Investors are pursuing legal action against Dubai-based AIX Investment Group over delayed or stopped payments on investments promising double-digit returns. The firm, which operates from the Burj Khalifa and has sponsored motorsport teams and Emirates ads, faces claims from thousands of clients, including two filed for $2mn and $8mn via Dubai’s offshore financial hub. AIX cited geopolitical uncertainty and market volatility affecting part of its product line, saying most products remain unaffected.

It has appointed advisers and pledged an investor update by October 12 while raising funds. Clients, ranging from airline pilots to a Saudi prince, invested between $10,000 and millions in products offering 12%-16% annual returns or 14.4% property-linked yields, some spanning UAE, Ireland, Cayman Islands, Switzerland, and the UK. AIX acknowledged payment delays in client messages titled “Update on Our Path Back to Normalcy” but offered no details, blaming compliance and liquidity issues.

Lawyers warn the case could damage Dubai’s reputation as a wealth hub if unresolved.