The Federal Authority for Government Human Resources (FAHR) has issued a circular outlining the official working hours for federal government employees during the Holy Month of Ramadan 1446 Hijri.

As per the circular, ministries and federal authorities will operate from 9 am to 2:30 pm from Monday to Thursday, while on Fridays, the working hours will be from 9 am to 12 pm.

FAHR also emphasised that ministries and federal authorities have the flexibility to implement remote or flexible working schedules based on their specific requirements, provided they remain within the approved daily working hours.

The authority alos stated that up to 70 per cent of staff in federal government departments will be permitted to work from home on Fridays during Ramadan, in accordance with the approved regulations.

Ramadan is likely to commence on March 1

The UAE’s International Astronomy Centre (IAC) recently predicted that most Muslims around the world will likely begin observing fasting on Saturday, March 1, marking the start of Ramadan as the crescent will be visible the night before.

The official start will be confirmed after moon-sighting committees convene on February 28 to check for the crescent.

Ramadan’s duration depends on the sighting of the moon, typically lasting 29 or 30 days.

Read: Planning your next break? Here’s the list of UAE public holidays in 2025

An economic delegation from Abu Dhabi, led by the Abu Dhabi Department of Economic Development (ADDED), has wrapped up a successful visit to China, which included the signing of several key agreements to boost cooperation between government entities and private sector companies in both regions.

A major highlight of the visit was the signing of a strategic cooperation agreement between the Abu Dhabi government and the Shanghai Municipal People’s government, covering a wide range of sectors including trade, finance, technology, education, and tourism.

The Foreign Affairs Office of the Shanghai Municipal People’s Government and ADDED will spearhead efforts to implement the agreement.

Over six days, the delegation engaged in numerous high-level meetings with Chinese officials and business leaders across Beijing, Shanghai, Shenzhen, and Hong Kong.

Key discussions were held with prominent figures such as Chen Jining, Member of the Politburo and Party Secretary of Shanghai, and Yin Yong, Mayor of Beijing.

The delegation also explored opportunities with leading Chinese companies including ByteDance, Xiaomi, BYD, and CICC.

Ahmed Jasim Al Zaabi, chairman of ADDED, expressed satisfaction with the outcomes of the trip, emphasizing the importance of fostering new opportunities in high-growth sectors and strengthening economic ties with China. “The impressive growth in bilateral trade and investments is a testament to our shared commitment to strategic cooperation,” he said.

Other agreements signed

The visit saw the signing of agreements with leading Chinese entities such as Fosun International and Hejun Group, aimed at bolstering investment and economic relations.

Additionally, the Abu Dhabi Chamber of Commerce and Industry (ADCCI) signed a strategic cooperation agreement with the Shanghai Federation of Industry and Commerce to promote bilateral trade and investment.

The Abu Dhabi-Shanghai Business Forum facilitated B2B meetings, further strengthening business relations between the two regions.

Trade between the UAE and China: Highlights

Bilateral trade between the UAE and China has surged in recent years, growing from $2bn (Dhs7.4bn) in 2000 to nearly $100bn (Dhs367bn) in 2023.

In the first nine months of 2024, trade reached $74.5bn (Dhs273.4bn), with projections suggesting it will rise to $200bn (Dhs734bn) by 2030.

Chinese investments in the UAE have increased by 16 per cent, while UAE investments in China soared by 120 per cent.

The number of Chinese companies registered with the Abu Dhabi Chamber of Commerce and Industry grew by 38 per cent in 2023 and 69.4 per cent in 2024.

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.”