A prominent UAE retail giant has refuted any affiliation with an online trading platform that lists its landline number — one of several warning signs highlighted by a Khaleej Times investigation.
Searching for Skyline Trading online shows Skyline General Trading with a World Trade Centre co-working address and a landline number. However, this number connects to Sharaf Group, which has no association with the firm. Clicking the online listing directs users to Skyline Trading’s website, adding to the confusion between the two entities.
This mix-up has cost investors thousands of dirhams. Several UAE residents reported to Khaleej Times that they were ‘ghosted’ after transferring money, unable to contact company representatives or retrieve their funds.
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Skyline Trading employs a large number of telesales agents who cold-call residents, promising unusually high returns. The firm lacks a license from the UAE’s Securities and Commodities Authority (SCA). Once someone shows interest, they are referred to “relationship managers” who set up meetings in co-working spaces.
In one such meeting at a rented room in the World Trade Centre, presented as Skyline’s Dubai office, a company representative distributed brochures and a branded diary claiming a global reach. When asked for a verifiable office address, he couldn’t provide one. The meeting ended abruptly when this journalist revealed his identity.
Later, a man identifying as a ‘partners relationship manager’ called from a Qatar number, claiming to be from Skyline’s Doha office but refusing to disclose its location. He redirected all inquiries to a lawyer.
Confusion with Names and Virtual Offices
Skyline’s corporate trail is a tangle of overlapping names and virtual offices. Its website claims regulation by Mauritius, listing an address at Level 6, Ken Lee Building in Port Louis — a site used by at least 15 other firms.
Mauritius records confirm a company named Skyline Trading exists, but with different directors and no clear link to the Dubai operation. Skyline Markets, another name for Skyline Trading, is licensed by the Financial Services Commission (FSC) of Mauritius.
In reality, three similarly named entities — Skyline Trading/Skyline Markets, Skyline General Trading, and Skyline Technologies Trade — appear to be used interchangeably. No verifiable corporate connection between them has been established, except that investor funds were channeled through this network.
Despite this corporate complexity, Skyline claims on its website to be the “Global No. 1 broker.” Yet, UAE residents who spoke to Khaleej Times reported being shut out after making payments. Abu Dhabi resident Shahul Hameed invested $16,000 (Dh58,000). “They either don’t answer my calls or dismiss me outright,” he said.
‘This has destroyed me’
For Mohammad Akmal Tirmizi, who invested $50,000 (Dh183,000), the impact was devastating. “The money was meant for my brother’s dialysis. This has destroyed me,” he said. Bank transfer slips reviewed by Khaleej Times confirm his funds went to Skyline Technologies Trade.
Tirmizi contacted the SCA, which replied that the firm was not under their jurisdiction. He is considering legal action against Skyline but admits the high costs deter him.
Joji Thomas said he lost nearly Dh40,000 after being shown profits on Skyline’s dashboard, only to be blocked when he tried to withdraw. “My relationship manager kept pushing me into risky trades. When I asked to withdraw $3,000, he warned me my account would be wiped out for ‘low margin.’ Instead of processing the withdrawal, he placed more losing trades that drained my funds,” Thomas said. His transfer also went to Skyline Technologies Trade.
The SCA has repeatedly advised investors to verify the licensing status of any trading platform before transferring funds. “Transactions with unlicensed operators leave investors vulnerable to fraud,” the regulator warned.
Legal Standoff
In response to Khaleej Times’ inquiries, Skyline’s legal counsel in Mauritius stated the company was reviewing the issues raised. The lawyer insisted that Skyline operates lawfully in Mauritius but did not answer specific questions about its physical address, its use of multiple entities, or why investor funds were being funneled into accounts under Skyline Technologies Trade.
The promised documents were not provided by the deadline despite reminders. Skyline’s counsel has since suggested an in-person meeting to present the documents. This report will be updated if further responses are received.
