Happy Friday everyone!

Markets in the Gulf saw mixed movements as Saudi stocks extended losses for a third session, weighed down by weak earnings from major players like Al Rajhi Bank and ACWA Power, while Emirates NBD lifted Dubai’s index.

Meanwhile, the FBI confirmed North Korea’s Lazarus Group was behind the massive $1.5 billion Bybit hack, one of the largest crypto thefts ever.

In aviation, Australia approved Qatar Airways’ acquisition of a 25% stake in Virgin Australia, a move expected to shake up competition in the sector.

Here’s what you need to know today 👇

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Saudi Stocks Extend Losses on Weak Earnings; Emirates NBD Lifts Dubai

📰 What is it about?

• Saudi Arabia’s benchmark index (TASI) fell 1%, marking its third consecutive session of losses due to disappointing corporate earnings.

• Al Rajhi Bank dropped 1%, while ACWA Power slid 2.7%, despite reporting higher-than-expected annual profit but missing revenue targets.

• SABIC declined 3.1%, extending losses after posting a wider-than-expected Q4 loss.

💡 Why it matters?

• Gulf markets face mixed trends as Saudi stocks decline, but Dubai and Abu Dhabi remain resilient.

• Emirates NBD jumped 1.9%, lifting Dubai’s index by 0.2% following its mandatory cash offer for Emirates Islamic Bank.

• Oil prices rebounded 1% after U.S. President Trump revoked Chevron’s Venezuela license, adding supply concerns.

🔜 What’s next?

• Abu Dhabi’s 2PointZero eyes IPO in 2025, signaling continued interest in UAE stock listings.

• Qatar’s index slipped 0.5%, pressured by Qatar Islamic Bank’s 2.1% drop.

• Market sentiment remains cautious, with investors watching global oil dynamics and upcoming earnings reports.

Markets

FBI Confirms North Korea’s Lazarus Group Behind $1.5B Bybit Hack

📰 What is it about?

• The FBI has confirmed that North Korean hacking group Lazarus, also known as TraderTraitor, was behind the $1.5 billion theft from crypto exchange Bybit on February 21.

• The hackers exploited malicious code injected into SafeWallet’s Amazon Web Services infrastructure, according to a forensic investigation by Sygnia.

• Bybit itself was not compromised, but the attack resulted in one of the largest-ever crypto heists.

• Blockchain analytics firm Elliptic found that 46% of the stolen assets have been moved into about 50 different crypto wallets.

💡 Why it matters?

• The Bybit hack is the largest crypto theft in history, surpassing the $615M Ronin Network hack (2022) and $610M Poly Network hack (2021).

• The attack highlights the growing sophistication of North Korean cybercrime, with stolen crypto often funding the country’s weapons program.

• It raises concerns over crypto security and regulatory oversight, especially in Dubai, where Bybit is based.

• Bybit CEO Ben Zhou has launched a bounty site to track down the stolen funds and those responsible.

🔜 What’s next?

• The stolen crypto is being rapidly laundered into Bitcoin and fiat currency across thousands of addresses.

• Bybit is working closely with global authorities to track the stolen funds and hold the hackers accountable.

• Bybit has also secured in-principle approval from the UAE’s Securities and Commodities Authority (SCA) to operate as a Virtual Asset Platform Operator, signaling its commitment to regulatory compliance.

• With North Korea continuing to target crypto platforms, the industry faces urgent pressure to enhance security measures and regulatory enforcement.

Australia Approves Qatar Airways' 25% Stake in Virgin Australia to Boost Competition`

What is happening?

• Australia approved Qatar Airways’ acquisition of a 25% stake in Virgin Australia from Bain Capital, despite previous tensions over Qatar’s denied flight expansion requests.

• The deal comes with conditions, ensuring Australian representation on Virgin’s board and protection of customer data.

• Virgin Australia will begin long-haul flights to Doha in June, using aircraft leased from Qatar Airways.

Why it matters:

• Challenges Qantas' Dominance: Qantas and Jetstar control 65% of Australia’s domestic market, while Virgin holds 35%. This deal could shift the balance.

• More Flights, More Competition: Virgin’s new alliance with Qatar Airways could add 28 new weekly return flightsbetween Doha and Australia.

• Better Global Connectivity: The deal enhances travel options to Europe, Africa, and the Middle East, competing with Qantas’ partnership with Emirates.

What’s next?

• Virgin’s code-sharing deal with Abu Dhabi-based Etihad ends on June 1, setting the stage for deeper Qatar Airways collaboration.

• Qantas stays unfazed, reporting an 11% profit surge and declaring a special dividend for the first time in 20 years.

• Expect increased competition, lower fares, and better flight options for Australian travelers

🔍In other news…

IPO Flurry:

• Saudi Developer Umm Al Qura Draws $126 Billion in Orders for IPO.

• Oman Shipping Firm Likely to Price at Top, Raising $333 Million.

• Arada open to IPO amid market growth as $1.52bn Sharjah project sells out in three hours.

Actual other news:

• Citi’s Hafeez Is Latest in First Abu Dhabi Bank’s Hiring Spree.

• Blue chip dividend yields in UAE beat US and Europe.

The Latest from the Smashi Business Studio

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