The aircraft transmitted two transponder codes during the episode: 7700, for a general emergency, and 7500, for a hijacking. Both the captain and the co-pilot were injured and taken to hospital. Reports differ on who attacked whom. DPA International reports that the pilot allegedly stabbed his co-pilot, while the Irish Times reports that the co-pilot stabbed the pilot and that Israel identifies the attacking co-pilot as an Omani national. His identity has not been officially released, and his motivation is unknown.

The Irish Times reported that the aircraft dropped more than 5,000 metres within 90 seconds. Israeli Prime Minister Benjamin Netanyahu said a passenger described the plane going into a nosedive before the attacker was subdued. DPA International counted 174 passengers, including 27 children. It also cited Israeli officials as saying 180 Israelis were on board, a figure that exceeds the passenger total and has not been reconciled. The passengers later continued to Tel Aviv's Ben Gurion Airport, where families were waiting, on replacement transport Flydubai arranged with Saudi authorities.

Flydubai confirmed the incident and said the motive is unclear. On Wednesday evening it suspended flights between Dubai and Israel "while the investigation continues". The Dubai-based low-cost airline is owned by the Dubai government and operates nearly 100 Boeing 737 aircraft to destinations in 56 countries.

Israeli leaders were quicker to characterize the event. Netanyahu and Defence Minister Israel Katz called it an attempted terrorist attack. National Security Minister Itamar Ben-Gvir and Finance Minister Bezalel Smotrich described a jihadist plot against the Israelis on board. Smotrich called for the attacker, and any state that sponsored the attack, to be held accountable.

Netanyahu was more cautious on specifics. He said there was no advance warning and no specific intelligence about the attack, and that it is "too soon to say" whether Iran was involved. No source has reported confirmed evidence either way.

The UAE Attorney-General, Hamad Saif al Shamsi, ordered an investigation into whether the incident was linked to terrorism. The state news agency WAM reported that investigators will determine how far it relates to terrorist activity and whether it was premeditated. Netanyahu said Israel is taking part, and that UAE President Sheikh Mohamed bin Zayed al-Nahyan agreed to Israeli participation in the interrogation. Israel and Saudi Arabia have no diplomatic relations.

DPA International reported it as the first hijacking attempt on a flight to Israel since 1972, when Palestinian militants hijacked Sabena Flight 571 and Israeli special forces stormed it.