{"id":101002,"date":"2025-02-24T00:00:00","date_gmt":"2025-02-24T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/uae\/this-morning-dubai-based-bybit-faces-largest-hack-in-the-crypto-sector-yet-emirates-eyes-more-china-flights-in-mid-2025\/"},"modified":"2025-02-24T00:00:00","modified_gmt":"2025-02-24T00:00:00","slug":"this-morning-dubai-based-bybit-faces-largest-hack-in-the-crypto-sector-yet-emirates-eyes-more-china-flights-in-mid-2025","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/uae\/2025\/02\/24\/this-morning-dubai-based-bybit-faces-largest-hack-in-the-crypto-sector-yet-emirates-eyes-more-china-flights-in-mid-2025\/","title":{"rendered":"THIS MORNING: Dubai-based Bybit faces largest hack in the crypto sector yet + Emirates eyes more China flights in mid-2025"},"content":{"rendered":"

Good morning, wonderful people. <\/strong>It\u2019s officially the final workweek before Ramadan, so savor your morning coffees before you bid them farewell for the month. <\/p>\n

The news cycle has slowed down over the weekend<\/strong>, with only a handful of stories worth your attention: The UAE is set to disburse a USD 1.5 bn loan to Kenya this week; crypto exchange Bybit faced the biggest theft in the sector yet, with USD 1.5 bn in losses; and Abu Dhabi and Shanghai inked cooperation agreements. Plus: We have some analysis for you on the macro front, with economic growth forecasts from First Abu Dhabi Bank and Fitch\u2019s BMI, and forecasts for Dubai\u2019s real estate sector from Deloitte. <\/p>\n

\u2601\ufe0fWEATHER- Expect a mostly cloudy day today <\/strong>with a chance of light rainfall in some areas, according to our favorite weather app and the National Center of Meteorology\u2019s forecast (pdf)<\/a>. Temperatures in Dubai<\/strong> are hitting 30\u00b0C during the day with an overnight low of 21\u00b0C, while Abu Dhabi<\/strong> is expected to see highs of 23\u00b0C and an overnight low of 20\u00b0C.<\/p>\n

WATCH THIS SPACE- <\/p>\n

<\/a> #1- Crypto exchange Bybit faces biggest hack and theft for the crypto industry yet: <\/strong>Dubai-based cryptocurrency exchange Bybit confirmed a theft of over USD 1.5 bn in tokens following a sophisticated cyberattack, with CEO Ben Zhou calling it the \u201cworst hack in financial history\u201d in an X post<\/a>. Hackers gained control of an ETH cold wallet, transferring over 400k ETH to an unknown address, Zhou said<\/a> separately. Bybit detected the unauthorized activity during a routine transfer, linking the breach to a potential vulnerability in the Safe.global platform.<\/p>\n

Despite the attack, withdrawals remain active, and all other wallets are secure<\/strong>, Zhou later confirmed<\/a>, emphasizing that Bybit, valued at over USD 20 bn, has \u201cmore than enough assets\u201d to cover the loss, with client funds fully backed 1:1 and a bridge loan available if needed. The exchange borrowed ETH to ensure smooth withdrawals and is working with blockchain forensic experts and authorities to track the stolen funds. Bybit has also implemented measures to block hackers from offloading the stolen ETH on legitimate marketplaces.<\/p>\n

The crypto exchange is one of the world\u2019s largest<\/strong>, processing more than USD 36 bn in average daily trades, with some USD 16.2 bn in assets before the hack, Bloomberg<\/a> reports, citing CoinMarketCap data. This puts the stolen ETH at roughly 9% of its total assets. <\/p>\n

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<\/a> #2- Emirates eyes new China flights in mid-2025: <\/strong>Emirates will begin daily flights to Shenzhen, China, in mid-2025 using Boeing 777 aircraft, followed by Hangzhou a few weeks later, Bloomberg<\/a> reports. The airline aims to expand its network to over 140 destinations, with proposed routes to Chengdu, Kinshasa, Brazzaville, Da Nang, Helsinki, and Siem Reap under consideration. The carrier may also operate some routes using fifth freedom rights within Asia ( without starting or ending in the UAE).<\/p>\n

REMEMBER-<\/strong> The UAE and China <\/strong>agreed<\/a><\/strong> to boost flights last year<\/strong> beyond the current 56 flights per week ceiling. Emirates, which currently operates its maximum of 35 weekly flights to China, is among the biggest beneficiaries of the agreement, with the airline saying it plans to increase flights to the country by 40%<\/a> on the back of rising demand. <\/p>\n

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#3- <\/strong>Abu <\/strong>Dhabi Airports completed a comprehensive rehabilitation of Si<\/strong>r Bani Yas<\/strong> Airport<\/strong>, enhancing infrastructure, safety, and sustainability to support growing tourism in Al Dhafra, according to the Abu Dhabi Media Office<\/a>. The upgrades include runway and taxiway reconstruction, a revamped lighting system, and new weather observation technology for improved operational efficiency and safety. The airport can now accommodate Code 4E aircraft, which includes Boeing 747-400, Boeing 777, and Airbus A330\/340. <\/p>\n

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#4- Brics on track to dominate global economy within 15 years, Russia says: <\/strong>Russia predicts that the Brics bloc\u2019s GDP will surpass 50% of global economic output within the next 10-15 years, according to Deputy Prime Minister Alexander Novak, Wam<\/a> reports. Speaking to Russia-24, Novak stated that Brics currently accounts for 35% of global GDP and continues to grow annually.<\/p>\n

This projection underscores Brics\u2019 increasing influence, especially after its 2024 expansion<\/strong>, which saw Egypt, Ethiopia, Iran, Saudi Arabia, and the UAE join alongside Brazil, Russia, India, China, and South Africa. The bloc\u2019s combined economic output already exceeds that of the G7.<\/p>\n

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<\/a> #5- <\/strong>GCC <\/strong>countries<\/strong> are eyeing USD 188 bn in tourism revenues in 2030<\/strong>, Secretary General of the GCC Jassim Al Badawi told Qatari newspaper Alsharq<\/a>. The target comes amid economic diversification efforts in the oil economies. Some 68.1 mn tourists visited the countries in 2023, Al Badawi said, bringing in USD 110.4 bn in revenues. More tourism projects are in the pipeline through the Gulf Tourism Strategy (2023-2030), he added. <\/p>\n

Background: <\/strong>UAE tourism revenues and tourist numbers have also been on the rise<\/a>, with The World Travel & Tourism Council reporting<\/a> that the UAE received 29.2 mn international tourists in 2024 \u2014 a 15.5% increase from 2023.<\/p>\n

DATA POINTS-<\/p>\n

#1- <\/strong>The <\/strong>Dubai Integrated Economic Zones Authority\u2019s (Diez) net income increased 35.5% <\/strong>y-o-y in 2024<\/strong>, with revenue up 18.4% y-o-y, according to a Dubai Media Office statement<\/a>. The number of registered companies in Diez\u2019s economic zones \u2014 which include Dubai Airport Freezone, Dubai Silicon Oasis, and Dubai CommerCity \u2014 grew 9% y-o-y, while the workforce across these zones expanded by 21%, bringing the total number of employees to over 84k.<\/p>\n

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<\/a> #2- <\/strong>Dubai<\/strong> accounted for USD 207 bn (54%) of the GCC\u2019s USD 383 bn real estate <\/strong>transactions in 2024<\/strong>, according to Sakan\u2019s residential real estate market report (pdf)<\/a>. The emirate saw a 20% annual increase in transaction value, while Abu Dhabi saw an increase of 11%, Sharjah saw an increase of 47% and Ras Al Khaimah saw a whopping 117% increase. <\/p>\n

By the numbers: <\/strong>Apartment rents in UAE neighborhoods ranged from 1.5k to 2.5k monthly, among the GCC\u2019s highest, with Dubai rents rising by double digits and prompting a rental index<\/a> to regulate prices. Dubai apartment prices rose 19.5% y-o-y, while villa rents increased 18%; Abu Dhabi saw a 10% rise in villa rents, and Sharjah transactions surged 47%, led by Emirati, Indian, and Arab buyers.<\/p>\n

Dubai tops GCC in USD 10 mn+ home sales:<\/strong> Dubai reported 388 residential transactions above USD 10 mn in the year to 3Q 2024, the highest in the GCC. Branded residences, totaling 121 completed or planned units, represented 12.6% of the emirate\u2019s 1H 2024 transaction value.<\/p>\n

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PSAs- <\/p>\n

#1- <\/strong>Public <\/strong>sector employees will work reduced hours during Ramadan<\/strong>, the Federal Authority for Government Human Resources (FAHR) announced on X<\/a>. Working hours will be from 9am to 2:30pm Mondays to Thursdays and from 9am to 12pm on Fridays. Flexible and remote work arrangements will continue, with up to 70% of the workforce allowed to work remotely on Fridays.<\/p>\n

#2- <\/strong>Litigants <\/strong>in Abu Dhabi can now pay legal fees in zero-interest installments<\/strong>, after the Abu Dhabi Judicial Department (ADJD) became the first judicial authority in the region to introduce the service, Khaleej Times<\/a> reports. The initiative covers all litigation-related costs, including court and public prosecution fees, alternative dispute resolution costs, expert and notary fees, and ADJD service subscriptions. It aims to eliminate financial barriers to litigation to ensure that cost constraints do not hinder individuals or businesses from accessing the courts.<\/p>\n

HAPPENING TODAY- <\/p>\n

#1- <\/strong>The<\/a><\/strong>CleanTech Innovators Exhibition<\/a><\/strong>\u2019s second cycle kicks off today<\/strong> at the Sustainability and Innovation Center of Dubai Electricity and Water Authority (DEWA) and ends on Wednesday, as part of UAE Innovates 2025<\/a>, which started at the beginning of the month. The event will showcase the latest technologies in green hydrogen, sustainability, digital transformation, AI, solar power, and energy storage. <\/p>\n

#2- A Dubai government delegation begins its four-day visit to Shenzhen, China today<\/strong>, organized by the emirate\u2019s executive office and Dubai Chambers, state news agency Wam<\/a> reports. The group will meet public and private sector leaders and tour institutions specializing in technology, innovation, digital economy, urban planning, and sustainability. <\/p>\n

The agenda includes<\/strong> meetings with officials from the Shenzhen Stock Exchange to boost financial cooperation; a meeting with Shenzhen Capital Group to strengthen SME ties; one with Tencent to explore digital transformation cooperation; and another with Huawei to discuss smart government solutions and BYD. It will also aim to attract Chinese multinationals and unicorns to Dubai. <\/p>\n

#3- <\/strong>Connecting Hydrogen MENA<\/a><\/strong> kicked off today and will wrap up on Wednesda<\/strong>y <\/strong>at Madinat Jumeirah Conference Center in Dubai. The event features more than 50 sessions and 200 speakers, set to discuss clean hydrogen and ammonia. It includes networking activities and a MENA hydrogen exhibition showcasing technologies.<\/p>\n

HAPPENING THIS WEEK- <\/p>\n

Investopia 2025<\/a><\/strong>will kick off on Wednesday and will wrap up on Thursday<\/strong> at the St. Regis Saadiyat in Abu Dhabi. The event features over 100 speakers, including government officials, investors, entrepreneurs, economists, and major investment funds from 20 countries. It will host 2k participants and representatives from global financial and economic institutions.<\/p>\n

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THE BIG STORY ABROAD-<\/p>\n

Germany\u2019s critical elections are in the spotlight this morning<\/strong>: Center-right Christian Democrats came on top after snapping up 29% of the vote, with leader Friedrich Merz promising \u201cindependence\u201d<\/a> from an indifferent United States.<\/p>\n

The bloc still needs one more coalition partner for majority<\/strong>, as far-right Alternative for Germany came in a close second<\/a> with 21%, its highest share ever. Investors will be watching closely for government negotiations<\/a>, hoping for a \u201cdebt brake\u201d reform soon that will ease restrictions on fiscal spending and spur growth.<\/p>\n

MEANWHILE-<\/strong><\/p>\n