Happy Saturday everyone!

A reported $6.3 billion crypto heist has rocked Binance, with the exchange suspending deposits and withdrawals, saying $3 billion has been frozen and promising to cover user losses. In Abu Dhabi, ADIPEC is expecting participants from more than 170 countries and over 120 US exhibitors, but security concerns have prompted the CEOs of ExxonMobil and Chevron to pull out. Meanwhile, UAE proptech startup Rentify told Smashi Business that it is betting that AI agents are the next big thing in property management. Its platform supports more than 180,000 units and $3.4 billion in annual rent, as it expands after a $2 million seed round.

Markets

Binance Reports $6.3 Billion Crypto Heist, Says $3 Billion Has Been Frozen

What Happened

Binance, the world's largest cryptocurrency exchange, reported a security breach involving approximately $6.3 billion in stolen funds. The exchange suspended deposits and withdrawals, saying about $3 billion had been frozen. An initial investigation pointed to unauthorised transactions enabled by an engineer's compromised laptop. Binance said it would cover all losses and that user funds were safe.

Why It Matters

The reported theft would dwarf the previous record crypto heist: the $1.5 billion Bybit attack in 2025. Bitcoin fell about 5% to below $77,000 following the incident. Blockchain intelligence firm TRM assessed with high confidence that North Korea's TraderTraitor hacking unit was responsible, raising concerns about the use of stolen crypto to fund weapons proliferation.

What's Next

Binance is working with law enforcement to identify those responsible and says it will publish a detailed technical post-mortem after investigations conclude. The incident could renew scrutiny of centralised crypto exchanges and push investors towards decentralised alternatives. Binance has about $155 billion in assets under management, making the breach a significant test of confidence in the wider crypto market.

RAKIS 2026 Set for November 11–12

Less than a month remains until RAKIS 2026 brings investors, developers, government leaders and business executives to Ras Al Khaimah.

The summit, taking place on November 11–12 at the RAK Exhibition Centre, will focus on investment opportunities and partnerships across real estate, infrastructure, tourism, technology and sustainable development.

The event aims to connect decision-makers and industry experts to discuss the opportunities shaping the emirate’s next phase of economic growth.

Organisers are inviting delegates to register for a free pass ahead of the event.

Register for your free delegate pass here.

ADIPEC 2026

170+ Countries, 120+ US Exhibitors, But ExxonMobil And Chevron CEOs Pull Out

What Happened

Despite ADIPEC attracting participants from more than 170 countries and over 120 US exhibiting companies, executives from American oil giants ExxonMobil and Chevron have cancelled plans to attend the UAE's biggest energy conference next week, citing security concerns. Exxon CEO Darren Woods and Chevron Upstream President Clay Neff were both expected at the Abu Dhabi event.

Why It Matters

The withdrawals come amid rising fears of renewed US military action against Iran and potential retaliation across the Gulf. The US remains the second-largest national exhibitor at ADIPEC after China, highlighting the contrast between strong American corporate participation and the absence of two of its biggest oil executives.

What's Next

ADIPEC is expected to go ahead, with other global energy leaders, including BP CEO Meg O'Neill and Equinor CEO Anders Opedal, still listed on the programme. The cancellations add to a series of disruptions affecting major business conferences in the region amid heightened security concerns.

Dubai International Content Market (DICM) returns to Madinat Jumeirah, Dubai

The Dubai International Content Market (DICM) returns to Madinat Jumeirah, Dubai, on 10-11 November 2026, bringing together international distributors, broadcasters, streaming platforms, producers, buyers and industry professionals for two days of business, networking and content discovery. 

With 800+ participants from 55+ countries, 80+ global distributors and studios, and 150+ buyers, DICM provides a platform to explore new content, acquire and license titles, develop co-production opportunities and build partnerships across the MENA region and beyond.

 Through the Content Business Hub (CBH), participants can preview content, discover catalogues and arrange one-to-one meetings ahead of the market, while DICM Talks brings industry voices together to discuss the trends, challenges and opportunities shaping the content business.

 Registration is open. Join us in Dubai to connect with the right people, discover new opportunities and be part of the conversations driving the industry forward. Register now

Smashi Business Exclusive: Rentify Is Betting on AI Agents to Transform the UAE Rental Market

The UAE’s rental market is changing. Tenants are looking for greater flexibility, landlords want higher occupancy and better yields, and technology is increasingly shaping how properties are managed.

For UAE-based proptech startup Rentify, the next opportunity lies beyond finding tenants and signing leases. It is in managing everything that happens afterwards.

“Rental is becoming a data business and the operators who use that data are setting the pace,” co-founder Rajneel Kumar told Smashi Business exclusively describing the shift in the market.

Co-founded by Emirati co-founder Rashed Hareb Al Mheiri alongside Rajneel Kumar, Rentify initially set out to make rent more flexible and rewarding for tenants. But the business has since evolved into a broader property technology platform, using the data generated through rent payments to develop AI-powered tools for landlords and property operators.

“Payments gave us the data. Today Earn AI supports 180,000+ units and USD 3.4 billion+ in annual rent,” Rajneel said.

The company's next phase focuses on automating property operations, an area the founders believe remains underdeveloped despite the digital transformation of property leasing.

“The biggest opportunity is after the lease is signed: collections, renewals and service,” Rashed said.

Rentify is addressing that opportunity through Earn AI and Ally, its standalone AI maintenance agent. Ally is designed to manage maintenance requests from the moment a tenant reports an issue until the job is completed, while keeping tenants informed throughout the process. “Maintenance is where tenants feel great service most. Ally delivers faster fixes and keeps every tenant updated,” Rashed said.

Rajneel said making Ally a standalone product allows property operators to activate it without having to overhaul their existing systems. The agent can manage the entire maintenance workflow, from request to closure.

The founders also point to a growing willingness among landlords, tenants and property management teams to embrace automation. “How quickly landlords and tenants embrace technology when it makes life easier,” was one of Rashed's biggest surprises.

Rajneel said the adoption of AI has also been faster than expected, with teams initially reviewing every action before gradually allowing agents to operate independently.

That ambition is now backed by fresh capital. Rentify recently raised a USD 2 million seed round, taking its total funding to USD 2.5 million. The company plans to use the capital to develop additional AI agents and expand across the GCC. “Our USD 2 million seed round takes total funding to USD 2.5 million. Investor confidence is strong,” Rashed said.

For Rajneel, the investment case comes down to the underlying business model: recurring rental income and the opportunity to build technology around it “Recurring rent gives investors a powerful foundation to back,” he said.

As the UAE's property market continues to mature, Rentify is betting that the next big proptech opportunity will not simply be helping people rent homes, but making the business of managing them smarter.

👨‍💻From Smashi Business’ Desk

• Qatar Investment Authority (QIA) CEO Mohammed Saif Al-Sowaidi has publicly addressed the sovereign wealth fund’s participation in the $110 billion Skydance-Paramount-Warner Bros. Discovery deal for the first time.⁠

• Egyptian-American creator Kareem, the man behind viral interview series @subwaytakes, has been named one of just 25 winners of the 2026 Instagram Rings Awards.

• A $12 chicken sandwich has sparked a debate over wealth and inequality in Lebanon.

• An Islamic brokerage founder says Anthropic wouldn’t make the cut on his app.

• An Emirati AI company has outperformed Microsoft, ElevenLabs, Google and OpenAI in Arabic speech recognition accuracy.

🔍In other news…

• Saudi Tanker Giant Posts 10-Fold Profit Jump as Ship Rates Surge

• Turner & Townsend says Middle East cheapest for data centres

• US Tells Ships to Avoid Unnecessary Transits Through Hormuz

• Alleged Israeli spy company heavily targeted Starlink users, sources say

• Riyadh airport faces $50m disruption bill, per AGBI analysis

• US costs of Iran war rise to over $47 billion, according to Pentagon estimate

🦄 World of Startups

• NoorNation: Egypt-based cleantech startup NoorNation raised $1.05 million in seed funding from Linah Farms, Catalyst Fund and KBW Ventures to expand its solar-powered irrigation and desalination solutions.

• Silkhaus: UAE-based short-term rental startup Silkhaus is winding down its holiday-home business in the country, with owner agreements set to end on November 11, 2026.

• MNT-Halan: Egyptian fintech MNT-Halan received a $71.2 million capital injection from its parent company, MNT Investments BV, increasing the parent’s stake to 80.47% shortly after the fintech’s $139.5 million IPO.

• Alpha Dhabi: UAE-based Alpha Dhabi Holding committed $1 billion to Alpha Wave III, a global investment fund managed by Alpha Wave Global that focuses on high-growth companies, with AI at its core.

• Mubadala Capital: UAE-based Mubadala Capital secured a minority equity investment from US asset manager Apollo Global Management, which manages $1.05 trillion in assets, with the investment value undisclosed.

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