This isn't our usual newsletter. We know money is probably not the top thing on your mind right now, and that's completely understandable. A lot of you are dealing with more pressing things: keeping family close, checking in on people, managing unexpected costs for flights or hotels, figuring out what comes next.
We thought it was worth sending something short: a quick picture of where things stand financially, and one scam you need to know about.
Read on to find out:
- What's happening with your money and the banking system
- What to do if your banking app is still playing up
- The scam targeting UAE residents right now
Your money and the banking system
The Ministry of Economy has reassured that markets are stable and strategic reserves are robust. The broader trade and oil picture is one to keep watching, but the day-to-day financial infrastructure is holding up.
The UAE dirham is pegged to the US dollar at 3.67 and has been since 1997. That peg has held through previous conflicts, financial crises, and a pandemic, and there's no sign of that changing. If your savings are in , their value in dirhams isn't going anywhere.
That said, if you need to move money in other currencies, particularly GBP or EUR, the picture is worth a quick look. The dollar has strengthened this week as investors moved into safe-haven assets, which means AED is going further against other currencies than it was a fortnight ago. The longer-term outlook is less certain: prolonged conflict, oil supply concerns, and broader economic pressure can all shift the picture.
The Abu Dhabi Stock Exchange (ADX), Dubai Financial Market (DFM) and Nasdaq Dubai closed on 2 and 3 March. All exchanges are resuming trading today, 4 March. The closure was a regulatory call to limit volatility rather than a sign of deeper instability.
Payments, transfers, ATMs, and branches continue to operate throughout.
If your banking app is still playing up
A large number of banks had mobile app and contact centre disruptions from 1 March through to 3 March. There are early signs of recovery today, but some disruption is still being reported.
If you're hitting problems: open your bank's website in a browser and log in directly from there. Internet banking is working throughout. ATMs and branches are open and running normally if you need cash or face-to-face help.
Your money is accessible. It's the apps that have been struggling, not the accounts behind them.
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The scam you need to know about
Fraudsters wasted no time. Within hours of the situation escalating, UAE residents started receiving calls and WhatsApp messages from people claiming to represent a "Dubai Crisis Management" department with ties to Dubai Police. The goal: get hold of your UAE Pass credentials and Emirates ID details to execute a SIM-swap, take over your phone number, intercept your banking OTPs, and access your accounts.
Dubai Police do not request personal data, verification codes, or credentials through calls or messages. Not under any circumstances, including during a national emergency. Khaleej Times reported a 35% rise in fraudulent messages during this period. This type of scam tends to reappear whenever there's a moment of public anxiety.
A second version is circulating too: a "flight refund" scam targeting people whose travel has been disrupted. No airline or travel agent will ask for an OTP or UAE Pass login to process a refund.
🚩 If anyone contacts you claiming to be from Dubai Crisis Management, Dubai Police, any government crisis body, or an airline offering a refund, and asks for login details, your Emirates ID, or any OTP: it's a scam. End the call. Don't share anything. If you're unsure, call back on an official number.
Where to follow the situation
For official updates, go directly to NCEMA (the National Emergency, Crisis and Disaster Management Authority) rather than relying on group chats and forwards:
- Website: ncema.gov.ae
- Instagram: @ncemauae
We'll flag anything that materially changes for your finances as we see it. For now, take care of yourselves and the people around you. The scam is genuinely the thing most likely to affect your money right now, so please do share this with anyone who might need it.
Check the 'last updated' date above before acting on any specifics. Situation is ongoing.
