The global crypto community was shaken on February 21, as news broke of the largest crypto hack in history.

North Korea’s notorious state-sponsored hackers pulled off a monumental heist on crypto exchange, Bybit, and made off with some $1.5bn in ether (ETH). Having cut their teeth on projects such as the Sony Pictures Hack of 2014 and graduated to the big leagues with 2017’s infamous WannaCry ransomware campaign, Lazarus now poses a very real threat to exchanges across the globe, including the UAE.

The UAE has established itself as a leader in crypto regulation, fostering a secure and well-governed environment for digital assets. Its regulators oversee crypto activities to ensure compliance and transparency, while initiatives like government-backed cross-border crypto transactions with Saudi Arabia’s central bank signal a commitment to innovation. Commercial banks are also embracing the sector, with Emirates NBD launching crypto trading in March 2025.

All these positive developments have fueled the crypto market’s growth, but an unfortunate side effect of this momentum is that it has made the sector an attractive target. As global interest in crypto grows, so too does the incentive for cybercriminals to target digital assets — underscoring the need for continuous vigilance across the entire ecosystem. There’s correlation between market upswing and threats that has played out before — stolen funds last peaked during the crypto boom years of 2021-2022. And with a potential resurgence in 2024, the risk of high-profile heists is growing.

This presents a significant risk to exchanges operating in the Emirates. It is a crowded market and brand recognition is often the major draw for customers. Consequently, good press fuels success, but the wrong kind of story — even briefly — can shatter consumer confidence and erase them from relevance. Cybersecurity thrives on cautionary tales, but crypto depends on the unbreakable trust in its infrastructure. To stay ahead of digital threats, exchanges must outmatch the ingenuity of attackers — because the industry’s survival depends on it.

Call to arms for crypto exchanges

Crypto assets and services can bring many benefits to the UAE banking system. They can diversify it and rekindle enthusiasm for banking among a now largely digital-native populace. There are signs that financial organisations in the UAE, and surrounding Gulf nations, are beginning to grasp some of the truths about the crypto world. For example, far from being the shadowy, anonymised environment portrayed by its detractors, blockchains are the most auditable transaction ecosystems in existence. All that remains is for governments and institutional investors to embrace these systems.

The remaining challenges to widescale normalisation of crypto mostly hinge on wallet and exchange security. Chainalysis’ 2025 Crypto Crime Report revealed the outsized role North Korea-affiliated actors are playing in crypto-related incidents and how this role has grown. North Korean groups stole around $660m across 20 incidents in 2023. In 2024, they were responsible for more than double the previous year’s tally — $1.34bn across 47 incidents.

This level of escalation cannot go unchallenged. It falls to those who run exchanges or are exploring the possibility of offering crypto services to take steps to prevent Lazarus-type actors from disrupting or demolishing ownership guarantees. Tools already exist to help with crypto security.

Even crypto end-users have access to free resources that allow them to verify transactions and enhance their on- and off-chain security provisions.

Strengthening defences

To defend against large-scale breaches, there are some best practices exchanges and other service-providers can follow. Chainalysis has come up with these approaches through in-depth discussions with chief information security officers (CISOs). The experts strongly urge the implementation of stronger Web2 security like endpoint detection and response (EDR). Many of these tools are advanced enough in their threat intelligence to help identify and mitigate potential threats on devices used by exchange employees.

Web2 measures also include the protection of signing computers by air-gapping — disconnecting them from the internet or any internet-exposed resource. These machines should be used only for signing crypto transactions. Where a hardware node must access a cold wallet, it should be subject to the most meticulous security measures — strictly secured and access-controlled. API key storage should integrate hardware security modules (HSMs), which add another layer of authentication.

When it comes to Web3 infrastructure, there’s an imperative for a dedicated process for communication between signers to ensure all approvals account for all possible nuances and variations between the parties. In addition, multi-party computation (MPC) wallets reduce reliance on single points of failure in the management of keys. Solutions are also available to govern the wallets themselves by, for example, limiting transfer amounts.

The reals of the real-world

Humans are, of course, part of the security apparatus and are famously its most common point of failure. And while simple errors are known to lead to incidents daily, sometimes we find that an infiltration is tied to an insider voluntarily aiding a threat actor. In some documented instances, North Korean IT workers infiltrated crypto service providers and Web3 companies using fake identities.

A recent US Department of Justice (DOJ) case indicted 14 DPRK nationals who, as remote workers, stole proprietary information and extorted their employers to acquire more than $88m. Security best-practice measures must include thorough background checks for potential recruits, and the training of employees to recognize social-engineering tactics.

A wake-up call

The UAE has a glowing future in crypto adoption if providers can tackle the momentous task of securing assets and transactions. It requires commitment and constant engagement, but it is not an insurmountable challenge.

Given the right investment in the right tools and policies, UAE crypto providers can ensure they do not become the next cautionary tale.

The writer is the VP – South EMEA, Central & South Asia at Chainalysis.

Beijing on Friday increased its tariffs on US imports to 125 per cent, hitting back against US President Donald Trump’s decision to hike duties on Chinese goods to 145 per cengt, raising the stakes in a trade war that threatens to up-end global supply chains.

Read-Trump’s stunning tariff pause focuses trade war on China

The hike comes after the White House kept the pressure on the world’s No.2 economy and second-biggest provider of US imports by singling it out for an additional tariff increase, having paused most of the “reciprocal” duties imposed on dozens of other countries.

“The US imposition of abnormally high tariffs on China seriously violates international and economic trade rules, basic economic laws and common sense and is completely unilateral bullying and coercion,” China’s Finance Ministry said in a statement.

Oil-dependent governments are coming under pressure from the lowest crude prices since the COVID-19 pandemic, with officials preparing policy responses for a drop in revenue such as issuing more debt and reducing spending.

Brent crude plunged more than 15% in the days following U.S. President Donald Trump’s aggressive tariffs, as the escalating trade war between the US and China spurred worries about recession and energy demand. The same week, the OPEC+ cartel put forward a plan to increase supply next month. Brent sank below $60 a barrel, falling to the lowest level since February 2021.

“The oil price drop we’ve seen over the last week has taken us into territory where for a lot of oil-dependent economies, it’s not going to be what they need to balance their budgets, nowhere close,” said Richard Bronze, head of geopolitics at Energy Aspects.

“For some of them, that puts at risk core public spending, raising the risk for political instability and unrest.”

Brazil is preparing an extra auction this year for stakes in offshore oil areas to boost revenue, according to four sources who were not authorized to speak publicly on the matter. The plan gained steam due to the fall in oil prices and rising global trade uncertainty, they said.

“We are worried and the yellow light is flashing,” said

Claudio Castro, governor of the Rio de Janeiro state, adding that he plans to hold spending. Brazil’s budget for 2025 planned for an average Brent price of $80.79.

Other producer countries are planning to plug their shortfalls with debt. Kuwait passed a law last month to allow its government to tap international debt markets for the first time since 2017. The country’s finance minister Noora Al-Fassam said it was important to improve the flexibility of public finances.

“We are assessing the recent developments and stand ready to take whatever policy decisions needed to ensure that our fiscal position remains strong,” said a Saudi finance ministry spokesperson in response to Reuters questions.

Oil prices spent the first quarter of the year trading in a range between $69.28 and $82.03, weighed down by China’s slowdown and OPEC’s looming supply increase. This already posed a challenge for governments that rely on high oil prices, with the latest slide accelerating pressure.

The Russian economy slowed sharply in recent months, with industrial sectors outside of defence stagnating. The economy is expected to contract further if the fall in oil prices and turmoil in global markets persist, analysts said. Pressure is mounting on the country’s central bank to lower interest rates, despite persistent inflation.

Moscow had based its 2025 budget on an average price of $69.70 per barrel. The Mexican government was expecting $62.50. For Iraq, which depends almost exclusively on oil revenues for spending, crude prices below $70 are a problem. The price plunge is likely to curb Baghdad’s infrastructure building spree as it tries to reconstruct after decades of conflict.

Nigeria was expecting to draw more than half of its total revenues from energy exports. Analysts say the government needs to reassess these targets to reflect global realities. The country has previously doubled down on borrowing during times of lower oil prices, rather than cutting spending.

Even before the recent fall in oil prices, Venezuelan President Nicolas Maduro has already reduced public workers’ hours to curb power consumption, including at state oil company PDVSA. He also declared an economic emergency in the South American country.

Trump tightened U.S. sanctions on Venezuela and signed an executive order to impose secondary tariffs on any country that imports Venezuelan crude, leading to a hiatus in the oil exports that finance the state budget. Lower oil prices will increase pressure on Maduro to curb spending further.

Iran relies on oil revenues for around a third of its budget, with its benchmark price set at 57.50 euros ($64.38) per barrel. Tehran is also concerned about Trump’s renewed “maximum pressure” campaign which targets Chinese buyers of Iranian oil. Whether China continues to import Iranian crude in the midst of the trade war with the U.S. will be the deciding factor for Tehran’s finances.

“Venezuela and Iran are hit by a double whammy from Trump. His policies are hitting their oil exports, while they’re also having to endure lower oil prices,” said Jason Tuvey, deputy chief emerging markets economist at Capital Economics.

Gold prices breached the crucial $3,200/oz level for the first time on Friday, fuelled by a weaker dollar and an escalating trade war that sent investors rushing toward safe-haven assets.

Spot gold was up 0.7 per cent at $3,195.09 an ounce, as of 0700 GMT. Bullion rose more than 1 per cent to scale an all-time peak of $3,219.84 earlier in the session, and has gained around 5 per cent this week.

Read-Gold hits 3-week low: Are investors driving the decline?

US gold futures climbed 1.1 per cent to $3,213.40.

“The rapid weakening of the US dollar seems to be the main driver of gold’s rebound at the moment. That seems to reflect an ongoing exodus from USD-based assets, with stocks and bonds’ selloff amid tariff policy uncertainty,” said Ilya Spivak, head of global macro at Tastylive.

Dollar decline

The dollar was down 0.5 per cent against its major peers, making greenback-priced bullion cheaper for overseas buyers.

Major stock indexes also fell after US President Donald Trump ratcheted up tariffs on Chinese imports to 145 per cent, but hit a 90-day pause on previously announced tariffs for dozens of countries.

China’s retaliation

China has been matching Trump’s tariff hikes, sparking fears that Beijing could push duties on the US beyond the current 84 per cent.

The “$3,500 is the next round number people will be looking at. I suspect we won’t get there immediately or without bumps along the way,” Capital.com’s financial market analyst Kyle Rodda said. Apart from tariffs, central bank demand, expectations of interest rate cuts by the Federal Reserve, geopolitical instability in the Middle East and Europe, and increased flows into gold-backed exchange-traded funds also fuelled the metal’s rally this year.

US consumer prices fell unexpectedly in March but inflation risks are tilted to the upside, data showed.

Traders now bet that the Fed will resume cutting rates in June and probably reduce by a full percentage point by the end of 2025.

As the UAE accelerates toward its industrial and sustainability goals under initiatives like Operation 300bn, Engineer Saeed Ghumran Al Remeithi, group CEO of EMSTEEL, is leading the charge in transforming the steel and building materials sector.

In this interview, Al Remeithi discusses how the company is leveraging AI, green hydrogen, carbon capture, and smart manufacturing to decarbonise operations, improve efficiencies, and expand its global footprint — while positioning Abu Dhabi as a hub for low-carbon industrial innovation.

Innovation is a term that’s frequently used in many sectors today. What does it mean in the context of industries such as steel and building materials in the UAE, a nation now renowned for its unique blend of policies, vision, and resources that allow companies to scale innovation for global impact?

The UAE is a hub for innovation due to its forward-thinking regulatory framework and supportive ecosystem, which includes a commitment to sustainable development. For us, being part of this ecosystem allows us to develop scalable, exportable innovations, helping us address challenges and create solutions that can have a global impact.

The UAE’s vision enables us to innovate with purpose, focusing on tangible needs rather than simply changing for the sake of change.

With shares of 10% in Abu Dhabi’s manufacturing activity output and 60 per cent in the UAE’s steel market, we are proud to be a pillar of the country’s industrial sector.

We have launched a range of all-encompassing and strategic initiatives to support national Emiratisation goals and drive the future of the UAE’s critical manufacturing sector in line with the national Operation 300bn strategy, reinforcing the UAE’s position globally as a leader in advanced industries.

Additionally, we see innovation as a strategic differentiator that enables us to future-proof our business against market disruptions, global supply chain challenges, and shifting regulatory landscapes.

Through smart manufacturing, AI-powered automation, and sustainable steel production, we are setting a benchmark for the region’s industrial transformation.

Tell us more about EMSTEEL’s approach to innovation and how it has translated into growth.

Between 2020 and 2024, our innovation and investment expenditure at EMSTEEL grew by 127 per cent. This significant growth reflects our focus on integrating innovation into our operations, particularly in sectors like steel and building materials that play such a key role in modern infrastructure and urbanisation.

This commitment to innovation is not only advancing our industrial capabilities but also ensuring that we’re contributing to sustainability and economic development on a larger scale.

One key driver of our growth is our focus on digitalization and advanced manufacturing techniques. By adopting predictive maintenance using AI, IoT-based real-time monitoring, and process automation, we have significantly improved operational efficiency, reduced downtime, and optimised resource consumption.

Furthermore, our expanding global footprint — with exports reaching over 70 countries — is a direct result of our commitment to product innovation and high-performance, low-carbon steel solutions.

Our continuous investment in R&D, strategic partnerships, and green technologies is ensuring long-term sustainability and resilience in an evolving industrial landscape.

Steel and cement are critical sectors, but they also face major challenges, particularly when it comes to emissions. What are the environmental impacts of these industries, and how are you addressing them?

Both steel and cement production are significant contributors to global CO₂ emissions, with steel accounting for 7-9 per cent of direct emissions from fossil fuels and cement production accounting for another 7-8 per cent. These industries face increasing pressure to transition to more sustainable, low-emission alternatives.

We are committed to reducing emissions while maintaining competitiveness. For instance, by 2030, we aim to reduce our greenhouse gas emissions by 40 per cent from 2019 levels, with the ultimate goal of achieving net-zero emissions by 2050. This focus on clear targets and emissions reductions is essential for driving long-term sustainability.

In addition to carbon capture technologies and green hydrogen steelmaking, we are implementing closed-loop water recycling systems, waste heat recovery initiatives, and alternative raw materials to further enhance our environmental performance.

Our sustainability agenda aligns with Abu Dhabi’s Industrial Strategy, which emphasises industrial decarbonisation, energy efficiency, and responsible resource management to establish the UAE as a leader in low-carbon industrial production.

Can you share some specific examples of how innovation is being integrated into your operations to address these challenges?

One key innovation is carbon capture technology. We are the first steelmaker in the world to capture a portion of our CO₂ emissions, which allows us to operate with a carbon intensity 45 per cent lower than the global average.

Additionally, we partnered with Masdar to launch our pilot project, the first-of-its-kind in MENA, which uses green hydrogen to extract iron from iron ore, a key step in steelmaking. The pilot project is now fully operational and has successfully commenced the production of green steel.

With a capacity of 2.1 MW, the pilot project can produce 368 tonnes of green hydrogen a year, enabling the production of up to 5,000 tonnes of green steel annually. The groundbreaking project will abate up to 3,680 tonnes of CO₂ per annum — equivalent to the carbon sequestration of approximately 168,000 trees and the carbon emissions of approximately 800 passenger vehicles.

The green hydrogen pilot project is a direct reflection of Abu Dhabi’s Low Carbon Hydrogen Policy, which aims to establish hydrogen as a critical clean energy source. This policy plays a vital role in ensuring economic growth, sustainability, and energy security, further strengthening the UAE’s position as a leader in the global hydrogen economy.

We have already signed an MoU with leading Abu Dhabi-based developer Modon, reflecting a strategic alliance to affirm them as the first real estate developer to use low-carbon steel in the UAE.

The group has also made significant strides in advancing our ambitious Low-Carbon Iron Supply Chain project. A comprehensive feasibility study is currently underway for this transformative initiative, with the goal of positioning Abu Dhabi as a global leader in sustainable steel production.

Beyond emissions reduction, we are also exploring AI-driven efficiency models, blockchain for supply chain transparency, and advanced material science innovations to further enhance our sustainability efforts.

Besides environmental impact, how does innovation contribute to operational efficiency or product improvement?

Innovation isn’t just about reducing emissions; it’s also about making our day-to-day operations more efficient and effective.

For example, we use high-tensile steel, which reduces overall steel consumption by 18-24 per cent, contributing to more sustainable and efficient construction practices.

Additionally, we’ve integrated AI into our safety protocols, using smart cameras to detect missing protective equipment and unsafe behaviour, which has significantly reduced worker accidents and enhanced safety standards across our operations.

We have also announced the launch of our Asset Enhancement Programme — a strategic initiative with a CapEx of approximately Dhs625m.

Phase 1 of the enhancement program will focus on upgrading our production capabilities. This includes the introduction of a new generation of high-strength rebars and advanced heavy-section products, significantly expanding our product portfolio to cater to evolving market demands for sustainable construction.

Phase 2 of the enhancement programme ensures the production of high-carbon and special alloy billets required for the new product range.

The GCC market currently relies on imports for VA-grade wire rod products, with demand expected to grow at a CAGR of 7-10 per cent over the next decade.

By overcoming existing mill limitations and expanding our product portfolio, we are poised to enhance innovation for key sectors including infrastructure, energy, industrial applications, petrochemicals, and automotive components.

Beyond production, digital twins and predictive analytics are playing a crucial role in our operations, allowing us to minimize maintenance costs, optimize logistics, and reduce waste generation.