Salik Company’s CEO advises the public to rely on official sources and avoid fake social media investment schemes.
Dubai’s toll gate operator, Salik Company, is urging potential investors to exercise caution and seek information from official channels while investing. This warning comes in response to a growing number of fraudulent posts on social media platforms, misleading investors and residents into investing in Salik stocks with false promises of “earning a steady income.”
Ibrahim Al Haddad, CEO of Salik Company, emphasized the importance of verifying investment opportunities through legitimate sources and avoiding deceptive social media schemes. These fake posts have been circulating over the past few months, luring individuals to invest Dh950 in Salik shares.
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Salik Company, listed on the Dubai Financial Market, completed a highly successful initial public offering (IPO) last year, raising Dh3.735 billion ($1.017 billion). The IPO recorded record demand, totaling Dh184.2 billion ($50.2 billion). Salik’s offering price was Dh2 per share, resulting in a valuation of Dh15 billion. Since its listing on the Dubai bourse last year, Salik shares have surged by approximately 60%.
The company’s shares have been actively traded on the Dubai bourse, reflecting strong investor interest. On a recent trading day, Salik shares increased by 1.28%, closing at Dh3.16 per share, with 7.595 million shares changing hands.
Ibrahim Al Haddad stressed the importance of public awareness to safeguard against fraudulent investment schemes. He encouraged individuals to choose legitimate investment channels, cautioning against sharing personal and financial information with fake social media accounts originating from outside the country. Salik Company has also engaged authorities to combat these deceptive posts, which often target unsuspecting individuals.
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Some fake posts offer free consultancy to potential investors interested in purchasing Salik shares. However, these posts are not genuine, and their primary purpose is to mislead people and obtain their money.
Furthermore, Al Haddad addressed social media posts suggesting that motorists can bypass Salik gates by driving in the middle of the lanes or using similar tactics. He clarified that Salik employs RFID technology and cameras to read car number plates, ensuring nearly 100% traffic compliance and making it impossible to evade tolls.
Investors and the public are advised to exercise vigilance, consult official sources, and report any fraudulent activities to relevant authorities to safeguard their financial interests.
