Dubai financial regulator disowns Arabian Gulf Fund

Arabian Gulf Fund

The Dubai Financial Services Authority (DFSA), the top financial regulator in the city has raised an alert on the Arabian Gulf Fund.

The DFSA said in a statement that the Arabian Gulf Fund alsely claims on its website that it has an office in the Dubai International Financial Centre (DIFC).

The DFSA advises that the Arabian Gulf Fund is not, and has never been:
• authorised or regulated by the DFSA;
• incorporated in the DIFC; or
• licensed by or registered by the DIFC Registrar of Companies.

The DFSA suggests that firms and individuals can avoid being scammed by considering the following steps:

• check the relevant regulatory status of a person before doing business with them;
• only do business with firms or individuals you trust. Dealing with people you have never met may carry a higher risk; be particularly cautious when receiving unsolicited communications; and
• obtain independent professional advice before entering into any investment or transaction.