Purpose

The UAE foreign exchange market is an emerging internationalized forex market that developed gradually in the 1970s alongside the local oil economy boom and the advancement of financial liberalization policies. Relying on Dubai's geographical advantage as the Middle East financial hub, it has gathered a large number of traders from around the world. The market is both open and diverse, serving as an important node connecting the foreign exchange trading links across Europe, Asia, and Africa. In order to help investors or practitioners gain a more comprehensive understanding of the forex dealers in the region, the on-site inspection team visited the UAE for a field survey.

Process

This time, the inspection team went to the UAE as planned to visit the forex broker Al Samaa on site. According to public information, its office address is Gold Souk Building, Office No. 9, Al Dhagaya Area, Deira, Dubai, UAE.

The professional and experienced on-site inspection team, with a mission to strictly safeguard investors' interests, followed meticulous planning and traveled to the UAE. They conducted an on-site verification of the broker Al Samaa claimed to be located at Gold Souk Building, Office No. 9, Al Dhagaya Area, Deira, Dubai, UAE.

After arriving at the target area, it can be confirmed that the address points to the Gold Souk, the core area of downtown in the old city of Dubai, the buildings in the area are densely distributed, and after repeated visits and verification. Throughout the entire process, no building with a name exactly matching the public address name Gold Souk Building was found, and there are no buildings in the surrounding area marked with any signs related to Al Samaa, making it completely impossible to confirm the company's specific location, and no panoramic view of the target building was captured throughout the entire process.

The team attempted to enter the lobbies of the relevant buildings in the area to verify information, but all entrances to the relevant buildings were strictly access-controlled, and no entry permission was obtained. Throughout the process, the team was unable to enter the corporate lobby of any relevant building.

Since even the building corresponding to the target address could not be confirmed, the team was completely unable to reach the specific floor indicated in the public information, let alone locate the position of the corresponding Office No. 9. Inside the entire relevant building, there was no company directory board bearing the name of Al Samaa, and no LOGO of the company appeared inside or outside the building. Throughout the process, there was no verifiable office-area signage or security measures, so naturally there was no possibility of entering the company's interior.

Because the exact location of the target building could not be confirmed, and the relevant office area could not be entered at all, there was no opportunity to photograph the broker's front desk or the front-desk LOGO. The premises also did not fall within the category of shared office space. Throughout the process, no internal environment corresponding to Al Samaa could be observed. The overall situation is entirely inconsistent with its claimed positioning of having a fixed office address for business operations.

Therefore, after the on-site inspection, it was confirmed that broker Al Samaa does not exist at the above-mentioned publicly stated address.

Conclusion

Surveyors went to the UAE as planned to visit forex broker Al Samaa on site. At its publicly displayed business address, they could not see the company name or other information of the broker, indicating that the broker does not have a real business location. Investors are advised to make their decisions after comprehensive consideration.

Disclaimer

The above content and views are for reference only and do not serve as the basis for final selection.