News
Norton Research raises concerns over threats to smart devices
Recent global research from Norton by Symantec reveals one-third of UAE consumers have smart home devices, and an overwhelming majority of them (86 percent) find they simplify their life. However, while they welcome the added convenience Internet-connected thermostats, TVs, gaming consoles and baby monitors offer, consumers’ lax security habits and overconfidence in connected devices are leaving them vulnerable.
The research by Symantec found that an unsecured Internet of Things (IoT) device is attacked within two minutes once connected to the Internet. According to the Norton Cyber Security Insights Report, a survey of nearly 21,000 consumers globally, including 883 in the UAE, people are beginning to recognise that with each connected device purchase, a new avenue opens for hackers to launch attacks in their home.
One in two (50 percent) believe that as connected home devices become more popular, hackers will start targeting them more often. More than half (55 percent) believe it’s more likely someone could gain unauthorised access to their connected home device than to their physical home. A whopping 64 percent believe connected home devices provide hackers new ways to steal their personal information
Yet despite acknowledging the security risks that come with the smart home, device vulnerabilities and poor consumer security habits are increasingly acting as an easy on-ramp for hackers to access them.
One in 10 connected home device users in the UAE don’t have any protective measures in place for their devices. One in six (18 percent) admit their Wi-Fi network is not password protected. One in five (19 percent) do not change the default password when setting up their Wi-Fi network. Half (49 percent) admit they don’t know how to set-up a secure home Wi-Fi network or router and more than half don’t know how to keep its software up-to-date (70 percent). More than half (58 percent) of consumers surveyed don’t believe there are enough connected device users for them to be a worthwhile target for hackers. Further, more than two-thirds (68 percent) of consumers said they believe connected home devices were designed with online security in mind. However, Symantec researchers identified security vulnerabilities in 50 different connected home devices ranging from smart thermostats to smart hubs that could make the devices easy targets for attacks.
“There have been an array of high-profile attacks in recent months demonstrating how cybercriminals are taking advantage of poor device security to hijack consumers’ home networks, spread malware and launch botnet attacks unbeknownst to their device owners,” said Tamim Taufiq, Head of Norton Middle East. “While smart devices may offer some notable benefits and convenience, there are also risks associated. Just as hackers learned to benefit from targeting social media and financial accounts, they are on their way to learning how access to connected home devices can be lucrative.”
Symantec recommends some tips on how to keep home networks and connected devices safe:
• Review/research the reputation, capabilities and security features of a smart device before purchase.
• Set-up and/or change the default login and password information on your router and all the devices connected to your home network. Most importantly, always use strong and unique passwords for your router, smart devices and your Wi-Fi network(s).
• Use a strong encryption method when setting up Wi-Fi network access (WPA).
• Consider disabling features and services you do not use or are not required.
• Modify the default privacy and security settings of your smart devices according to your needs.
• Consider turning off or disabling your smart devices and home network when not in use.
• Review the settings of voice-activated features and commands for potential privacy risks and change them according to your needs.
• Disable Universal Plug and Play (UPnP) on routers unless absolutely necessary.
• Consider using wired connections instead of a Wi-Fi connection where possible.
• Regularly check manufacturers’ websites for software updates and patches.
• Exercise caution when sharing sensitive information, such as your Wi-Fi password, with others. Consider setting up a specific network for guest use.
• Don’t use your real name when “naming” your device and Wi-Fi network.
• Consider the hidden costs of “free” services and products.
• Use security software if it is available.
Recent incidents involving home-connected devices include the massive Mirai botnet cyberattack in October 2016 from common smart household items, which took major websites down across the globe. There was also an attack that allowed anyone on the internet to watch live footage of thousands of home webcams and baby monitors, as well as cases where people modified the thermostat of their ex-spouse or disabled security locks. There have also been reports of people taking control of home automation systems belonging to others.
The US Federal Trade Commission settled a case against a firm that makes Internet-enabled security cameras and baby monitors. The FTC said that the cameras had been marketed as secure when, in fact, “the cameras had faulty software that left them open to online viewing, and in some instances listening, by anyone with the cameras’ Internet address,” the FTC said. “As a result of this failure, hundreds of consumers’ private camera feeds were made public on the Internet”.
Financial
SemanticPay: Pioneering Seamless AI Transactions for the Agent Economy

A cutting-edge AI startup emerges from stealth, announcing the launch of SemanticPay, a groundbreaking solution designed to power the emerging AI agent economy. SemanticPay is set to become the essential infrastructure that enables AI-powered agents to seamlessly transact and create value in the digital world. Developed by a team of AI, FinTech, and Web3 experts, SemanticPay will establish the monetization layer necessary to support autonomous AI agents, positioning itself as the first mover in this transformative space.
The rapid evolution of AI, decreasing compute costs and breakthroughs in AI models like DeepSeek R-1 are democratizing access to powerful AI leading to the proliferation of autonomous “AI agents” – intelligent systems capable of executing complex tasks, optimizing workflows, and unlocking new revenue streams. However, the current internet infrastructure, designed for human interactions, presents significant challenges for AI agents to transact seamlessly. “The internet was built by humans for humans, not agents,” says one of the co-founders of SemanticPay. Challenges arise such as compatibility issues with human-centric systems, regulatory uncertainty that slows adoption rate, restrictive firewalls that misidentify agents as bots, and outdated monetization models not suited for microtransactions.
This is where SemanticPay steps in – building the “Visa for AI” – a comprehensive platform that addresses these challenges and empowers AI agents to become full participants in the digital economy. SemanticPay builds a robust transaction infrastructure that allows AI agents to securely interact, access services, and engage in economic activity. By developing a specialized infrastructure, they will eliminate these constraints and unlock new opportunities for an AI-powered economy.
Key Features of SemanticPay Include:
- Access: SemanticPay’s Agentic API layer ensures that AI agents can access web services and data sources seamlessly, unlocking new opportunities for interaction and information retrieval.
- Identity: Traditional internet structures often categorize AI agents as bots, blocking their ability to perform legitimate tasks. Through Agent ID and “Know Your Agent” (KYA) protocols, SemanticPay establishes a secure, compliant framework for transactions, building trust and ensuring regulatory adherence.
- Payment: The platform will offer optimized payment rails, supporting fiat currencies, stablecoins, and cryptocurrencies for high-frequency, low-value transactions crucial to the AI agent economy.
- Empowerment: Value-added services such as data analytics, decision-making tools, and access to specialized AI models will enhance the capabilities of AI agents, driving efficiency and growth.
Rooted in the GCC, SemanticPay aims to scale globally, with its team currently having a presence in APAC and Europe. They are building the foundation for a new AI-powered economy that bridges the gap between web operators and AI agent builders – paving the way for a future where these intelligent agents play a vital role in our digital world, driving innovation and creating value for all stakeholders.
Financial
Hasnae Taleb and Jeff Ransdell to Drive Innovation in UAE with a $45 Million to Support UAE Startups

Jeff Ransdell, Managing Director and Founding Partner of Fuel Venture Capital, and Hasnae Taleb, Managing Partner of Mintiply Capital, are making waves in the UAE investment landscape by introducing a $300 million vintage fund. This ambitious initiative dedicates $45 million specifically to fuel the growth of startups within the GCC region. The fund is strategically structured to offer regional investors a rare opportunity to capture exponential returns by backing high-growth ventures before they reach public markets.
The collaboration between Mintiply Capital and Fuel Venture Capital takes the form of a Special Purpose Vehicle (SPV), leveraging both firms’ unmatched expertise in capital markets and venture investments. With decades of collective experience, Ransdell and Taleb are uniquely positioned to guide companies through the critical phases of growth, scaling, and eventual public listings. Their shared vision is built on the understanding that private market investments in pre-IPO companies have the potential to generate immediate returns of up to 200% from day one, presenting a transformative proposition for investors across the UAE and broader GCC region.
The vintage fund provides access to an elite portfolio of high-potential startups backed by Fuel Venture Capital. Notable names include:
• Betr – A disruptive sports betting platform co-founded by Jake Paul, integrating real-time engagement with microbetting.
• Curve – A fintech innovator providing a single card that aggregates all financial accounts into one seamless experience.
• CookUnity – A chef-to-consumer platform redefining meal delivery with curated, gourmet-quality meals.
• Novopayment – A fintech infrastructure company driving digital payments innovation across the Americas.
• Aexlab – A pioneer in virtual reality gaming and social engagement technologies.
These companies are not just building market-leading products; they are poised to reshape industries and create outsized investment returns when they enter the public markets.
Jeff Ransdell and Hasnae Taleb believe in creating pathways for local investors to participate in the most promising global opportunities. This vintage fund provides GCC-based investors exclusive pre-market access to disruptive businesses that would otherwise remain out of reach until a much later stage.

Jeff Ransdell, founder of Fuel Venture Capital, brings a remarkable career spanning decades in public markets. As a former Managing Director at Merrill Lynch, he led a team responsible for managing a staggering $130 billion in assets for some of the world’s most influential investors. His deep understanding of capital markets, asset management, and scaling high-growth companies provides him with a unique ability to identify and nurture disruptive startups poised for exponential success.

Hasnae Taleb shattered barriers as the youngest equity trader on Wall Street and the first Arab African woman to achieve such recognition in global capital markets. Known for her sharp analytical mind and fearless decision-making, Taleb earned the nickname “Shewolf of Nasdaq” for her unparalleled ability and navigate high-stakes trading scenarios with precision. Now, as Managing Partner of Mintiply Capital, she leverages her expertise in trading, equity markets, and entrepreneurship to build ecosystems that empower innovators and investors alike.
“Both Jeff and I understand what it takes to list companies and the immense value creation that occurs before a company goes public,” said Hasnae Taleb. “We are bringing this opportunity to investors in the region to give them access to exceptional returns and a strategic advantage over traditional investment avenues.”
Jeff Ransdell added, “The GCC market is evolving rapidly, and there’s a growing appetite for sophisticated investment vehicles. This fund delivers exactly that — it empowers investors to support transformative businesses while capturing the kind of returns typically reserved for institutional players.”
The introduction of this vintage fund and the strategic partnership between Mintiply Capital and Fuel Venture Capital reflect a shared commitment to enhancing the financial ecosystem in the UAE and KSA. By supporting visionary entrepreneurs and scaling innovative businesses, the duo aims to foster sustainable economic growth and establish the region as a hub for entrepreneurial excellence and venture capital success.
Home Integrator
SEE Holding and Arabian Gulf Steel Industries Forge Partnership to Advance Sustainable Construction Practices

SEE Holding, the parent company behind The Sustainable City brand, has signed a Memorandum of Understanding (MoU) with Arabian Gulf Steel Industries (AGSI), marking a significant step towards advancing sustainable construction practices in the region. The partnership will prioritize the integration of low carbon steel in future projects, reinforcing SEE Holding’s commitment to selecting sustainable materials to achieve its net zero ambitions. Additionally, both entities will explore opportunities to promote circular economy practices, focusing on recycling and repurposing steel products to minimize waste and environmental impact.
The MoU signing ceremony was held at SEE Institute, SEE Holding’s knowledge partner and the region’s first operational net zero emissions building, underscoring a shared commitment to environmental responsibility.
Faris Saeed, Chairman & CEO of SEE Holding, stated: “Achieving net zero emissions requires a holistic commitment to reducing both embodied and operational emissions across every facet of the built environment. Our partnership with Arabian Gulf Steel Industries reaffirms our dedication to selecting materials that align with our net zero strategy while driving innovation in sustainable cities and communities. Through this collaboration, we aim to inspire transformative change in net zero construction practices across the region, redefining how sustainable infrastructure and cities are designed and built.” The collaboration extends beyond material selection, focusing on research and development (R&D) to innovate and refine techniques that enhance the adoption of low carbon steel in construction processes. Both parties will work together to develop new methodologies that optimize energy efficiency and reduce embodied emissions in building projects.
Asam Hussain, the AGSI’s Chief Executive Officer, said: “The partnership with SEE Holding represents a significant step forward by driving sustainable transformation in construction practices in the UAE. Our collaboration will ensure that we structurally embed demand for low-carbon materials to seize the opportunity of accelerating decarbonization of the hard-to-abate sector. Together, we are advancing environmental sustainability and driving positive economic and social impact.”
AGSI is the World’s first Carbon Neutral Steel Plant and Low Carbon Steel Manufacturing Facility based in the UAE. The company is pioneering low carbon products play a critical role in decarbonizing not only the steel industry but also the built environment. By incorporating 100% recycled low carbon steel SEE Holding aims to significantly reduce embodied emissions while maintaining the highest standards of durability and strength required for modern construction. AGSI’s state-of-the-art facilities are designed to minimize waste and energy consumption, aligning seamlessly with SEE Holding’s ethos of responsible urban development.
AGSI has also signed the Memorandum of Understanding with SEE Institute with a shared vision of advancing knowledge. Both companies will work together to introduce training programs targeted at architects, engineers, and construction professionals to raise awareness of low carbon steel benefits and foster its adoption across the sector. The partnership will also prioritize performance monitoring, implementing robust reporting mechanisms to track environmental impact, measure emission reductions, and enhance project transparency.
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