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Khaleej Times
16-04-2025
- Business
- Khaleej Times
UAE flight ticket prices fall 35% as budget airlines, demand for affordable travel grows
Average real airfares in the UAE have fallen by 35 per cent in 12 years due to the launch of new low-cost airlines and growing competition amid rising demand for air travel, according to the International Air Transport Association (Iata). "In the past 50 years, flight costs have decreased by 70 per cent globally, making air transport more accessible. The average real airfare in the UAE decreased by 35 per cent between 2011 and 2023,' the global aviation body said in a research released on Wednesday. Strong competition between local and foreign airlines has helped reduce airfares over the years. The UAE has seen the launch of several new airlines, such as Air Arabia Abu Dhabi and Wizz Air Abu Dhabi. Market leaders Emirates, Etihad Airways, Air Arabia and flydubai already operate to hundreds of destinations across the globe. These growing options also benefit passengers, especially from the perspective of low-cost airlines. The UAE also has one of the best air connectivity globally. It is home to 7 airports with commercial scheduled flights, 304 international airports directly connected, 109 countries connected by direct flights, 857 outbound daily flights and 126 airlines operating. Local and foreign airlines added around 162 new international routes in the last 5 years. 'The UAE is a critical hub for global connectivity. The benefits of its super-connector role include bringing trade, tourism, investment, and jobs to the UAE. The leadership of the UAE has a strategic vision for aviation, supported by smart regulation and investment in world-class infrastructure,' said Willie Walsh, director-general of Iata. Works 2 days to afford a flight ticket Iata said the UAE residents need to work 1.9 days to afford a flight ticket; this is based on the average fare for travel and GDP per capita in 2023. According to the World Bank, the UAE's per capita was Dh180,000 in 2023, averaging Dh15,000 monthly salary. Based on two days of work, UAE residents can earn Dh1,000, which allows them to afford air tickets to many destinations, especially for budget carriers. In addition to the people in the UAE, residents in the GCC, the US, Canada, Europe, Australia and some other countries are required to work less than 5 days to afford an air ticket. People in Africa, India, Pakistan and other CIS countries must work over 15 days to afford an air ticket due to low wages and the high cost of air travel. Nearly 1 million aviation jobs Due to the growing demand for air travel in the UAE and globally, the aviation sector has grown exponentially over the past decades. Dubai has emerged as a global aviation hub; it remained the busiest airport in terms of international passenger traffic. Overall, 3,668 flights per 1,000 people were taken in 2023 in the UAE, according to the Iata report, which was launched on the occasion of the three-day World Cargo Symposium, which began in Dubai on Tuesday. Iata said that 206,800 people are directly employed in aviation, generating $26.6 billion in economic output, which is equal to 5.3 per cent of UAE's GDP. Additional benefits are generated by the wider supply chain, employee spending, and tourism activities, contributing a total of $92 billion to GDP and 991,500 jobs. Tourism supported by aviation contributes $22 billion to the country's GDP and employs 297,300 people. International tourists to the UAE are estimated to contribute $47.7 billion annually to the economy by purchasing goods and services from local businesses. 'Supporting nearly a million jobs and 18.2 per cent of GDP, aviation makes an enormous contribution to the UAE's prosperity — both culturally and economically. And we can be confident that this contribution will strengthen as the UAE continues to facilitate opportunities for aviation to thrive,' said Walsh. International air traffic accounted for 100 per cent of total origin-destination (O-D) departures for the UAE in 2023, equal to 34.8 million passenger departures. Asia Pacific was the largest international market for passenger flows from the UAE due to a large number of expats from this region working in the UAE. This was followed by Europe and the Middle East. Almost 14.1 million passengers departed from the UAE to Asia Pacific (40 per cent of the total), 8.5 million to Europe (24 per cent of the total), and 7.9 million to another country in the Middle East (23 per cent of the total).
Khaleej Times
21-03-2025
- Business
- Khaleej Times
UAE forex scam: Fake websites, cold calls 'convince' residents to invest, dupe them out of millions
Do you know how many zeroes are in dirham one-hundred-and-fifty-thousand?' The voice on the phone is mocking, almost amused. 'Did I force you to invest the money?' 'Yes, you did!' 'Then come and take it, you #%&!' The conversation spirals into a barrage of expletives and threats. The once-persuasive broker now sounds menacing, his words thick with hostility. Khaleej Times has an audio recording of the three-minute call, capturing how a man who once promised riches now hounds his client with verbal abuse. But it wasn't always like this. When Imran Zaman, a civil engineer in Dubai, first heard from DuttFX in September 2024, it wasn't threats but charm that filled the airwaves. The 'relationship manager' was friendly, almost familiar. The conversations started with market insights—volatility in the wake of US bank collapses, golden opportunities in commodities, and whispers of massive dividends. Saying no wasn't easy. And so, Imran invested. Then he invested more. Until he had lost Dh180,000. He wasn't alone. Shishir lost Dh80,000; Nalini Dh52,000; Pravin Dh45,000. There are many more. Most of them took bank loans or maxed out their credit cards, lured by the promise of a 'highly secure trading environment'. Yet, none of them had ever set foot in a DuttFX office. Not because they didn't want to—but because no such office exists in the UAE. The same is true for other companies like EVM Prime Support, which operate solely through websites and cold calls. Keralite Mohammed Ayeshan, who lost Dh36,500 to EVM Prime Support, was led to invest purely based on phone conversations. His 'relationship manager' convinced him to make an initial deposit of $1,000 (Dh3,673). Over time, he was pressured into adding more funds, lured by the illusion of smooth trading and small early profits. 'I kept adding funds as instructed, believing I could recover my money.' Ayeshan said he borrowed on credit cards, hoping to recover losses. But the losses only deepened. His relationship manager instructed him to reverse trades, which only made things worse. 'Overall, I have lost everything. I am in severe depression, and my health has suffered.' Nalini, 59, another victim, had a similar experience. For years, she had ignored cold calls from forex brokers, but when a man named Abhimanyu persisted, she decided to test it with Dh1,000. He set up an account for her, providing a login and dashboard where she could monitor trades. 'Even when I travelled to India, he kept in touch, guiding me through trades in euros and dollars. Later, he pressured me to invest in gold and silver. I refused at first, but he is very good at convincing,' recalled Nalini. Abhimanyu assured her withdrawals were possible at any time, which gave her confidence to invest in three instruments—wheat and two currencies. But when her margin dropped, he warned that her account would be wiped out unless she deposited more funds. 'My balance was at -$7,000. Panicked, I deposited another $7,000 and took the opposite trade, believing it would help. But my balance plummeted to -$26,000, and my positions were locked. Now they're telling me to invest even more money to save my account,' she said. Familiar playbook The scam follows a familiar pattern. First comes the cold call—friendly, reassuring, and filled with financial jargon. Victims are persuaded to deposit an initial amount, often around $1,000, just to 'test the waters'. To build trust, brokers allow small withdrawals, reinforcing the illusion of easy access to funds. Then, the pressure starts. 'You're doing great—why stop now?' The so-called relationship manager pushes investors to increase their deposits, steering them toward 'golden opportunities' in forex, commodities, and crypto. They emphasise that withdrawals can be made at any time. But that's the lie. As deposits grow, so does the manipulation. Brokers pressure victims into high-risk trades, claiming it's the only way to 'protect profits'. Soon, they find themselves locked out—unable to withdraw funds, execute trades, or even contact their brokers. Their money is gone. Investigations show that these companies exist in the UAE in name only, leaving defrauded investors with no one to hold accountable. When Khaleej Times called the cellphone of Fatima, the purported relationship manager of EVM Prime Support, a woman named Sanjana answered. She confirmed that they operate from Dubai. However, when asked for a physical address and told that a reporter would visit, the call was immediately disconnected, and no further calls were answered. A similar attempt was made with Abhimanyu, the so-called relationship manager of DuttFX. When called, a man answered claiming he was not Abhimanyu. But when a call was placed from a different number, the next day, the same voice now claimed to be Abhimanyu. When confronted, he backtracked, saying he was just a namesake and had no connection to DuttFX. After that, no calls were answered again. For investors who have lost their savings, recovering money is nearly impossible. Without a registered entity in the UAE, victims have no legal recourse. Complaints to Dubai Police and other authorities have been filed, but with these firms lacking a physical presence, tracing them remains a challenge. And it's a challenge authorities have faced before. In one of the biggest forex frauds to hit the UAE, Sydney Lemos, the owner of Exential Forex, promised high returns through currency trading, luring thousands of expatriates into what was later exposed as a Dh1 billion Ponzi scheme. By the time the scam unravelled in 2017, families had lost their life savings. Lemos was sentenced to over 500 years in prison in Dubai—yet despite this landmark case, fraudulent forex platforms continue to thrive under different names. MMA Forex, operating from Al Nahda, and UT Markets, which relied on WhatsApp to target investors, followed a similar playbook. Like Exential Forex, they enticed victims with guaranteed returns, only to vanish when withdrawals were requested. It's a long list. Alpha Bull, which operated until a few years ago, vanished without a trace, leaving investors stranded with no way to retrieve their money. Despite repeated scams, new firms keep emerging under different names, running the same deception. More recently, Acme Consultancy and BlueChip, both operating from Al Jawhara Building in Bur Dubai, shut down overnight, taking millions of dirhams with them. There's an arrest warrant out for BlueChip owner Ravindra Nath Soni. Today, the names may change, but the scam remains the same. With no refunds in sight, many victims are now banding together to file collective complaints, hoping for legal intervention. Expert warnings But experts warn that recovery is rare—and prevention is the only safeguard. Nigel Sillitoe, CEO of Insight Discovery, warns investors about the risks of dealing with unregulated trading firms: 'It is deeply concerning that numerous unregulated online trading and forex investment companies continue to operate in the UAE. Investors must exercise extreme caution when approached by such firms, as many rely on cold calls and aggressive marketing tactics to lure individuals into fraudulent schemes.' Sillitoe stresses that UAE has over 40 regulated brokerage firms, and there is no reason to take unnecessary risks with companies operating illegally. Even legitimate financial institutions aren't safe from fraudsters. Last year, scammers impersonated Equiti Group, a well-known global fintech firm, to dupe investors. Among them was Dubai celebrity Lojain Omran, who unknowingly became the face of the scam. The UAE's Securities and Commodities Authority (SCA) eventually issued a public warning, clarifying that MRL Investments, operating under was not licensed and had no affiliation with Equiti Securities Currencies Brokers LLC (ESCB LLC). The real Equiti Group, which even has a Dubai Metro station named after it, was forced to disassociate itself from the fraudulent scheme. 'As financial markets evolve, so do scams,' said Brian Myers, Chief Commercial Officer of Equiti Group. 'Traders should stay vigilant, verify broker legitimacy, and avoid platforms that operate without clear oversight. It always makes sense to undertake some due diligence before investing.' Yet, despite high-profile arrests, public warnings, and repeated scams, the cycle continues. Regulators warn, victims speak out, and yet new firms emerge—offering the same false promises under different names. Until decisive action is taken to shut down these operations before they resurface, investors will continue to fall prey to the same deception—just under different names, say industry experts. For now, vigilance isn't just an option. It's the only defence.
Khaleej Times
21-03-2025
- Business
- Khaleej Times
Cold calls, false promises: The UAE forex scam that won't stop
Do you know how many zeroes are in dirham one-hundred-and-fifty-thousand?' The voice on the phone is mocking, almost amused. 'Did I force you to invest the money?' 'Yes, you did!' 'Then come and take it, you #%&!' The conversation spirals into a barrage of expletives and threats. The once-persuasive broker now sounds menacing, his words thick with hostility. Khaleej Times has an audio recording of the three-minute call, capturing how a man who once promised riches now hounds his client with verbal abuse. But it wasn't always like this. When Imran Zaman, a civil engineer in Dubai, first heard from DuttFX in September 2024, it wasn't threats but charm that filled the airwaves. The 'relationship manager' was friendly, almost familiar. The conversations started with market insights—volatility in the wake of US bank collapses, golden opportunities in commodities, and whispers of massive dividends. Saying no wasn't easy. And so, Imran invested. Then he invested more. Until he had lost Dh180,000. He wasn't alone. Shishir lost Dh80,000, Nalini Dh52,000, Pravin Dh45,000. There are many more. Most of them took bank loans or maxed out their credit cards, lured by the promise of a 'highly secure trading environment'. Yet, none of them had ever set foot in a DuttFX office. Not because they didn't want to—but because no such office exists in the UAE. The same is true for other companies like EVM Prime Support, which operate solely through websites and cold calls. Keralite Mohammed Ayeshan, who lost Dh36,500 to EVM Prime Support, was led to invest purely based on phone conversations. His 'relationship manager' convinced him to make an initial deposit of $1,000 (Dh3,673). Over time, he was pressured into adding more funds, lured by the illusion of smooth trading and small early profits. 'I kept adding funds as instructed, believing I could recover my money.' Ayeshan said he borrowed on credit cards, hoping to recover losses. But the losses only deepened. His relationship manager instructed him to reverse trades, which only made things worse. 'Overall, I have lost everything. I am in severe depression, and my health has suffered.' Nalini, 59, another victim, had a similar experience. For years, she had ignored cold calls from forex brokers, but when a man named Abhimanyu persisted, she decided to test it with Dh1,000. He set up an account for her, providing a login and dashboard where she could monitor trades. 'Even when I travelled to India, he kept in touch, guiding me through trades in euros and dollars. Later, he pressured me to invest in gold and silver. I refused at first, but he is very good at convincing,' recalled Nalini. Abhimanyu assured her withdrawals were possible at any time, which gave her confidence to invest in three instruments—wheat and two currencies. But when her margin dropped, he warned that her account would be wiped out unless she deposited more funds. 'My balance was at -$7,000. Panicked, I deposited another $7,000 and took the opposite trade, believing it would help. But my balance plummeted to -$26,000, and my positions were locked. Now they're telling me to invest even more money to save my account,' she said. Familiar playbook The scam follows a familiar pattern. First comes the cold call—friendly, reassuring, and filled with financial jargon. Victims are persuaded to deposit an initial amount, often around $1,000, just to 'test the waters'. To build trust, brokers allow small withdrawals, reinforcing the illusion of easy access to funds. Then, the pressure starts. 'You're doing great—why stop now?' The so-called relationship manager pushes investors to increase their deposits, steering them toward 'golden opportunities' in forex, commodities, and crypto. They emphasise that withdrawals can be made at any time. But that's the lie. As deposits grow, so does the manipulation. Brokers pressure victims into high-risk trades, claiming it's the only way to 'protect profits'. Soon, they find themselves locked out—unable to withdraw funds, execute trades, or even contact their brokers. Their money is gone. Investigations show that these companies exist in the UAE in name only, leaving defrauded investors with no one to hold accountable. When Khaleej Times called the cellphone of Fatima, the purported relationship manager of EVM Prime Support, a woman named Sanjana answered. She confirmed that they operate from Dubai. However, when asked for a physical address and told that a reporter would visit, the call was immediately disconnected, and no further calls were answered. A similar attempt was made with Abhimanyu, the so-called relationship manager of DuttFX. When called, a man answered claiming he was not Abhimanyu. But when a call was placed from a different number the next day, the same voice now claimed to be Abhimanyu. When confronted, he backtracked, saying he was just a namesake and had no connection to DuttFX. After that, no calls were answered again. For investors who have lost their savings, recovering money is nearly impossible. Without a registered entity in the UAE, victims have no legal recourse. Complaints to Dubai Police and other authorities have been filed, but with these firms lacking a physical presence, tracing them remains a challenge. And it's a challenge authorities have faced before. In one of the biggest forex frauds to hit the UAE, Sydney Lemos, the owner of Exential Forex, promised high returns through currency trading, luring thousands of expatriates into what was later exposed as a Dh1 billion Ponzi scheme. By the time the scam unravelled in 2017, families had lost their life savings. Lemos was sentenced to over 500 years in prison in Dubai—yet despite this landmark case, fraudulent forex platforms continue to thrive under different names. MMA Forex, operating from Al Nahda, and UT Markets, which relied on WhatsApp to target investors, followed a similar playbook. Like Exential Forex, they enticed victims with guaranteed returns, only to vanish when withdrawals were requested. It's a long list. Alpha Bull, which operated until a few years ago, vanished without a trace, leaving investors stranded with no way to retrieve their money. Despite repeated scams, new firms keep emerging under different names, running the same deception. More recently, Acme Consultancy and BlueChip, both operating from Al Jawhara Building in Bur Dubai, shut down overnight, taking millions of dirhams with them. There's an arrest warrant out for BlueChip owner Ravindra Nath Soni. Today, the names may change, but the scam remains the same. With no refunds in sight, many victims are now banding together to file collective complaints, hoping for legal intervention. Expert warnings But experts warn that recovery is rare—and prevention is the only safeguard. Nigel Sillitoe, CEO of Insight Discovery, warns investors about the risks of dealing with unregulated trading firms: 'It is deeply concerning that numerous unregulated online trading and forex investment companies continue to operate in the UAE. Investors must exercise extreme caution when approached by such firms, as many rely on cold calls and aggressive marketing tactics to lure individuals into fraudulent schemes.' Sillitoe stresses that UAE has over 40 regulated brokerage firms, and there is no reason to take unnecessary risks with companies operating illegally. Even legitimate financial institutions aren't safe from fraudsters. Last year, scammers impersonated Equiti Group, a well-known global fintech firm, to dupe investors. Among them was Dubai celebrity Lojain Omran, who unknowingly became the face of the scam. The UAE's Securities and Commodities Authority (SCA) eventually issued a public warning, clarifying that MRL Investments, operating under was not licensed and had no affiliation with Equiti Securities Currencies Brokers LLC (ESCB LLC). The real Equiti Group, which even has a Dubai Metro station named after it, was forced to disassociate itself from the fraudulent scheme. 'As financial markets evolve, so do scams,' said Brian Myers, Chief Commercial Officer of Equiti Group. 'Traders should stay vigilant, verify broker legitimacy, and avoid platforms that operate without clear oversight. It always makes sense to undertake some due diligence before investing.' Yet, despite high-profile arrests, public warnings, and repeated scams, the cycle continues. Regulators warn, victims speak out, and yet new firms emerge—offering the same false promises under different names. Until decisive action is taken to shut down these operations before they resurface, investors will continue to fall prey to the same deception—just under different names, say industry experts. For now, vigilance isn't just an option. It's the only defence.
