Purpose

The UAE foreign exchange market is a newly emerging international forex trading market that has developed over the past two decades. Leveraging Dubai's geographical advantage as the financial hub of the Middle East, it has attracted a large number of forex brokers from around the world and serves as an important trading node connecting foreign exchange flows across Europe, Asia, and Africa. To help investors or practitioners gain a more comprehensive understanding of forex brokers in the region, the on-site inspection team traveled to the UAE for field visits.

Process

This issue, the on-site inspection team went to the UAE as planned to conduct an on-site visit to the forex broker SKYAULT. According to public information, its office address is Sheikh Mohammed Bin Rashid Boulevard Plaza Tower 1 Level 9 Dubai, UAE.

The professional and experienced site inspection team, with a sense of mission to strictly safeguard investors' interests, traveled to the United Arab Emirates following careful planning. It conducted an on-site verification of the broker SKYAULT, which claims to be located at Sheikh Mohammed Bin Rashid Boulevard Plaza Tower 1 Level 9 Dubai, UAE.

The team successfully arrived at Boulevard Plaza Tower 1, located in the core area of downtown Dubai, immediately adjacent to Dubai Mall and the Burj Khalifa. This is an ultra-luxury office building in the local area, with a high-end and clean surrounding environment and a strong commercial atmosphere. No company signage or information related to SKYAULT was found outside the building.

Entering the lobby on the first floor, the team stated its purpose to the staff. After information registration and communication, it obtained permission to enter the lobby area. The first floor of the building has a complete corporate directory board. After careful inspection, no information about SKYAULT was found on the directory board, and no LOGO of the company appeared inside or outside the building.

When the team attempted to go to the target floor, the 9th floor, to confirm the specific location, it found that this floor has strict access control, making it impossible to reach the designated floor to confirm the corresponding office location, let alone enter the company's interior. The office area on this floor follows a shared office model. Throughout the process, no office area clearly marked with SKYAULT was found, and it was completely impossible to photograph the company's front desk or its front desk LOGO.

Because the team could not enter the corresponding office area, it could not observe the internal office environment, nor could it confirm the interior decoration style or employee activity. It was completely impossible to verify whether the claimed business positioning was true.

Therefore, after the site inspection, it was confirmed that the broker SKYAULT does not exist at the publicly stated address above.

Conclusion

The on-site inspectors traveled to the United Arab Emirates as planned to visit forex broker SKYAULT. 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 premises. Investors are advised to make their decision after comprehensive consideration.

Disclaimer

The above content and opinions are for reference only and should not be used as the basis for final selection.