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07 Jun 2024, 03:26 pm | Unauthorised firm

The DFSA issues alert over misleading claims made by Manra Capital, an unlicensed Firm

The Dubai Financial Services Authority (DFSA) wishes to alert the financial services community and members of the public about claims made by Manra Capital regarding the 'Tharwa Fund', a purported fixed-return real estate fund.

It has come to the attention of the DFSA that Manra Capital falsely claimed in a brochure for a proposed marketing event, taking place in the Dubai International Financial Centre (DIFC), that the Tharwa Fund was 'overseen' by the Abu Dhabi Global Market (ADGM).

These claims are false.

The DFSA advises the public that:

Manra Capital is not, and has never been:

  • Authorised by the DFSA to provide Financial Services or make Financial Promotions in or from the DIFC; or
  • incorporated in the DIFC.

In addition, the Tharwa Fund is not and has never been a DFSA-registered Collective Investment Fund.

Manra Capital has also not, and has never been:

  • licensed by the Financial Services Regulatory Authority (FSRA) to carry on any form of Regulated Activity in or from ADGM; or
  • incorporated in ADGM;
  • or licensed to undertake any form of commercial activities in ADGM.

In addition, the Tharwa Fund is not and has never been established as a Collective Investment Fund in ADGM.

The DFSA issues such clarifications to avoid possible confusion. Previous clarifications can be found here.

DFSA Authorised Firms are subject to financial services laws and rules administered by the DFSA.  These laws and rules are designed to protect users and potential users of the financial services industry in the DIFC, including consumers, when they engage with an Authorised Firm to obtain a financial product or financial service.

Only DFSA Authorised Firms are permitted to provide financial services in or from the DIFC, subject to the laws and rules mentioned above. If you are unsure of the regulatory status of a firm, please check the DFSA’s PUBLIC REGISTER before entering into any financial services activity with that firm.​​​​​

If you have any concerns about the authenticity of any correspondence or documents that purport to be issued by the DIFC, DFSA or a DFSA regulated Firm, you should direct your concerns to the DIFC on Tel: +971 4 362 2222 and to the DFSA via the DFSA Complaints function on: COMPLAINTS.

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