Happy Saturday everyone!

Cybersecurity, real estate investment and venture capital expansion lead Middle Eastern business headlines today. An Israeli advertising technology firm has been linked to spyware attacks targeting Al Jazeera journalists, according to a Citizen Lab investigation. Meanwhile, Aldar is entering Sharjah's property market through a AED 1.1 billion agreement with Arada to acquire more than 1,100 homes. In Qatar, US venture capital firm Activate Capital is opening its first international office in Doha, backed by Qatar Investment Authority as part of its $3 billion Fund of Funds programme.

Markets

Israeli Ad-Tech Firm Linked to Spyware Attacks on Al Jazeera Journalists

🔹 What Is It About

Israeli advertising technology company Discover-Tech helped deploy spyware on dozens of devices used by Al Jazeera journalists and other organisations, according to an investigation by Citizen Lab. Researchers found that the company purchased malicious advertisements directing devices to surveillance software developed by Candiru, an Israeli spyware firm blacklisted by the United States in 2021. The attacks used what researchers described as the first known instance of zero-click targeted advertising, allowing devices to become infected without users clicking on advertisements.

🔹 Why It Matters

The spyware could access sensitive files, emails, passwords and messages, while recording microphone and camera activity. Al Jazeera journalists covering sensitive subjects were among those targeted, raising concerns about press freedom and the security of digital advertising networks. Separately, cybersecurity firm Confiant reported that Discover-Tech advertisements also appeared on networks used by the Pentagon, International Atomic Energy Agency and International Criminal Court, highlighting potential risks beyond the media industry.

🔹 What's Next

Al Jazeera, which first detected suspicious activity in 2024, condemned the attacks and called for accountability. Its cooperation with Citizen Lab helped document the surveillance campaign, while the findings could prompt furth

Aldar Enters Sharjah Property Market With AED 1.1 Billion Arada Deal

🔹 What Is It About

Abu Dhabi developer Aldar has announced its first investment in Sharjah through a AED 1.1 billion agreement with Arada to acquire nine residential buildings comprising more than 1,100 homes in the Aljada development. The forward purchase agreement covers three residential blocks scheduled for delivery in the fourth quarter of 2029, expanding Aldar's development-to-hold investment pipeline to AED 21 billion.

🔹 Why It Matters

The acquisition marks Aldar's entry into Sharjah's residential market and follows a recently announced AED 15 billion development partnership with Arada, strengthening ties between two major UAE developers. The investment also reflects growing institutional interest in Sharjah's rental housing market, with Aldar targeting long-term income from residential properties. Aljada spans approximately 2.2 million square metres, with an anticipated gross sales value of AED 35 billion.

🔹 What's Next

Arada is expected to deliver the nine buildings by late 2029, adding more than 1,100 homes to Aldar's rental portfolio. Aljada is planned to accommodate approximately 25,000 residential units, with more than 8,800 already delivered since 2021. Both developers are exploring further opportunities across different sectors, while upcoming projects including Arada Central Business District and Madar Mall are expected to expand the community's commercial and retail offerings.

Banyan Group Residences Brings Laguna Phuket Property Showcase to Banyan Tree Dubai

Banyan Group Residences, the property development arm of SGX-listed hospitality group Banyan Group, is hosting its Laguna Phuket Property Showcase at Banyan Tree Dubai on 23 and 24 October 2026.

The event invites UAE investors to preview six developments at Laguna Phuket, with prices starting from THB 16.3 million (approx. AED 1.8 million) at Bellaguna Lake Residences. It follows a record first half of 2026 for the developer, ranked first in Asia in Savills' 2025-26 Branded Residences report.

Featured developments include absolute beachfront residences at Banyan Tree Beach Residences Mazu, where the final two villas have just been released, and Oceanus, alongside beachfront townhomes at Varuna and the newly launched Nerea. Owners enjoy a year of complimentary property management and insurance through the Laguna Advantage program, Sanctuary Club privileges at Banyan Group hotels worldwide, and optional rental management through Banyan Living.

US Venture Capital Firm Activate Capital to Open Doha Office

🔹 What Is It About

US venture capital firm Activate Capital is opening its first international office in Doha, supported by Qatar Investment Authority (QIA) as the sovereign wealth fund expands its $3 billion Fund of Funds programme. QIA has committed an undisclosed amount as a limited partner in the San Francisco-based growth equity firm and will support efforts to bring some of its portfolio companies into the region, according to Semafor.

🔹 Why It Matters

The investment forms part of Qatar's broader strategy to establish Doha as a regional hub for venture capital and technology investment. While venture capital commitments represent a relatively small share of QIA's $580 billion portfolio, the initiative aims to attract emerging fund managers, diversify the domestic economy and strengthen access to high-growth companies. The strategy also positions Qatar to compete for international investment firms seeking exposure to Gulf markets.

🔹 What's Next

Activate Capital's arrival could encourage more international venture firms and their portfolio companies to establish a presence in Doha. Haya Al Ghanim, Qatar Funds Director at QIA, told Semafor that several fund managers have increased their investment commitments after establishing operations in the country. The next measure of success will be whether these partnerships translate into sustained local investment, company expansion and a stronger startup ecosystem.

👨‍💻From Smashi Business’ Desk

• Dubai-born fragrance brand KAYALI will enter China on October 15.

• Saudi-born dining platform SPICE has ruled out offering cashback on shisha or alcohol at partner restaurants as it keeps its rewards model aligned with Islamic principles.

• Uber will invest $50 million in Jordan over the next three years, targeting the country’s mobility ecosystem while supporting economic opportunities, tourism and access.⁠

• Dubai Crown Prince HH Sheikh Hamdan just shared his Etihad Rail ticket on Snapchat as Dubai-Abu Dhabi passenger services prepare to launch on September 30.

🔍In other news…

• Qatar Energy to Build 'Massive' Solar Plant in Lebanon, Says Qatar PM

• HSBC Sharia-Compliant Fund Invested Over $100 Million in Israeli Military-Linked Firms

• IMI Rejects Claims That UAE-Led Telegraph Bid Threatened Press Freedom

• Dubai Media Signs Deal to Reach 450,000 Hotel Rooms

• Abu Dhabi's IRH Seeks Further Mining Acquisitions in Zambia

🦄 World of Startups

• Echelon: Riyadh AI firm Echelon names East40, RAED Ventures, Avra and Ben Horowitz as backers.

• MNT-Halan: MNT-Halan prices its EGX IPO at EGP 24.50 per share, valuing the 20% stake at EGP 7.84 billion.

• Project Suppliers: Saudi platform Project Suppliers raises $1 million in pre-seed funding to develop AI cash-flow tools.

• MoneyHash × VaultsPay: MoneyHash merchants can now accept VaultsPay’s UAE card and wallet payments without separate integration.

• TiE Women MENA: Five startups win regional TiE Women MENA tracks and advance to the GITEX Global final.

• Sheraa × Nestlé UAE: Sheraa, Nestlé UAE, MAJRA and UAE Food Cluster launch a three-month programme for young founders.

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