The Securities and Commodities Authority (SCA) has issued fresh advisories urging the public to remain vigilant against fraudulent companies falsely claiming to be licensed financial service providers in the UAE.
In one of its warnings, the SCA called attention to an unidentified company masquerading as Gulf Islamic Investments LLC, clarifying that it has no affiliation with the legitimate firm. “The SCA bears no responsibility for any transactions conducted with entities unaffiliated with the official Gulf Islamic Investments LLC,” the statement read.
The regulatory body also flagged ALYWRW FOR MARKETING AND PR L.L.C, based in Dubai, stressing that the firm is not authorized to engage in any financial activities regulated by the authority. A similar warning was issued against MEX Atlantic Corporation, which is also unlicensed to operate under the SCA’s jurisdiction.
“These advisories are part of the SCA’s role in safeguarding the financial sector and protecting investors,” it emphasized, urging the public to verify the credentials of companies before making financial commitments.
Investors are encouraged to consult the official list of licensed entities via the SCA’s website to avoid falling prey to scams: https://www.sca.gov.ae/ar/open-data/licensed-companies.aspx#page=1.