torque: 250Nm
Transmission: 7-speed automatic with 8-speed sports option
Price: From Dh79,600
On sale: Now
Company%20Profile
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Israel Palestine on Swedish TV 1958-1989
Director: Goran Hugo Olsson
Rating: 5/5