Bahrain’s Al Abraaj Becomes Middle East’s First Public Firm to Hold Bitcoin

In a landmark move for the Middle East’s financial landscape, Bahrain-based Al Abraaj Restaurants Group has become the first publicly listed company in the region to adopt a Bitcoin treasury strategy. The company announced an initial purchase of 5 BTC and plans to increase its holdings over time, aiming to emulate the Bitcoin treasury approaches of global firms like MicroStrategy and Tesla.   

Al Abraaj’s decision reflects a forward-thinking approach to asset diversification and shareholder value enhancement. The company has partnered with New York-based investment firm 10X Capital to facilitate this strategy, ensuring compliance with the Central Bank of Bahrain’s regulations.   

This move is significant not only for Al Abraaj but also for the broader Gulf Cooperation Council (GCC) region. With a combined GDP of $2.2 trillion and over $6 trillion in sovereign wealth funds, the GCC has been relatively cautious in adopting cryptocurrencies. Al Abraaj’s initiative could pave the way for other companies in the region to explore digital assets as part of their financial strategies.   

Furthermore, Al Abraaj is exploring the development of Shariah-compliant financial instruments to provide the Islamic world with legitimate access to Bitcoin, aligning with the company’s commitment to innovation and inclusivity. 

What are your thoughts on Al Abraaj’s Bitcoin treasury strategy? Do you foresee other Middle Eastern companies following suit? Share your opinions below and stay tuned to trafy.io for more updates on cryptocurrency and investment news.