A fraudulent email claiming to be from Emirates NBD alerting customers of a VAT refund is a phishing attack, said the bank.
Dubai’s biggest lender has posted a warning note on its website urging customers to be wary of the email with the subject line "VAT Refund Notification".
“Please be aware this is a phishing e-mail,” the bank wrote. “We urge you to be highly vigilant and always check the source before clicking on any links or attachments in e-mails.”
The bank said it would never ask a customer for personal details such as an account number, online and mobile banking credentials or debit or credit card details such as a username, password, PIN or the three-digit CVV number.
Phishing attacks, where criminals try to lure sensitive information from customers, such as banking passwords via an email claiming to be a reputable company, are commonplace across the globe. According to cloud-based email management company Mimecast's second-annual State of Email Security report, more than 90 per cent of global organisations said the volume of phishing attacks have increased or stayed the same in the past 12 months.
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In this recent case, the fraudulent email, signed Revenue and VAT Administrator, Emirates NBD, promised a VAT refund and came from the email address verification@refund-emiratesnbd.com. Different amounts were promised to different customers.
An email received by one customer stated: “After the last calculations of your fiscal activity, we have determined that you are eligible to receive a VAT refund of AED 209.45.”
It then stated that to access the refund, the customer must download the VAT refund form attached to the email, open it and then follow the instructions on the screen.
They are then directed to another website, again claiming to be Emirates NBD, that demands personal details such as their online username and password.
For those that followed the instructions and gave away personal details, the fraudsters bought themselves some time by adding at the end of the email: “A refund can be delayed for a variety of reasons. For example submitting invalid records or applying after the deadline.”
Jeff Ogden, general manager for the Middle East at Mimecast, said VAT refund scams are simple in nature but are a good indication of the frequency, variety and the regional specificity of email impersonation attacks.
“Although these initial attacks don’t appear to carry malware, stolen credentials or personal information can be used for follow-up attacks on all types of organisations,” he said.
Consumer and employee awareness is important to help stop these cyber attacks, he added, praising the bank for its “educational count-offensive” and warnings via its website and social media.
Emirates NBD urges customers unsure of any messages from them to contact the bank to verify the communication.
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UAE currency: the story behind the money in your pockets
How to register as a donor
1) Organ donors can register on the Hayat app, run by the Ministry of Health and Prevention
2) There are about 11,000 patients in the country in need of organ transplants
3) People must be over 21. Emiratis and residents can register.
4) The campaign uses the hashtag #donate_hope
Mercer, the investment consulting arm of US services company Marsh & McLennan, expects its wealth division to at least double its assets under management (AUM) in the Middle East as wealth in the region continues to grow despite economic headwinds, a company official said.
Mercer Wealth, which globally has $160 billion in AUM, plans to boost its AUM in the region to $2-$3bn in the next 2-3 years from the present $1bn, said Yasir AbuShaban, a Dubai-based principal with Mercer Wealth.
“Within the next two to three years, we are looking at reaching $2 to $3 billion as a conservative estimate and we do see an opportunity to do so,” said Mr AbuShaban.
Mercer does not directly make investments, but allocates clients’ money they have discretion to, to professional asset managers. They also provide advice to clients.
“We have buying power. We can negotiate on their (client’s) behalf with asset managers to provide them lower fees than they otherwise would have to get on their own,” he added.
Mercer Wealth’s clients include sovereign wealth funds, family offices, and insurance companies among others.
From its office in Dubai, Mercer also looks after Africa, India and Turkey, where they also see opportunity for growth.
Wealth creation in Middle East and Africa (MEA) grew 8.5 per cent to $8.1 trillion last year from $7.5tn in 2015, higher than last year’s global average of 6 per cent and the second-highest growth in a region after Asia-Pacific which grew 9.9 per cent, according to consultancy Boston Consulting Group (BCG). In the region, where wealth grew just 1.9 per cent in 2015 compared with 2014, a pickup in oil prices has helped in wealth generation.
BCG is forecasting MEA wealth will rise to $12tn by 2021, growing at an annual average of 8 per cent.
Drivers of wealth generation in the region will be split evenly between new wealth creation and growth of performance of existing assets, according to BCG.
Another general trend in the region is clients’ looking for a comprehensive approach to investing, according to Mr AbuShaban.
“Institutional investors or some of the families are seeing a slowdown in the available capital they have to invest and in that sense they are looking at optimizing the way they manage their portfolios and making sure they are not investing haphazardly and different parts of their investment are working together,” said Mr AbuShaban.
Some clients also have a higher appetite for risk, given the low interest-rate environment that does not provide enough yield for some institutional investors. These clients are keen to invest in illiquid assets, such as private equity and infrastructure.
“What we have seen is a desire for higher returns in what has been a low-return environment specifically in various fixed income or bonds,” he said.
“In this environment, we have seen a de facto increase in the risk that clients are taking in things like illiquid investments, private equity investments, infrastructure and private debt, those kind of investments were higher illiquidity results in incrementally higher returns.”
The Abu Dhabi Investment Authority, one of the largest sovereign wealth funds, said in its 2016 report that has gradually increased its exposure in direct private equity and private credit transactions, mainly in Asian markets and especially in China and India. The authority’s private equity department focused on structured equities owing to “their defensive characteristics.”
Timeline
2012-2015
The company offers payments/bribes to win key contracts in the Middle East
May 2017
The UK SFO officially opens investigation into Petrofac’s use of agents, corruption, and potential bribery to secure contracts
September 2021
Petrofac pleads guilty to seven counts of failing to prevent bribery under the UK Bribery Act
October 2021
Court fines Petrofac £77 million for bribery. Former executive receives a two-year suspended sentence
December 2024
Petrofac enters into comprehensive restructuring to strengthen the financial position of the group
May 2025
The High Court of England and Wales approves the company’s restructuring plan
July 2025
The Court of Appeal issues a judgment challenging parts of the restructuring plan
August 2025
Petrofac issues a business update to execute the restructuring and confirms it will appeal the Court of Appeal decision
October 2025
Petrofac loses a major TenneT offshore wind contract worth €13 billion. Holding company files for administration in the UK. Petrofac delisted from the London Stock Exchange
November 2025
180 Petrofac employees laid off in the UAE
UAE currency: the story behind the money in your pockets
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