Dubai-based cryptocurrency exchange Bybit has confirmed the loss of $1.5bn (approximately Dh5.51bn) in digital assets after hackers carried out a “sophisticated attack”, marking the biggest such heist in the industry’s history.

An attacker allegedly gained control of an ether cold wallet and transferred around $1.5bn worth of holdings to an unidentified address. The company says the incident has led to a “surge” in withdrawal requests, but that withdrawals have not been halted and all other wallets remain secure.

CEO and founder Ben Zhou described the breach as the “worst hack possibly in the history of any medians (banks, crypto, finance)”.

He added that all Bybit functions remain fully operational, with the withdrawal system now back to normal so that users can “withdraw any amount and experience no delays”. In the “sleepless” hours following the attack, the company revealed it had borrowed Ethereum (ETH) to facilitate withdrawals.

Explaining what happened, Bybit stated it detected “unauthorised activity” within an ETH cold wallet during a routine transfer process, with hackers manipulating the transaction and resulting in the loss of over 400,000 ETH. The theft has been called an “isolated incident”, with the company asserting that all other cold wallets and assets are secure and client funds unaffected.

Apologising for the incident, Zhou said: “We want to reassure you that all other Bybit Cold Wallets are safe, and client funds are unaffected and remain secure.”

At a valuation of over $20bn, Bybit has declared that it has “more than enough assets” to cover the loss and will use a bridge loan if necessary to ensure the availability of user funds.

In a post on X, CEO Zhou stated: “Bybit is solvent even if this hack loss is not recovered, all … clients assets are 1:1 backed, we can cover the loss,” and later reiterated: “Bybit is solvent even if this hack loss is not recovered, all of clients assets are 1 to 1 backed, we can cover the loss,”

The exchange is now working with “leading blockchain forensic experts” to trace the stolen funds.

It added, “Our security team is investigating the root cause, with particular attention being given to a potential vulnerability in the user interface of the Safe.global platform, which may have been exploited during the transaction process.”

The case has been reported to the “appropriate authorities”, and Bybit has taken steps to “mitigate and counter the ability” of the hackers in “disposing and dumping the ETH on the markets via legitimate marketplace, narrowing the available outlets of disposal.”

Highlighting the effort that followed, the company noted, “One of the most brilliant tech experts dedicated hours to identifying the root cause and provided Bybit with the first investigation report. The depth and professionalism of this report are remarkable. He even took the first flight to Dubai on his own initiative to join our security team and assist in the ongoing investigation—purely out of commitment to the industry,” in a post on X.

In a separate statement, Bybit said, “All client funds are safe, and our operations continue as usual without any disruption.” The exchange reportedly caters to a vast user base of over 40 million users.

The Gulf Business Business Breakfast Briefing: Real Estate Edition, held on 20 February 2025 at The Westin Mina Seyahi in Dubai, brought together top industry leaders, investors, and stakeholders to discuss the evolving UAE real estate market.

Under the theme “Breaking Ground: The UAE Real Estate Outlook,” the event provided valuable insights into the future of the property sector across Dubai, Abu Dhabi, Sharjah, and Ras Al Khaimah.

The briefing featured three dynamic panel discussions, keynotes from industry leaders, and the prestigious Game Changers Awards. Attendees explored critical market trends, policy shifts, and emerging opportunities shaping the UAE’s property landscape.

Gulf Business would like to thank its partners who made this special event possible: Alef Group, IRTH Group, ANAX Developments, Century Financial, GROHE, and Samana Developers.

You can view all the photos of the event by clicking to view this gallery here.

If you missed the event, you can catch up on all the action by watching the videos posted below.

Panel 1: Will Dubai’s Property Boom Continue?

Dubai’s real estate sector has experienced an unprecedented boom, driven by strong foreign investment, regulatory reforms, and luxury developments. But with global economic uncertainties, fluctuating interest rates, and increasing supply, is the growth sustainable?

This panel, moderated by Taimur Khan, Head of Research MEA at JLL, examined key factors influencing Dubai’s real estate trajectory over the next five to ten years. Discussions covered the sustainability of the boom, the impact of golden visas on demand, and whether the surge in off-plan sales signals healthy growth or an overheating market.

Speakers:

• Fibha Ahmed, Vice President of Property Sales, Bayut
• Ravi Bhirani, MD, Anax Developments
• Stefan Schmied, Leader IMEA, LIXIL International
• Dounia Fadi, Managing Director, eXP Dubai

Panel 2: The New Growth Hubs – Ras Al Khaimah, Abu Dhabi & Sharjah

While Dubai remains the UAE’s real estate leader, other emirates are stepping up as investment destinations. Ras Al Khaimah’s Al Marjan Island, Abu Dhabi’s government-backed mega-projects, and Sharjah’s focus on sustainable luxury housing are reshaping the landscape.

Moderated by Gareth van Zyl, Group Editor, Gulf Business, the discussion compared these emerging hubs, exploring investment potential, ROI, and government incentives.

Speakers:

• Issa Ataya, CEO, Alef Group
• Andrew Thomson, Partner, Head of Real Estate, Hotels & Leisure, Al Tamimi & Company
• Fouad Bekkar, CEO, Coralytics

Panel 3: UAE’s Property Market 2025 – The Next Big Moves

As the UAE real estate sector matures, increased transparency, homeownership trends, and regulatory shifts are shaping its next phase of growth. The expansion of freehold areas, the evolution of RERA’s regulatory role, and improved data access are transforming the market.

Moderated by Anand Menon, CEO, LION EDGE Consultancy, this panel explored the future of homeownership, investment hotspots, and the balance between supply and demand.

Speakers:

• Daniel Hadi, CEO Middle East, Engel & Völkers
• Louis Harding, CEO, Better Homes UAE
• Osman Celiker, Managing Director, IRTH Group
• Imran Farooq, CEO of Samana Developers

Game Changers Awards & Full Event Recap

The event concluded with the Game Changers Awards, recognising individuals and organisations shaping the future of UAE real estate. Winners were honoured for their contributions to innovation, sustainability, and market growth.

For those who missed the live event, you can also watch the full event recording here:

Stay tuned for more Gulf Business industry briefings, offering unparalleled access to expert insights and networking opportunities.

Arabic edutainment platform, Maharat, has unveiled its latest offering — a business masterclass led by Toufic Kreidieh, who is the executive chairman and co-founder of the Brands for Less Group.

Known for his strategic leadership and ability to scale businesses, Kreidieh’s masterclass, entitled Building and Growing Your Business, is designed to equip aspiring entrepreneurs and business owners with the essential skills needed to thrive in today’s competitive market.

Maharat, an online learning platform created by Arabs for Arabs, has been redefining education in the region by offering exclusive masterclasses led by some of the Arab world’s most influential figures.

The platform covers a wide range of topics, from music and acting to makeup artistry, home cooking, and professional development.

Among its notable instructors are Ragheb Alama, Kosai Khauli, Rahma Riad, Bassam Fattouh, and Salam Dakkak, all of whom provide unique insights and hands-on expertise to learners.

A step-by-step guide for business success

The latest addition to Maharat’s masterclass series, Kreidieh’s programme is a step-by-step guide that covers key aspects of business development, including understanding market dynamics, setting the right goals, identifying customer needs, and building a strong foundation for sustainable growth. Drawing from his real-world experience, Kreidieh shares practical insights on what it takes to grow a successful business in the region.

“As Maharat continues to grow, our focus remains on providing our users with access to knowledge from the Arab world’s most accomplished figures,” said Arman Khederlarian, CEO of Maharat.

“Toufic Kreidieh’s masterclass is a game changer for ambitious entrepreneurs and anyone in the business world looking to learn what it really takes to build a successful and sustainable business. His experience with Brands for Less exemplifies strategic thinking, perseverance, and innovation, and we are excited to have him join our platform.”

As a self-made entrepreneur, Kreidieh has built Brands for Less into a billion-dollar company with operations in over seven countries and 35 cities. His influence extends beyond his own business ventures. He has also served as a guest on Shark Tank Dubai, where he has mentored and invested in up-and-coming entrepreneurs.

“I firmly believe that business success is not about luck, but about understanding the market, making smart decisions, and being willing to adapt,” said Kreidieh.

“Through this masterclass, I hope to share the lessons I’ve learned along the road so that others can develop businesses that are both successful and sustainable. I’m excited to support Maharat’s mission in empowering and inspiring individuals across the Arab world to reach their full potential.”

The transformational impact of artificial intelligence (AI) in defence is no longer debatable – it’s inevitable. The critical question is how to move beyond theoretical possibilities to achieve exponential gains in military capability and readiness. 

AI’s role in modern warfare extends far beyond the traditional concepts of speed and efficiency. At its core, AI is revolutionising how military forces operate, enabling them to make faster, more accurate decisions, and better anticipate and respond to threats. The strategic value of AI is in its ability to turn data into actionable insights, enhancing decision-making speed, precision, and ultimately, military success.

The economic impact of AI is clear. In the next five years, AI is expected to contribute a staggering $15tn to the global economy1, with defence and aerospace sectors leading the way in its adoption. In defence alone, AI’s contribution is expected to grow from $25.43bn in 2024 to $65.43bn by 2034, solidifying its central role in the future of military capabilities.

Yet, AI in defence is not just about adoption — it’s about strategic integration. Unlike consumer-oriented AI applications, defence AI must meet exceptionally high standards of reliability, transparency, and cyber-resilience.

The UAE’s approach to AI integration in defence offers valuable insights. Rather than pursuing AI for its own sake, the focus has been on building comprehensive capabilities that enhance both operational effectiveness and technological capability.

The recent developments in AI-powered decision support systems between the UAE and France demonstrate how targeted investment in AI can contribute to securing and building local expertise.

Key trends reshaping AI in defence

Three key trends are reshaping the defence AI landscape. First, the sophistication of AI in command-and-control (C2) systems is enabling faster, more informed decision-making in critical situations.

Gone are the days when military leaders had to sift through overwhelming amounts of data manually. With AI, real-time data analysis and scenario simulation provide military leaders with actionable insights, reducing the time between decision and action — a critical advantage in modern warfare.

Second, AI is redefining operational readiness by enhancing efficiency and agility in preparation for conflict. With AI-driven predictive maintenance and optimised decision-making, armed forces can ensure they are always mission-ready, minimising downtime and resource waste. This capability allows military forces to proactively address maintenance needs and be prepared for any operational requirement.

Third, AI-powered autonomous systems are creating new possibilities for risk reduction and operational efficiency. AI is already enhancing the capabilities of unmanned aerial vehicles (UAVs) that can conduct complex missions, including reconnaissance, surveillance, and logistics, and reconfigure remotely. These systems can navigate difficult terrains, provide real-time intelligence, and carry out high-risk missions while keeping personnel out of harm’s way.

Quantum computing’s role in enhancing encryption and operational precision further strengthens these systems.

Furthermore, AI enables ‘capability amplification’ — allowing armed forces to achieve more with the same equipment. This is particularly crucial in an era of high-intensity conflicts, rising threats and constrained budgets, where efficiency and adaptability are paramount. AI-driven command centres, for instance, are already enhancing the agility and effectiveness of military coalitions worldwide.

The need for hybrid AI in defence

The integration of AI in defence presents very unique challenges. AI used for sovereign tasks, particularly in defence, is very different from data-intensive models mainly used in consumer AI. This is why we have developed our own hybrid AI, which bridges two approaches: a machine learning method with statistical processing of more or less vast amounts of data, and a rule-based method also referred to as symbolic AI, which operates on pre-defined rules and logic.

This helps ensure a trusted AI which is transparent and not a black box.

At Thales, through our cortAIx accelerator, which brings together 600 engineers and research experts, we are developing an AI which is hybrid, explainable, ‘cyber’ secured and frugal. Unlike consumer-oriented AI, cortAIx integrates AI into mission-critical systems where security, resilience, and compliance with strict regulatory standards are non-negotiable.

Our approach relies on deep technological expertise across five critical domains: air, land, sea, space, and cyber.

In these domains, we must be able to optimise AI solutions for constrained environments and directly embed them into our systems, such as on fighter jets, where energy, computational power, and connectivity are very limited. It also requires strong cybersecurity expertise to guarantee data security and sovereignty. We can use sovereign algorithms but also train them locally with the sensitive data of the countries within which we operate.

The focus on responsible AI

Today, autonomous systems powered by AI are changing the way defence operations are conducted. They are used for reconnaissance, surveillance, logistics, and military missions, performing complex tasks and reducing human risk. Unmanned aerial vehicles (UAVs) are a prime example of how AI is enhancing operational efficiency. They can navigate challenging terrains, identify targets with precision, and complete missions that would otherwise be high-risk for military personnel.

Countries in the Middle East, such as the UAE, for example, have been at the forefront of employing AI-enhanced UAVs alongside manned counterparts3 for application in critical areas such as maritime security, where unmanned systems provide continuous, real-time intelligence gathering, even in remote or hazardous environments.

While AI can significantly reduce human error, it is crucial to ensure that these systems are held accountable and aligned with ethical principles. It is important to balance AI’s capabilities with human oversight, ensuring that military leaders remain in complete control of critical decisions while leveraging AI to improve outcomes.

To ensure the effective integration of AI into defence, nations must invest not only in technology but also in developing the expertise to manage and maintain these advanced systems. The UAE’s ongoing commitment to developing a workforce skilled in both AI and quantum technologies is a key differentiator that will ensure the country remains at the forefront of the defence technology revolution.

The path forward requires a comprehensive approach to AI integration – one that combines technological innovation with strategic vision. Success will depend on adopting new technologies and developing the expertise and infrastructure needed to maintain sovereign control over critical systems.

The ability to balance innovation with security, automation with human judgment, and responsibility with advancement will define the future of defence.

The writer is the president and CEO, Thales International.

Read: Thales’ Elias Merrawe on shaping the future of flight

Dubai International (DXB) is set to experience one of its busiest travel periods as it welcomes more than 2.5 million travellers between February 20 and 28.

The airport is expected to handle an average of 280,000 passengers daily, with numbers peaking at over 295,000 on Saturday, February 22. This surge in travellers is driven by a combination of global events and school holidays across key markets.

To manage the high volume of passengers, authorities are urging travellers to utilise the Dubai Metro for transportation to and from the airport, as well as between Terminals 1 and 3.

In addition, travellers arriving at Terminal 1 should note that the Arrivals bus stop will be out of service starting 21 February.

Smooth travels to and from DXB

Alternative transport options and updated bus schedules can be accessed through the Roads and Transport Authority (RTA) website.

The oneDXB community, consisting of airport teams and stakeholders, is working collaboratively to ensure smooth operations and efficient passenger flows during this peak period at the world’s busiest international airport.

Read: Dubai welcomes 18.72 million international visitors in 2024