Consumers face more investment choices today than ever before, but this comes with associated risks that they need to understand and work around, said Bryan Stirewalt, chief executive of the Dubai Financial Services Authority, the regulator of Dubai’s onshore financial hub.
"UAE regulators have launched a number of initiatives on financial literacy, cyber awareness and fraud awareness," Mr Stirewalt told The National.
“The DFSA routinely issues scam alerts and advisory notes to investors to be careful about advance-fee schemes, where people ask you to pay money upfront in return for a larger amount of money.”
The substantial increase in people working from home during the coronavirus pandemic presents more opportunities for cyber criminals and unscrupulous companies to exploit investors and compromise their portfolios.
Consumers and businesses in the UAE suffered more than 600,000 phishing attacks at the height of the Covid-19 stay-at-home measures, according to a report by Kaspersky released in August.
More than 2.57 million phishing attacks were detected across the Middle East from April through to the end of June, the global cyber security company said.
Speaking on the sidelines of the fourth annual Global Investor Week, organised by the International Organisation of Securities Commissions, Mr Stirewalt said there has been a huge increase in phishing attacks on the financial services industry during the pandemic.
“Given their current anxieties, people are more likely to click on suspicious links that they might not have otherwise," he said.
If you want to make legitimate investment choices, consider options that will build your wealth over time
Mr Stirewalt said most people in the UAE are expatriates and may not know which brands are legitimate, making them more vulnerable.
He advised investors to avoid companies promising guaranteed returns and “get-rich-quick” schemes.
“If you want to make legitimate investment choices, consider options that will build your wealth over time,” he said.
With many investors unable to visit the brick-and-mortar offices of investment companies because of the pandemic, Mr Stirewalt said they can conduct research on the internet to check if companies are legitimate or not.
“All regulators will have a public register that will allow the public to log in and see if a company is licensed. Another easy alternative is to do a Google search on a company and see if a regulator is mentioned. If not, there might be an issue and you might not get the protections that you need,” he said.
With many financial service companies now signing up clients digitally, Mr Stirewalt said the sharing of personal data could add an element of risk and urged investors to check the credentials of the person asking for their data.
“Pay attention to email addresses and watch out for misspellings. If someone is writing to you as a representative of a financial company, make sure it is not from a Gmail or Yahoo personal account,” he said.
Mr Stirewalt said a good risk appetite is needed before investing in cryptocurrencies and other digital assets as they are “speculative instruments”.
“The best thing to happen was the price of Bitcoin dropping from $19,000 to $3,000. That taught people that you can lose money with this asset,” he said.
Younger generations such as millennials are more comfortable investing digitally, having a virtual bank account and dealing with financial services companies in an online format, Mr Stirewalt said.
“The UAE population is very digitally aware. Technology will drive the future of financial services and the UAE will be at the forefront of that,” he said.
Global Investor Week intends to raise awareness on investor education and protection, as well as highlight the initiatives of securities regulators in these two areas.
Killing of Qassem Suleimani
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Conflict, drought, famine
Estimates of the number of deaths caused by the famine range from 400,000 to 1 million, according to a document prepared for the UK House of Lords in 2024.
It has been claimed that the policies of the Ethiopian government, which took control after deposing Emperor Haile Selassie in a military-led revolution in 1974, contributed to the scale of the famine.
Dr Miriam Bradley, senior lecturer in humanitarian studies at the University of Manchester, has argued that, by the early 1980s, “several government policies combined to cause, rather than prevent, a famine which lasted from 1983 to 1985. Mengistu’s government imposed Stalinist-model agricultural policies involving forced collectivisation and villagisation [relocation of communities into planned villages].
The West became aware of the catastrophe through a series of BBC News reports by journalist Michael Buerk in October 1984 describing a “biblical famine” and containing graphic images of thousands of people, including children, facing starvation.
Band Aid
Bob Geldof, singer with the Irish rock group The Boomtown Rats, formed Band Aid in response to the horrific images shown in the news broadcasts.
With Midge Ure of the band Ultravox, he wrote the hit charity single Do They Know it’s Christmas in December 1984, featuring a string of high-profile musicians.
Following the single’s success, the idea to stage a rock concert evolved.
Live Aid was a series of simultaneous concerts that took place at Wembley Stadium in London, John F Kennedy Stadium in Philadelphia, the US, and at various other venues across the world.
The combined event was broadcast to an estimated worldwide audience of 1.5 billion.
Labour dispute
The insured employee may still file an ILOE claim even if a labour dispute is ongoing post termination, but the insurer may suspend or reject payment, until the courts resolve the dispute, especially if the reason for termination is contested. The outcome of the labour court proceedings can directly affect eligibility.
- Abdullah Ishnaneh, Partner, BSA Law
UAE currency: the story behind the money in your pockets
UAE currency: the story behind the money in your pockets
Sole survivors
- Cecelia Crocker was on board Northwest Airlines Flight 255 in 1987 when it crashed in Detroit, killing 154 people, including her parents and brother. The plane had hit a light pole on take off
- George Lamson Jr, from Minnesota, was on a Galaxy Airlines flight that crashed in Reno in 1985, killing 68 people. His entire seat was launched out of the plane
- Bahia Bakari, then 12, survived when a Yemenia Airways flight crashed near the Comoros in 2009, killing 152. She was found clinging to wreckage after floating in the ocean for 13 hours.
- Jim Polehinke was the co-pilot and sole survivor of a 2006 Comair flight that crashed in Lexington, Kentucky, killing 49.
Tips to stay safe during hot weather
- Stay hydrated: Drink plenty of fluids, especially water. Avoid alcohol and caffeine, which can increase dehydration.
- Seek cool environments: Use air conditioning, fans, or visit community spaces with climate control.
- Limit outdoor activities: Avoid strenuous activity during peak heat. If outside, seek shade and wear a wide-brimmed hat.
- Dress appropriately: Wear lightweight, loose and light-coloured clothing to facilitate heat loss.
- Check on vulnerable people: Regularly check in on elderly neighbours, young children and those with health conditions.
- Home adaptations: Use blinds or curtains to block sunlight, avoid using ovens or stoves, and ventilate living spaces during cooler hours.
- Recognise heat illness: Learn the signs of heat exhaustion and heat stroke (dizziness, confusion, rapid pulse, nausea), and seek medical attention if symptoms occur.
RESULTS
2pm: Handicap (PA) Dh40,000 (Dirt) 1,200m
Winner: Najem Al Rwasi, Fabrice Veron (jockey), Ahmed Al Shemaili (trainer)
2.30pm: Handicap (PA) Dh40,000 (D) 2,000m
Winner: Fandim, Fernando Jara, Majed Al Jahouri
3pm: Maiden (PA) Dh40,000 (D) 1,700m
Winner: Harbh, Pat Cosgrave, Ahmed Al Mehairbi
3.30pm: Maiden (PA) Dh40,000 (D) 1,700m
Winner: Wakeel W’Rsan, Richard Mullen, Jaci Wickham
4pm: Crown Prince of Sharjah Cup Prestige (PA) Dh200,000 (D) 1,200m
Winner: Jawaal, Fernando Jara, Majed Al Jahouri
4.30pm: Sheikh Ahmed bin Rashid Al Maktoum Cup (TB) Dh200,000 (D) 2,000m
Winner: Tailor’s Row, Royston Ffrench, Salem bin Ghadayer
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Lexus LX700h specs
Engine: 3.4-litre twin-turbo V6 plus supplementary electric motor
Power: 464hp at 5,200rpm
Torque: 790Nm from 2,000-3,600rpm
Transmission: 10-speed auto
Fuel consumption: 11.7L/100km
On sale: Now
Price: From Dh590,000
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Profile of Udrive
Date started: March 2016
Founder: Hasib Khan
Based: Dubai
Employees: 40
Amount raised (to date): $3.25m – $750,000 seed funding in 2017 and a Seed round of $2.5m last year. Raised $1.3m from Eureeca investors in January 2021 as part of a Series A round with a $5m target.
UAE currency: the story behind the money in your pockets
Tearful appearance
Chancellor Rachel Reeves set markets on edge as she appeared visibly distraught in parliament on Wednesday.
Legislative setbacks for the government have blown a new hole in the budgetary calculations at a time when the deficit is stubbornly large and the economy is struggling to grow.
She appeared with Keir Starmer on Thursday and the pair embraced, but he had failed to give her his backing as she cried a day earlier.
A spokesman said her upset demeanour was due to a personal matter.
Infiniti QX80 specs
Engine: twin-turbocharged 3.5-liter V6
Power: 450hp
Torque: 700Nm
Price: From Dh450,000, Autograph model from Dh510,000
Available: Now
Specs
Engine: 51.5kW electric motor
Range: 400km
Power: 134bhp
Torque: 175Nm
Price: From Dh98,800
Available: Now
The specs
Engine: 3.8-litre, twin-turbo V8
Transmission: eight-speed automatic
Power: 582bhp
Torque: 730Nm
Price: Dh649,000
On sale: now
GAC GS8 Specs
Engine: 2.0-litre 4cyl turbo
Power: 248hp at 5,200rpm
Torque: 400Nm at 1,750-4,000rpm
Transmission: 8-speed auto
Fuel consumption: 9.1L/100km
On sale: Now
Price: From Dh149,900
