PANews reported on May 16 that the Bahraini listed catering group AlAbraaj announced its activation of a Bitcoin reserve strategy through a partnership with the investment firm 10X Capital, having purchased 5 BTC as an initial investment. The company has a market capitalization of $24.2 million, with an EBITDA of $12.5 million for 2024, and plans to allocate its corporate funds primarily to Bitcoin while developing Sharia-compliant financial products to expand into the Middle Eastern market.
The head of the Bitcoin committee at the company, Abdullah Isa, stated that the goal is to become the 'MicroStrategy of the Middle East' and cited Michael Saylor's operational model as a reference. The CEO of 10X Capital pointed out that this move fills the gap for publicly listed companies with Bitcoin reserves in the Gulf Cooperation Council (with a total GDP of $2.2 trillion).
