Question: I was contacted by a company offering an investment that looks like a great opportunity. If I send them Dh200,000 ($54,458), they promise to offer a return of 3 per cent per month after the first two months. They also promise to return my entire investment after three years.
The company says it is established in India and has recently set up in the UAE, with claims to have government backing. They have a smart office, however, I am concerned because they are pushing me to write a cheque to the company owner. When I asked why it wasn’t paid to the company or through bank transfer, they said it was to save on fees.
The website has only one page, but the company says it is because they only do business in person and through WhatsApp. What should I do? SP, Dubai
Answer: An offer like this just screams scam! There is no such thing as an investment that is fully capital-protected and pays the equivalent of 36 per cent each year.
Never be fooled by a smart office and always be wary of anything that looks too good to be true as it invariably is a way of conning people out of their hard-earned money.
The lack of a proper website and the pushiness have already alerted SP, but no one should give money to any company without knowing that they are genuine.
Any legitimate investment company will have a proper website and be registered with a regulatory body such as the Central Bank of the UAE, Dubai Financial Services Authority (DFSA) or the Securities and Commodities Authority.
All payments should be to the investment company and never to an individual. Genuine investments do not promise such excessive returns, will have full paperwork with all details, and all advice should be in writing. None of this was the case and this fake company will disappear with SP’s money.
Unfortunately, there are far too many scammers preying on people in the UAE who want to make money fast. This is not realistic and most people will lose all their money. Always listen to and invest only with known and regulated companies.
Q: My son is 17 now but I am planning ahead as he turns 18 at the end of this year.
He doesn’t plan to go to university and we have agreed that he can stay with us while he figures out what to do. How can he stay legally in the UAE? What will happen to his visa as we are sponsoring him? RH, Abu Dhabi
A: It used to be the case that it was not possible to renew the residency visas of expatriates’ sons once they reached the age of 18. They could either have a student visa if studying in the UAE or a work-related one, but that situation has changed.
“A male or female resident can sponsor his/her son/s until he is 25. Sons of determination [those with special needs] can be sponsored with no restrictions with regard to his/their age/s,” according to the UAE government.
This provides more flexibility to families. Note that should RH’s son take up employment while still sponsored by a parent, the employer must still provide him with a work permit.
Q: I lived in the UAE for four years until 2021 and returned to India. I served notice to my company, so my visa was cancelled but I didn’t cancel my mobile telephone account. I used it after leaving the country, too.
I want to go back to the UAE for another job now but know there is a bill that I didn’t pay. Is there a chance that the UAE immigration authorities can detect my unpaid bill and stop me from entering the country? What can I do to return without this being a problem? SP, India
A: If someone does not pay a bill with one of the telecommunications companies and it is outstanding for some time, the company has the right to register a police case against the individual and this could lead to an immigration ban. If this is the case, SP could find that he is banned from re-entering the UAE.
As he knows that there is an outstanding bill, SP needs to contact the company to whom he owes money and arrange to settle this before attempting to return to the UAE.
He is legally obliged to pay the bill, so the most logical course of action is to repay the debt sooner rather than later.
Contact Keren Bobker at keren@holbornassets.com or at www.financialuae.com
The advice provided in our columns does not constitute legal advice and is provided for information only
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Analysis
Members of Syria's Alawite minority community face threat in their heartland after one of the deadliest days in country’s recent history. Read more
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ICC Women's T20 World Cup Asia Qualifier 2025, Thailand
UAE fixtures
May 9, v Malaysia
May 10, v Qatar
May 13, v Malaysia
May 15, v Qatar
May 18 and 19, semi-finals
May 20, final
WHAT IS GRAPHENE?
It was discovered in 2004, when Russian-born Manchester scientists Andrei Geim and Kostya Novoselov were experimenting with sticky tape and graphite, the material used as lead in pencils.
Placing the tape on the graphite and peeling it, they managed to rip off thin flakes of carbon. In the beginning they got flakes consisting of many layers of graphene. But when they repeated the process many times, the flakes got thinner.
By separating the graphite fragments repeatedly, they managed to create flakes that were just one atom thick. Their experiment led to graphene being isolated for the very first time.
In 2010, Geim and Novoselov were awarded the Nobel Prize for Physics.
What is graphene?
Graphene is a single layer of carbon atoms arranged like honeycomb.
It was discovered in 2004, when Russian-born Manchester scientists Andrei Geim and Kostya Novoselov were "playing about" with sticky tape and graphite - the material used as "lead" in pencils.
Placing the tape on the graphite and peeling it, they managed to rip off thin flakes of carbon. In the beginning they got flakes consisting of many layers of graphene. But as they repeated the process many times, the flakes got thinner.
By separating the graphite fragments repeatedly, they managed to create flakes that were just one atom thick. Their experiment had led to graphene being isolated for the very first time.
At the time, many believed it was impossible for such thin crystalline materials to be stable. But examined under a microscope, the material remained stable, and when tested was found to have incredible properties.
It is many times times stronger than steel, yet incredibly lightweight and flexible. It is electrically and thermally conductive but also transparent. The world's first 2D material, it is one million times thinner than the diameter of a single human hair.
But the 'sticky tape' method would not work on an industrial scale. Since then, scientists have been working on manufacturing graphene, to make use of its incredible properties.
In 2010, Geim and Novoselov were awarded the Nobel Prize for Physics. Their discovery meant physicists could study a new class of two-dimensional materials with unique properties.
ONCE UPON A TIME IN GAZA
Starring: Nader Abd Alhay, Majd Eid, Ramzi Maqdisi
Directors: Tarzan and Arab Nasser
Rating: 4.5/5
The Brutalist
Director: Brady Corbet
Stars: Adrien Brody, Felicity Jones, Guy Pearce, Joe Alwyn
Rating: 3.5/5
EMILY%20IN%20PARIS%3A%20SEASON%203
%3Cp%3ECreated%20by%3A%20Darren%20Star%3C%2Fp%3E%0A%3Cp%3EStarring%3A%20Lily%20Collins%2C%20Philippine%20Leroy-Beaulieu%2C%20Ashley%20Park%3C%2Fp%3E%0A%3Cp%3ERating%3A%202.75%2F5%3C%2Fp%3E%0A
The 12 Syrian entities delisted by UK
Ministry of Interior
Ministry of Defence
General Intelligence Directorate
Air Force Intelligence Agency
Political Security Directorate
Syrian National Security Bureau
Military Intelligence Directorate
Army Supply Bureau
General Organisation of Radio and TV
Al Watan newspaper
Cham Press TV
Sama TV
What can victims do?
Always use only regulated platforms
Stop all transactions and communication on suspicion
Save all evidence (screenshots, chat logs, transaction IDs)
Report to local authorities
Warn others to prevent further harm
Courtesy: Crystal Intelligence
Other workplace saving schemes
- The UAE government announced a retirement savings plan for private and free zone sector employees in 2023.
- Dubai’s savings retirement scheme for foreign employees working in the emirate’s government and public sector came into effect in 2022.
- National Bonds unveiled a Golden Pension Scheme in 2022 to help private-sector foreign employees with their financial planning.
- In April 2021, Hayah Insurance unveiled a workplace savings plan to help UAE employees save for their retirement.
- Lunate, an Abu Dhabi-based investment manager, has launched a fund that will allow UAE private companies to offer employees investment returns on end-of-service benefits.
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UAE currency: the story behind the money in your pockets
Retail gloom
Online grocer Ocado revealed retail sales fell 5.7 per cen in its first quarter as customers switched back to pre-pandemic shopping patterns.
It was a tough comparison from a year earlier, when the UK was in lockdown, but on a two-year basis its retail division, a joint venture with Marks&Spencer, rose 31.7 per cent over the quarter.
The group added that a 15 per cent drop in customer basket size offset an 11.6. per cent rise in the number of customer transactions.
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