Dubai Salik Company Warns Investors Against Fake Social Media Posts

Dubai’s toll gate operator, Salik Company, has cautioned investors to rely on official sources for information and to be vigilant against fake social media posts. 

Over the past months, fraudulent posts have circulated on social media, luring investors and residents with offers to invest in Salik stocks. 

These deceptive posts promise a steady income in exchange for a Dh950 investment.

Reliable Sources and Official Channels:

Ibrahim Al Haddad, the CEO of Salik Company, advised individuals interested in investing in Salik to use official channels and cautioned against falling for misleading social media posts. 

He emphasized the importance of not exposing personal and financial information to these fake accounts, which operate from outside the country.

Salik’s Impressive Performance:

Listed on the Dubai Financial Market, Salik Company had a highly successful initial public offering (IPO) last year, raising Dh3.735 billion ($1.017 billion) with record demand of Dh184.2 billion ($50.2 billion). 

The company set an offering price of Dh2 per share, resulting in a valuation of Dh15 billion. Since its listing, Salik shares have increased by approximately 60%.

Vigilance Against Deceptive Practices:

Salik’s chief executive dismissed social media posts suggesting that motorists can manipulate the system by driving in the middle of lanes or using other tactics to evade toll charges. 

He explained that Salik employs RFID technology and cameras that read license plates, making it nearly impossible for motorists to evade tolls. 

The system operates with almost 100% efficiency, and there are no shortcuts or ways to bypass the tolls.

Engagement with Authorities:

Salik Company has engaged with authorities to address the issue of fake investment posts on social media and is actively working to combat fraudulent schemes targeting unsuspecting investors and individuals.