AlAbraaj Restaurants Group, a publicly listed Bahraini catering firm, has initiated a Bitcoin treasury strategy with plans to delve into Sharia-compliant finance. The company has partnered with investment firm 10X Capital to mirror the successful treasury model established by MicroStrategy. They have invested an initial 5 BTC and aim to allocate a significant portion of their corporate treasury to Bitcoin as their primary reserve asset. Abdullah Isa, head of AlAbraaj’s Bitcoin Treasury Committee, expressed optimism about Bitcoin's critical role in future finance, aspiring to create the 'MicroStrategy of the Middle East.' AlAbraaj reported $12.5 million in earnings before interest, taxes, depreciation, and amortization for 2024 and plans to strengthen its portfolio by developing Sharia-compliant financial instruments. This partnership with 10X Capital, which has experience raising capital in the crypto space, presents an opportunity for broader Bitcoin exposure across the Gulf Cooperation Council, an area with significant economic resources. The move aligns with a growing trend of institutional adoption of Bitcoin amid evolving financial landscapes.

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