DUBAI// Fake perfumes worth Dh2 million have been confiscated after a raid on a warehouse in the emirate.
More than 170,000 counterfeit items of 10 well-known brands were discovered in a building in Ras Al Khor building by inspectors from Dubai’s Commercial Compliance and Consumer Protection (CCCP) sector in the Department of Economic Development (DED).
“The inspectors of CCCP maintain round the clock vigil against trademark violations and products that are harmful to humans and the reputation of the market,” said Abdullah Al Shehi, director of the Intellectual Property Protection Department at CCCP.
“Counterfeit products pose a serious threat to ethical trade practices and we work with trademark owners to make sure that such products do not enter the local market.”
The warehouse owner was fined and the CCCP is currently testing the confiscated goods. Those that are found to be a risk to people’s health will be destroyed.
The rest of the seized goods will be re-exported back to the country of origin after the collection of a 30 per cent duty.
The raid is part of ongoing efforts by the CCCP to protect trademarks and eliminate fake goods from local markets.
Officials said it is important to protect trademarks as it maintains the emirate’s position as a competitive business hub and safeguards traders and consumers.
Mr Al Shehi also warned consumers to be wary of counterfeits, urging them to verify with the trademark owner in case of any suspicion regarding the originality of a product.
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How will Gen Alpha invest?
Mark Chahwan, co-founder and chief executive of robo-advisory firm Sarwa, forecasts that Generation Alpha (born between 2010 and 2024) will start investing in their teenage years and therefore benefit from compound interest.
“Technology and education should be the main drivers to make this happen, whether it’s investing in a few clicks or their schools/parents stepping up their personal finance education skills,” he adds.
Mr Chahwan says younger generations have a higher capacity to take on risk, but for some their appetite can be more cautious because they are investing for the first time. “Schools still do not teach personal finance and stock market investing, so a lot of the learning journey can feel daunting and intimidating,” he says.
He advises millennials to not always start with an aggressive portfolio even if they can afford to take risks. “We always advise to work your way up to your risk capacity, that way you experience volatility and get used to it. Given the higher risk capacity for the younger generations, stocks are a favourite,” says Mr Chahwan.
Highlighting the role technology has played in encouraging millennials and Gen Z to invest, he says: “They were often excluded, but with lower account minimums ... a customer with $1,000 [Dh3,672] in their account has their money working for them just as hard as the portfolio of a high get-worth individual.”
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Killing of Qassem Suleimani
VEZEETA PROFILE
Date started: 2012
Founder: Amir Barsoum
Based: Dubai, UAE
Sector: HealthTech / MedTech
Size: 300 employees
Funding: $22.6 million (as of September 2018)
Investors: Technology Development Fund, Silicon Badia, Beco Capital, Vostok New Ventures, Endeavour Catalyst, Crescent Enterprises’ CE-Ventures, Saudi Technology Ventures and IFC
Brief scoreline:
Tottenham 1
Son 78'
Manchester City 0
GAC GS8 Specs
Engine: 2.0-litre 4cyl turbo
Power: 248hp at 5,200rpm
Torque: 400Nm at 1,750-4,000rpm
Transmission: 8-speed auto
Fuel consumption: 9.1L/100km
On sale: Now
Price: From Dh149,900