Happy Saturday everyone!

Trust is the common thread in today’s edition. The UAE’s Capital Market Authority has opened a review into AIX Financial Consultations as investors pursue claims of missing payouts, a reminder of what happens when promised returns meet scrutiny. Binance’s CZ, meanwhile, offers a rare crypto-industry take on the AI scare, arguing the real threat isn’t broken encryption but phishing and social engineering fuelled by leaked data. And in our featured interview, Vault Wealth founder Bilal Abou-Diab makes the case for diversification and long-term thinking over speculation. Three stories, one question: where does your confidence come from?

Markets

UAE Regulator Launches Review of AIX Financial as Investors Chase Millions

What Happened

The UAE Capital Market Authority has opened a review into AIX Financial Consultations, saying it has received information about the firm’s activities. The move follows claims by investors seeking nearly $10 million in repayments after delays on products promising annual returns of up to 30%. Dubai resident Adel Abdel-Latif filed a $7.9 million claim at the DIFC Courts in June, and Carl Marcus Detloff followed with a $1.8 million claim in August.

Why It Matters

The regulatory scrutiny raises serious questions about a firm known for high-profile advertising and motorsport sponsorships. Board president Fadi Dabbagh left in February 2026, shortly before the Iran conflict began. In a September 26 statement, AIX blamed “exceptional geopolitical uncertainty” and market volatility for the disruption, insisting most products remain unaffected. The CMA has stressed its commitment to protecting investors and keeping UAE capital markets orderly and transparent.

What’s Next

Both DIFC Court cases remain pending, and the CMA has said its review will remain confidential while it is active. It will share updates only through official channels. AIX said it would give investors a substantive update by October 12, 2026, as restructuring of affected investments proceeds under management oversight. Investors and market participants are being urged to rely solely on official sources for verified information.

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.

Binance Founder CZ Warns AI Doesn’t Need to Break Bitcoin to Hurt Crypto Users

What Happened

Binance co-founder and UAE citizen Changpeng “CZ” Zhao posted on X on Thursday, addressing fears that AI could hack crypto. He argued that the internet and banking systems rely on weaker encryption than crypto does. He added that AI doesn’t need to crack Bitcoin’s cryptography to cause damage, because leaked data already fuels phishing and social engineering. He signed off with his usual security reminder, “Stay SAFU.”

Why It Matters

Few figures in the crypto industry have spoken publicly about the AI scare, which makes CZ’s comment one of the rare remarks of its kind. It moves the debate away from a dramatic break of Bitcoin’s code and toward the human layer, where users are most exposed to scams. It also implies that traditional finance may face greater cryptographic risk than crypto, a claim likely to draw debate.

What’s Next

Exchanges and wallet providers may face growing pressure to strengthen user education and defenses against AI-assisted phishing and impersonation. Other crypto executives could be pushed to share their own views on AI threats. The wider question of whether crypto or traditional finance is better protected against AI-driven attacks is likely to stay in the spotlight, particularly if more data leaks surface.

Vault Wealth Founder Bilal Abou-Diab: Why Investors Should Focus on the Long Term

Bilal Abou-Diab, founder of Vault Wealth, an Abu Dhabi-based digital private wealth management platform, has emphasised the importance of long-term investing, diversification and financial planning in preserving wealth amid global market volatility.

Speaking on the Smashi Business Show, Abou-Diab discussed the changing wealth landscape across the UAE, the limitations of traditional banking and the importance of providing investors with independent financial advice.

He highlighted the differences between Abu Dhabi and Dubai, noting that Abu Dhabi is home to major sovereign wealth funds and offers a family-friendly lifestyle, while Dubai attracts investors and entrepreneurs drawn to real estate, trade and its fast-paced business environment. Both cities continue to appeal to affluent expatriates seeking security and a high quality of life.

Abou-Diab said he founded Vault Wealth after observing that traditional banks often prioritise selling financial products over providing genuine advice, leaving high-net-worth individuals underserved. The platform focuses on financial planning, gap analysis and independent advisory services to help clients achieve their long-term financial goals.

Discussing investment strategies, he advocated diversification and a long-term outlook over short-term speculation. While artificial intelligence-related developments and geopolitical tensions can create volatility in global markets, he said company earnings remain a key driver of long-term market growth.

He also highlighted the role of productive assets, including global equities, infrastructure and real estate, in building and preserving wealth, contrasting them with assets such as gold and cryptocurrencies. However, he noted that younger investors may be better positioned to take on higher risks early in their careers.

Addressing regional conflicts, Abou-Diab pointed to the resilience of markets and continued business growth, attributing confidence in the region partly to trust in local leadership.

Looking ahead, Vault Wealth plans to expand into estate planning and contribute to modernising private wealth advisory services globally.

👨‍💻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…

• UAE and France deepen defence ties with Rafale F5 fighter-jet deal

• Abu Dhabi and Qatar funds back Jio IPO

• Weight-loss drugs Mounjaro and Foundayo to be packaged in UAE

• Bahrain and France to co-develop civil nuclear energy

• UAE is powering along with US technology co-operation, Yousef Al Otaiba says

• Hormuz could be 'redundant' in five years, replaced by new routes, HSBC CEO says

• Syria’s first DNA-based identifications offer hope for families of the missing

🦄 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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