Middle East governments building on blockchain, AI and Bitcoin reserves

Middle East governments building on blockchain, AI and Bitcoin reserves

Raoul Pal, the Co-Founder and CEO of Real Vision, a financial knowledge and educational platform, in his recent visit and meeting with sovereign wealth funds in the MENA region, specifically in the GCC, has found that the mandate is to use AI ( Artifical Intelligence) and Blockchain across the entire region.

In his X video post interview, Pal noted, ” A month ago during my last trip to MENA region, and in my meetings with sovereign wealth funds across Saudi Arabia, Qatar, Oman, Bahrain, and UAE, the mandate across entire region from Saudi, Abu Dhabi Bahrain and Qatar is AI and Blockchain and not just using Bitcoin as a reserve asset but building the entire government structure on blockchain, driving licenses, property deeds the whole bloody lot.”

Pal is also the co-founder and CEO of Exponential Age Asset Management, an asset management business that focuses on investing in the digital asset space via a fund of hedge funds (EADAF) and other vehicles.

He adds with the money coming in from sovereign wealth funds, if we are to go from $3 trillion to $100 trillion you need the largest players each time, unless you have bigger players. function of size of market more blockchain technology is used the use of Alt coins for infrastructure rails increase.

MENA Sovereign Wealth funds invest in Bitcoin

His statements come at a time when sovereign wealth funds either openly or less openly are investing in Bitcoin. Earlier this year Mubadala, Abu Dhabi’s sovereign wealth fund, disclosed a $408.5 million stake in IShare Bitcoin Trust (IBIT) in a 13F filing released on My 15th 2025. The fund reported holding 8,726,972 shares as of March 31, 2025, an increase from 8,235,533 shares reported at the end of 2024. This increased exposure showcases the perception change regarding Bitcoin and crypto in general after President Trump has taken office. Back at the end of 2024, UAE Mubadala, a sovereign investment fund, revealed in an SEC Filing that in late 2024 it invested $436 million worth in BlackRock’s Ishares Bitcoin Trust ETF. The disclosure was made through a 13F filing with the U.S. Securities and Exchange Commission (SEC).

While Saudi Central Bank better known as SAMA in a recent SEC ( Securities and Commodities Exchange) 13F filing disclosed that it has invested and holds 25,656 shares in MicroStrategy Inc. For those not familiar with MicroStrategy, now known as Strategy, it is an award-winning AI (Artificial Intelligence) and Business Intelligence platform trusted to deliver intelligence everywhere, on any cloud, at enterprise scale. It is also one of the biggest buyers of Bitcoin. Its strategy has been to issue equity, debt and preferred stock to acquire the digital currency, and it has been on a buying spree.

Even Bahrain based Al Abraaj Restaurants Group B.S.C. (Ticker: ABRAAJ) (“Company”), a public listed company on the Bahrain Bourse, has announced that it put Bitcoin on its balance sheet. The Group has purchased Bitcoin in partnership with U.S. based 10X Capital, becoming the first publicly traded company in the Kingdom of Bahrain, the Gulf Cooperation Council (“GCC”), and the Middle East to acquire Bitcoin as a treasury asset.

MENA Governments all in on AI and Blockchain

It is no secret that Saudi Arabia is investing in AI as is UAE and Qatar. Additionally the UAE has been implementing blockchain within the government over the years but in recent times Abu Dhabi has stated it will utilize blockchain in the government. Agile Dynamics, a UAE based consulting firm, will work to develop a sovereign quantum resistant blockchain infrastructure with Abu Dhabi Department of Government Enablement in UAE. Agile Dynamics has been selected as the program’s strategic partner, while ADI Blockchain Foundation will be developing an AED stablecoin to be issued by First Abu Dhabi Bank, with the support of ADQ a sovereign investor and IHC an investor as well.

Then ofcourse there is Qatar with its digital asset tokenization strategy and Digital Assets Lab. Recently during the Qatar Economic Foundation, attendees got a glimpse of a future that might include stablecoins. The UAE is well ahead with its stablecoin regulations and its AECOIN.

PAL sees Bitcoin growth phase

Amidst all this Pal believes “With the dollar breaking down even today, it’s starting to suggest this may go into Q2 2026,” he said. Since the beginning of the year, the US Dollar Index has been down 8.995, sitting at 98.77 at the time of writing, according to data from TradingView. Bitcoin and DXY are inversely correlated. This means that when the dollar weakens, Bitcoin becomes more attractive not just as a speculative investment but as an alternative currency.

Pal also added that macroeconomic data has been a primary reason why the crypto cycle has always shifted further back. “It’s like the whole cycle got shifted cause rates didn’t get adjusted; the dollar was sideways for some time,” he said. He also said that the current market may show signs of looking like the market in 2020 more than the one in 2021, suggesting that it could be at an earlier growth phase than many are predicting.

Bitcoin began 2020 at $7,174, but dropped by 27% in March to $5,227. The asset then rebounded 129% to hit $11,990 in August, before witnessing a 304% increase, ending the year at $28,993.

One year after receiving license, BitOasis launches in Bahrain

One year after receiving license, BitOasis launches in Bahrain

BitOasis a crypto trading platform, which received its license in Bahrain in June 2024, and was acquired by CoinDCX crypto exchange, has now officially launched its operations in Bahrain with regional plans to reach 1 million users by 2026. Since its inception in 2016, BitOasis has processed over USD 7.4 billion in trading volume and raised over USD 40 million in funding. It also holds a license in Dubai UAE.

As per the announcement, BitOasis Bahrain will operate under a Crypto-Asset Services License from the Central Bank of Bahrain, delivering secure, compliant, and robust trading services for retail, corporate, and institutional users. It has also launched a premium services for high-net-worth individuals and institutional clients, featuring exclusive VIP offerings and dedicated relationship support. The platform also supports local bank transfers, ensuring seamless and efficient deposits and withdrawals across the GCC.

Attendees at the launch event were joined by Ali Dashti, the General Manager of BitOasis Bahrain, Ola Doudin, CEO and Co-Founder of BitOasis, and Sumit Gupta, Co-Founder of CoinDCX.

“Today marks a significant milestone as we proudly launch BitOasis in Bahrain,” said Ola Doudin, CEO and Co-Founder of BitOasis. “BitOasis has always stood for trust, providing the best experience for users, and maintaining a robust platform. With the backing of CoinDCX for over a year now, we are accelerating that mission. CoinDCX’s 200+ strong technology team now powers the platform’s backend, unlocking faster performance, deeper liquidity, stronger security, and a significantly enhanced product suite. Our ambition is clear: to reach one million users across the region by 2026, setting the gold standard for compliance, innovation, and customer experience.”.

According to IMARC Consulting, the GCC cryptocurrency market was valued at $744.3 million in 2024 and is projected to reach $3.5 billion by 2033, growing at a CAGR of 16.75%. Additionally, approximately 38% of crypto users in the region have annual incomes exceeding USD 15,000, reflecting a strong base of financially empowered individuals.

“For CoinDCX, MENA is not a market to merely enter—it’s a region to co-build. Since acquiring BitOasis in July 2024, we’ve seen tremendous progress. BitOasis secured a full VASP License from VARA in December 2024, and with its launch in Bahrain, we’re further strengthening our regional presence. By joining forces, we’re creating a platform that’s local at heart but global in strength. Our goal is to transform the market, building the most secure, compliant, and future-ready crypto platform in the region,” said Sumit Gupta, Co-Founder, CoinDCX.

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Bahrain Al Abraaj Restaurants puts Bitcoin on its balance sheet

Bahrain Al Abraaj Restaurants puts Bitcoin on its balance sheet

Bahrain based Al Abraaj Restaurants Group B.S.C. (Ticker: ABRAAJ) (“Company”), a public listed company on the Bahrain Bourse, announced that it has put Bitcoin on its balance sheet. As per the news on Zawya, the Group has purchased Bitcoin in partnership with U.S. based 10X Capital, becoming the first publicly traded company in the Kingdom of Bahrain, the Gulf Cooperation Council (“GCC”), and the Middle East to acquire Bitcoin as a treasury asset.

Al Abraaj has acquired an initial amount of 5 Bitcoin with plans to build on this initial purchase and begin allocating a significant portion of its corporate treasury into Bitcoin.

As per the announcement, Al Abraaj considers Bitcoin to be its reserve treasury asset. Al Abraaj is a profitable company, with 2024 EBITDA of USD $12.5 million. This move is designed to enhance the company’s asset portfolio and capitalize on emerging opportunities within the capital markets.​ Al Abraaj aims to innovate with shari’a compliant financial instruments to give the Islamic world broader exposure to Bitcoin.

The Company has partnered with 10X Capital, the NYC-based investment firm with a track record of managing treasury assets for publicly listed companies, and advising and capitalizing listed Bitcoin Treasury Companies, including most recently advising Nakamoto on its $710M financing (Nasdaq:KDLY), the largest capital raise to launch a Bitcoin Treasury Company and the largest private placement for any public bitcoin-related transaction ever. In collaboration with 10X, the Company plans to raise capital to acquire additional Bitcoin, with a goal of maximizing Bitcoin per share.

“Our initiative towards becoming a Bitcoin Treasury Company reflects our forward-thinking approach and dedication to maximizing shareholder value,” said Abdulla Isa, Chairman of the Bitcoin Treasury Committee of Al Abraaj Restaurants Group B.S.C.. “We believe that Bitcoin will play a pivotal role in the future of finance, and we are excited to be at the forefront of this transformation in the Kingdom of Bahrain. 10X is a proven leader in advising and bringing capital to listed Bitcoin Treasury Companies, and we welcome their partnership in helping us build the MicroStrategy of the Middle East.”​

“I’d like to congratulate Abdalla Isa and the team at Al Abraaj for adopting Bitcoin at the corporate treasury level, finally enabling anyone in the GCC with a brokerage account to gain Bitcoin exposure,” said Hans Thomas, CEO of 10X Capital. “Bahrain continues to be a leader in the Middle East in Bitcoin adoption, backed by a forward-thinking regulatory framework.” Mr. Thomas added, “The GCC, with a combined GDP of $2.2 trillion—larger than Canada, Russia, Italy, Brazil, Australia, South Korea, or Spain—over $6 trillion in sovereign wealth funds, and a population of just 57.6 million, has until now lacked a publicly listed Bitcoin treasury company like Strategy (Nasdaq: MSTR), Tesla (Nasdaq: TSLA), or Metaplanet (Tokyo: 3350.T). That changes today with ABRAAJ’s historic Bitcoin purchase, giving investors across Bahrain, Saudi Arabia, UAE, Kuwait, Qatar, and Oman access to Bitcoin through a publicly traded stock. In fact, almost anyone in the world can buy ABRAAJ stock by registering with the Bahrain Bourse.”

Al Abraaj Restaurants Group B.S.C. will implement robust custody, portfolio risk management and governance policies to oversee its Bitcoin holdings, including by creating a Bitcoin Committee that will consist of experienced Bitcoin investors and portfolio managers and global capital markets experts. The company intends to provide regular updates to shareholders and stakeholders regarding its Bitcoin-related activities.​

Recently Michael Saylor encouraged sovereign wealth funds in GCC to invest in Bitcoin.

Bahrain SGB bank appoints ex U.S. Federal Reserve Vice chairman

Bahrain SGB bank appoints ex U.S. Federal Reserve Vice chairman

Bahrain based Singapore Gulf Bank, a fully licensed digital bank in MENA with permission to integrate customers from across the world digitally and to serve crypto clients, has appointed the former U.S. Federal Reserve vice chair Randal Quaties as vice chairman of its newly-formed global advisory board. The new appointment aims to support the international growth.

Singapore Gulf Bank, which is backed by Whampoa Group and Bahrain’s sovereign wealth fund Mumtalakat, noted that the global advisory board would be chaired by Whampoa Group’s founder Amy Lee. Other board members include co-founder of China’s largest online travel agency Ctrip Fan Min, founding CEO of Boyu Capital Louis Cheung and Beyon Digital’s CEO Shaikh Mohamed Khalifa Al Khalifa.

Matrixport’s chairman Wu Jihan and Jiangsu General Chamber of Commerce’s president Fan Yurong are also members. Matrixport offers a comprehensive suite of innovative and easy-to-use crypto investment products and financial services tailored for all levels of expertise.

In April 2025, Singapore Gulf Bank (SGB) launched its personal banking services, and will enable instant movement between crypto and fiat via top licensed exchanges with instant off and on ramping. Earlier in 2024 Singapore Gulf Bank was in talks with a Middle East sovereign wealth fund to raise $50 million to acquire a stablecoin payments company in 2025 either in the Middle East or Europe.

The bank already offers digital asset/crypto custody services.

Daleel financial marketplace to integrate Binance Bahrain crypto products

Daleel financial marketplace to integrate Binance Bahrain crypto products

Daleel, a Middle East leading personalized financial marketplace will integrate and showcase cryptocurrency products from Binance Bharain. Through the Binance Link Program, Daleel will be able to access the top 10 crypto trading pairs from the largest and most liquid crypto exchange.

As per the press release, Daleel will become the first financial marketplace in the Middle East to present and compare information on cryptocurrency products alongside traditional financial services such as credit cards, loans and mortgages.

Users of Daleel’s platform will benefit from greater choice, the ability to seamlessly explore and access a wider range of financial products, while bridging the gap between traditional banking and digital assets.

Tameem Al Moosawi, Binance Bahrain GM, commented, “Cryptocurrency is being embraced around the world and providing access and visibility to crypto within a marketplace alongside traditional financial services will further legitimize crypto as an asset class. By adding cryptocurrency into everyday financial decision-making, we’re not just offering more choice, we’re defining what the future of finance looks like for millions of customers across the Middle East.”

PK Shrivastava, CEO at Daleel said, “We’re proud to be the first Middle East marketplace to offer crypto pricing from Binance, the largest crypto exchange. Through Daleel, customers in the Middle East will be able to access transparent information about cryptocurrency right alongside more traditional financial products.”

Daleel is a marketplace registered and licensed in the UAE and Bahrain and provides services in accordance with local regulations.

stc Bahrain collaborates with a new blockchain network, Conflux

stc Bahrain collaborates with a new blockchain network, Conflux

Conflux Network, a Layer 1 Blockchain network and stc Bahrain, a telecom operator anddigital enabler in the Middle East have collaborated in stc Bahrain’s Web3 Launchpad Program, specifically within the Pearling Path initiative, which aims to support emerging Web3 protocols as they expand in the Middle East.

Through this collaboration, stc Bahrain joins Conflux as a validator on the Conflux Network which will reinforce the security and efficiency of its consensus mechanism.

“This partnership with Conflux Network represents another step forward in our mission to position Bahrain as a hub for emerging technologies,” said Saad Odeh, Chief Wholesale Officer at stc Bahrain. “By operating a validator and supporting Conflux’s advanced blockchain infrastructure, we are empowering developers and enterprises to build transformative solutions, aligning with Bahrain’s Vision 2030.”

“We are thrilled to partner with stc Bahrain as a Pearling Path Partner under the Web3 Launchpad Program,” said Christian Oertel, Global Expansion Lead at Conflux Network. “Bahrain’s strategic location as a gateway between the Middle East and Asia creates a unique opportunity to drive blockchain innovation and connect decentralized economies across these regions. Together with stc Bahrain, we aim to build a secure and scalable foundation for decentralized applications.”

stc Bahrain has partnered with several blockchain networks over the past few years. Earlier this year decentralized privacy-focused network Nillion partnered with stc Bahrain as well as with Nirvana Labs.

Kratos decentralized gamer network launches regional headquarters in Bahrain

Kratos decentralized gamer network launches regional headquarters in Bahrain

Kratos Gamer Network (KGeN), a global Blockchain and AI decentralized gamer network, has launched its Middle East and North Africa (MENA) regional headquarters (HQ) in Bahrain. With over 21 million global gamers, KGeN begins on-ground operations in the MENA region to cater to the growing gaming market, which continues to experience unprecedented growth.

KGeN MENA headquarters introduces the universal gamer reputation framework, enabling gamers in the region to claim their legacy through the globally accepted “Proof of Gamer” system and to join the KGeN gamer network. KGeN’s Bahrain HQ is set to serve as a bridge between gaming communities in MENA and global game publishers seeking to engage with the passion of the gaming community in the region.

KGeN’s MENA headquarters in Bahrain also aims to drive innovation and growth in the rapidly evolving gaming and gamification ecosystem in the region via its blockchain-based user identity, reputation and loyalty framework to consumer-facing regional publishers who are looking at engaging their consumers via cutting-edge gamified and immersive offerings.

Manish Agarwal, Co-Founder of KGeN, highlighted that Bahrain’s progressive digital infrastructure and supportive business environment make it an ideal location for KGeN’s regional expansion. He emphasised that KGeN are excited to contribute to the region’s thriving gaming industry by providing top-tier technology solutions, partnerships, and expertise.

KGeN’s expansion aligns with its vision to empower consumer enterprises through AI-driven and blockchain-enabled gamification offerings. By leveraging Bahrain’s advanced ICT sector, KGeN aims to tap into emerging opportunities and collaborate with local and international consumer-facing entities.

Ali Al Mudaifa, Chief of Business Development at the Bahrain Economic Development Board (Bahrain EDB), emphasised that the strategic decision to establish their regional headquarters in Bahrain is a strong testament to the Kingdom’s dynamic and rapidly evolving tech ecosystem, which continues to attract a diverse range of innovative companies. He noted that it also highlights Bahrain’s growing reputation as a destination of choice for companies seeking access to skilled digital talent and world-class infrastructure.

Al Mudaifa noted that this milestone further strengthens Bahrain EDB’s commitment to supporting the development of the MENA region’s gaming industry, which is projected to reach a market value of USD 2.8 billion by 2026.

Binance payment service company BPay receives license in Bahrain

Binance payment service company BPay receives license in Bahrain

The Central Bank of Bahrain (CBB) has granted BPay Global B.S.C.(c) (BPay Global), a Binance Group payment services company, a Payment Service Provider (PSP) license to operate in the Kingdom of Bahrain. Binance customers will be able to top up and withdraw on an e-wallet fiat currency, as well as custody their fiat and crypto and make payments.

As per the press release, the PSP license will allow BPAY to offer fiat services to Binance customers globally, including fiat top ups and withdrawals, custody and other payment services. This will enable Binance customers to open an e-wallet and make fiat top ups on the Binance platform through bank transfers and debit/credit card payments. The license will also allow BPay Global to custody fiat on behalf of customers.

Commenting on this announcement, Mr. Abdulla Haji, Director of Licensing Directorate at CBB, said “We are pleased to announce the issuance of a license to a new payment service provider in Bahrain. This license represents a positive step in enhancing Bahrain’s digital payments ecosystem, particularly in its support for crypto-related sector as well as fiat payment solutions. The CBB remains committed to enabling a dynamic and progressive payment landscape that aligns with global advancements in financial technology.”

Mr. Tameem Almoosawi, General Manager of Binance Bahrain and BPay Global, commented: “We are glad to announce the launch of BPay Global and the first Payment Service Provider license received by a Binance company, allowing it to act as a payment service provider and e-wallet provider for users around the world. With this license, BPay Global will provide Binance users with further choice of low-cost fiat on- and off-ramps.”

Binance had previously received a license from the Central Bank of Bahrain back in 2023 and was able to offer crypto payments through Binance Pay.

Bahrain digital asset exchange ATME issues gold backed tokens

Bahrain digital asset exchange ATME issues gold backed tokens

Bahrain regulated digital assets exchange platform ATME, has issued gold-backed tokens with the support of the Central Bank of Bahrain marking it as the first case of its kind in the Kingdom of Bahrain.


ATME issued two tokens, designed for accredited investors, which were acquired by an eligible investor. Each token is backed by one kilogram of gold to provide a modern and secure way to invest in one of the most trusted assets for wealth preservation.


The company’s tokenized gold offering allows ownership of the physical metal without the complexities of storage or transportation. The tokens represent gold that is securely held in custody until its redemption or trade in ATME’s secondary market.


Commenting on the milestone, Alex Lola, Chief Executive Officer of ATME remarked, “Today marks a defining moment for ATME as we launch our first tokenized gold issuance. By combining the timeless value of gold with the transformative potential of blockchain technology, we are unlocking new ways for investors to access and trade high-value assets. This achievement highlights our team’s tireless dedication and our collective vision of building. We are excited about the possibilities ahead as we plan to expand our offerings to include more asset classes on our platform.”


The announcement also notes that future issuances will provide investors with access to a wider range of alternative assets. ATME remains focused on driving financial inclusivity and efficiency in the capital markets of Bahrain and the wider region.

AFS to offer stablecoin payment platform for merchants in UAE

AFS to offer stablecoin payment platform for merchants in UAE

Arab Financial Services (AFS), regulated by the Central Bank of Bahrain and Egypt, also holding a retail payment license in the UAE has partnered with Ternoa Blockchain to launch stablecoin and crypto payments across POS ( Point of Service) counters for UAE merchants. The partnership will expand across the GCC.

Ternoa, is a fast, secure & cost-efficient PayFi network that is designed to onboard billions of retail customers into crypto. Ternoa as per the announcement will use decentralized consumer finance protocol, Athar, a secure and cost-efficient PayFi network to onboard UAE merchants into the crypto and stablecoin era. Athar will enable stablecoin payments at Point-of-Sales (PoS) terminals.

AFS is owned by a total of 37 banks and financial institutions and services over 60 banks in more than 20 countries across the Middle East and African region.

The Athar protocol will make crypto payments easier and more accessible for every day transactions with AFS deploying the Athar solution for merchants in UAE.

Samer Soliman, AFS CEO noted that AFS is committed to driving innovation in the payments industry and expanding access to seamless, secure, and future-ready solutions.

He stated, “By integrating stablecoins and decentralized finance, we are unlocking new possibilities for merchants and consumers across the UAE, paving the way for the broader adoption of digital payments in the region.”

Ternoa CEO, Mr. Mickael Canu added, “The next big step for blockchain and digital finance is making it useful in everyday life. The payments and financial services industries are massive and bringing them onto Ethereum will open up exciting new possibilities. Our partnership using Athar with AFS will make digital payments faster, more secure, and accessible.”

AFS received UAE Retail Payment Service License in 2024

AFS recently made a strategic expansion into the United Arab Emirates (UAE). The move followed the successful acquisition of a Retail Payment Services License – Category II from the Central Bank of the UAE by Arab Financial Services L.L.C, allowing AFS to introduce a comprehensive suite of innovative and secure payment solutions tailored to the country’s dynamic financial landscape.

At the time Soliman noted that the license was a pivotal juncture in their regional expansion strategy. He noted that they were excited to launch innovative payment solutions in the country.

“Expanding into the UAE is a tremendous opportunity for us to bring our market-leading payment and fintech capabilities to a country that values innovation and security in digital financial services,” said Rizwan Khan, Managing Director for AFS UAE and Oman. “We are delighted to partner with local businesses and regulatory bodies to help nurture an inclusive digital ecosystem that meets the fast-evolving needs of the UAE and contribute to strengthening the country’s standing as a global fintech hub.”

UAE Central Bank passed stablecoin payments regulations

The UAE Central Bank in 2024 passed its stablecoin payment regulations that allowed regulated AED-backed stablecoins to be used inside the country for the purchase of products and services.