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Dubai Establishes $272 Million Future District Fund To Attract Tech Companies

Digital companies relocating to Dubai’s Future District get to enjoy a number of benefits, including access to a large pool of entrepreneurial talent and hyper-connected infrastructure.

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dubai establishes $272 million future district fund to attract tech companies
Dubai Future District

To establish 1,000 digital companies in the Dubai Future District (DFD) over the next five years, Dubai has recently launched a AED 1 billion fund ($272.3 million), called the Dubai Future District Fund, encouraging companies to list in the Dubai Financial Markets and stock exchange.

The fund is an initiative of the Dubai Securities and Exchange Higher Committee, and it reflects the directives of His Highness Sheikh Mohammed bin Rashid Al Maktoum, the Vice President and Prime Minister of the UAE and Ruler of Dubai.

“The Dubai Future District Fund supports national efforts and strategies aimed at enabling entrepreneurs to reach new horizons, realize Dubai’s aspirations for the new economy, and contribute to enhancing the emirate’s status as a preferred destination for investment environment and exceptional facilities,” stated Sheikh Maktoum bin Mohammed Deputy Ruler, Dubai Deputy Prime Minister Minister of Finance.

One half of the fund is dedicated to investments into venture capital funds with a local focus, while the other half is supposed to support startups directly or through Future District affiliated programs.

Also Read: Oracle Opens A New Cloud Region In Abu Dhabi

Digital companies that decide to base their operations in the Dubai Future District get to enjoy a number of benefits, including access to a large pool of entrepreneurial talent and hyper-connected infrastructure. Dubai has also very recently demonstrated its ability to quickly react to rapidly changing conditions when it became one of the first cities in the world to recover from the pandemic and reopen its economy.

All this makes it a very attractive place for startups and venture capital, and the UAE Centennial 2071 plan, whose goal is nothing less than to make the UAE the best country in the world by 2071, only reaffirms Dubai’s ongoing commitment to serve as a global hub for business.

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New Variants Of Android Spyware Are Targeting Middle East Users

Sophos recommends Android users to never install apps from untrusted sources and avoid ignoring available OS and app updates.

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new variants of android spyware are targeting middle east users

British security software and hardware company Sophos has recently revealed that new variants of Android spyware used by the C-23 group are actively targeting users in the Middle East.

C-23, also known as GnatSpy, FrozenCell, or VAMP, is what cybersecurity professionals refer to as an advanced persistent threat (APT) adversary. Such adversaries are typically well-funded and well-organized, which allows them to quickly evolve their tactics to overcome even the most sophisticated cybersecurity defenses.

The C-23 adversary has been known for targeting individuals in the Middle East since at least 2017, with a particular focus on the Palestinian territories.

The latest variants of its Android spyware are most likely distributed via a download link sent to victims as text messages. The link leads to a malicious app that pretends to install legitimate updates on the victim’s mobile device. When the app is launched for the first time, it requests a number of permissions that let it spy on the victim. It then disguises itself to make removal more difficult.

c-23 gnatspy frozencell vamp android spyware middle east

“The new variants use more, and more varied, disguises than previous versions, hiding behind popular app icons such as Chrome, Google, Google Play, YouTube, or the BOTIM voice-over-IP service” explain Sophos. “If targets click a fraudulent icon, the spyware launches the legitimate version of the app, while maintaining surveillance in the background”.

Also Read: Dubai Establishes $272 Million Future District Fund To Attract Tech Companies

The information the new spyware can steal includes everything from text messages to the names of installed apps to contacts from all kinds of apps, including Facebook and WhatsApp. The spyware can even dismiss notifications and toggle “Do Not Disturb” settings.

Sophos recommends Android users to never install apps from untrusted sources and avoid ignoring available OS and app updates. The company’s own mobile antivirus app, called Sophos Intercept X for Mobile, can detect the new spyware as well as all kinds of other malicious software.

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