Dubai’s Salik warns investors against ‘high-return’ scams on social media

Salik, Dubai’s exclusive tollgate operator, has issued a warning in public interest of an active social media scam that falsely claims to offer high returns for investing in the operator’s stocks.

Salik said the social media campaign has been targeting individuals as well as businesses.

Salik’s stock is trading at Dhs2.99 and has been a consistent volume driver on the DFM. The toll operator also posted a profit of Dhs275m in the first quarter of 2023.

Net profit reached Dhs275 million with a profit margin of 52.9 per cent, which places Salik as one of the most profitable companies in the global toll operations industry.

— Salik (@Salik_ae) May 12, 2023

How does it work?

The scam has reportedly popped up on the social media feeds of individuals and businesses. The scam promises astronomical returns to investors to convince them to invest in Salik through a fraudulent link that has no connection to Salik or the Dubai Financial Market, which is where the toll operator is listed.

The social media posts most likely are a gateway to a phishing link that looks to extract personal data or money from probable victims.

The link does not connect to any of Salik’s authentic virtual properties.

A similar scam was making the rounds in April.

The scam targeted the public through SMS services asking them to follow a link to pay ‘outstanding fees’ or fines.

We urge Salik customers to beware of fraud messages inviting them to pay fees and fines. We advise you to limit your transactions to official channels only, and to carry out payments of fees and violations through the approved channels.#SALIK #SALIKDUBAI #SalikTollGates #Dubai pic.twitter.com/JbNTRAId4B

— Salik (@Salik_ae) April 24, 2023

Salik’s warning

The publicly listed company has reassured the public that it has not issued any investment-targeted campaign on social media. It has also clarified that it has no association whatsoever with any of these offers.

Salik underscored the point that all the claims disseminated by such campaigns are false and misleading.

The toll operator has advised the public to exercise caution and vigilance when being targeted by such offers. It said that any information regarding earnings are posted only on its official sources of information, accessible through its website, and social media communication channels.

The company has also issued a warning against using its name for illegal activities and violating laws. Such actions may result in criminal prosecution.

Salik is a public joint stock company and is Dubai’s exclusive toll gate operator. Salik’s current eight toll gates are located at strategic junctures, such as the Sheikh Zayed Road which is considered a vital artery for the emirate.

In 2022, 539 million journeys were made through Salik’s toll gates. It currently operates automatic toll gates utilising Radio Frequency Identification (RFID) and Automatic Number-Plate Recognition (ANPR) technologies throughout Dubai.

Under a 49-year concession agreement (ending in 2071) with the Roads and Transport Authority (RTA), Salik holds the exclusive right to operate current and any future toll gates across the Emirate of Dubai.