Financial
How the Middle East is pioneering the next Chapter of the blockchain revolution

By Khurram Shroff, CEO, iMining Technologies
Global finance is undergoing a transformation as profound as it is inevitable, and Bitcoin’s recent rise to $106,000 has become more than a financial milestone. It symbolizes a seismic shift in how value is perceived, stored, and transacted. In this new paradigm, the Middle East – long a hub of trade and innovation – is emerging as a pivotal force, turning Bitcoin’s potential into action.
“The Middle East’s historical role as a crossroads for commerce and culture gives it a unique vantage point in embracing Bitcoin’s transformative potential,” says Khurram Shroff, CEO of iMining Technologies and one of the world’s earliest advocates of Bitcoin innovation. “Our region is leveraging its strategic strengths to lead this new economic chapter.”
The foundation of Bitcoin’s new role
Bitcoin’s evolution over the past decade has been nothing short of extraordinary. Originally dismissed as a speculative tool for the tech-savvy elite, it has matured into a legitimate store of value and a hedge against economic instability. Recent geopolitical shifts have further amplified its role. For instance, the incoming Trump administration in the United States has signalled a more cryptocurrency-friendly stance, with President-elect Trump considering a national Bitcoin reserve akin to the strategic oil reserve.
“Bitcoin’s ascent is redefining how nations approach monetary policy,” observes Shroff. “This isn’t just about speculative digital assets anymore, it’s about redefining trust and sovereignty in the global financial landscape.”
Unlike any other asset, Bitcoin’s decentralized nature makes it uniquely positioned to thrive in diverse economic contexts. The Middle East, however, holds a distinctive advantage – its strategic role as a global trade hub and its openness to leveraging cutting-edge technology. Shroff notes, “The Middle East has a real opportunity to shape how Bitcoin will redefine financial ecosystems globally.”
Institutional and corporate adoption
One of the most transformative aspects of Bitcoin’s journey is its growing adoption by institutional players. In the Middle East, regulatory foresight has created fertile ground for corporations and governments to explore digital assets. Giants like Tesla and MicroStrategy may have led the way globally, but GCC institutions are now carving their niche.
“The UAE’s Virtual Asset Regulatory Authority (VARA) and initiatives within the DIFC sandbox have laid a strong foundation,” Shroff notes. “This clarity has emboldened businesses to integrate Bitcoin into their portfolios. It’s increasingly being treated as a strategic asset.”
What sets the Middle East apart is its collaborative approach. Policymakers, financial institutions, and technology innovators are working in concert to integrate Bitcoin into economic frameworks. Beyond diversification, this ecosystem aims to create a sustainable model for blockchain integration. There has been an increasing emergence of a broader vision: to transform the Middle East into a global hub for blockchain-driven economic innovation.
Bitcoin as a global settlement layer
Cross-border trade has historically relied on systems like SWIFT, which often require intermediaries to process transactions, leading to delays, high fees, and a lack of transparency. International money transfers using SWIFT can take several days to settle and incur substantial costs due to correspondent banking fees. These limitations have created opportunities for alternatives like Bitcoin, which offers near-instant settlement and lower transaction costs while removing the need for intermediaries.
“The real revolution lies in Bitcoin’s ability to act as a settlement layer,” Shroff explains. “Imagine treaties negotiated in Bitcoin or cross-border transactions settled instantly without intermediaries. This is where the Middle East’s geographic and technological advantages converge. The potential for this has always been there and we’re now seeing it played out more regularly.”
The GCC’s early adoption of blockchain in logistics and trade has positioned the region as a forward-thinking hub for technological innovation. What truly sets this effort apart is the nuanced focus on practical outcomes, such as improving the transparency and efficiency of supply chains.
Sustainable mining: The GCC’s green edge
Bitcoin mining has long been a flashpoint in debates around environmental sustainability. Yet, the Middle East – home to some of the world’s most ambitious renewable energy projects – is flipping the script. Initiatives like Saudi Arabia’s NEOM and the UAE’s Masdar City are proving that Bitcoin mining can align with ecological priorities.
“Green energy isn’t just a checkbox; it’s the future,” Shroff asserts. “With solar farms powering mining operations, the GCC is turning environmental critiques into competitive advantages.”
Projects such as “Green Blocks” are pioneering models where excess renewable energy is channelled into Bitcoin mining. The shift toward renewable mining has attracted global attention. Partnerships between GCC entities and international tech firms have facilitated the development of blockchain data centers powered entirely by clean energy. For instance, HODLER Investments, based in the UAE, has partnered with Abu Dhabi’s EHC Investment to launch NEXGEN Energy Infrastructure. This venture aims to monetize wasted energy, such as flared gas, to power AI and blockchain data center infrastructure, contributing to the UAE’s Net Zero 2050 and Digital Economy Strategy.
The Lightning Network and financial inclusion
Bitcoin’s Layer 2 technologies, such as the Lightning Network, are making transactions faster and cheaper. These advancements are particularly impactful in regions with limited access to traditional banking. For the Middle East, the implications are profound.
“The Lightning Network is financial empowerment in the truest sense,” says Shroff. “For millions of migrant workers sending remittances home, this means more money in their families’ hands, not lost to fees.”
In Lebanon, a country wrestling with financial collapse, Bitcoin has emerged not just as a lifeline but as a symbol of resilience. Apps leveraging Bitcoin’s capabilities have stepped in where traditional banking has faltered, enabling people to transfer value in a system no longer reliant on failing infrastructure. Beyond remittances, blockchain-backed identity systems are rewriting the rules of access for refugees and stateless individuals across the region. These tools, seamlessly integrated with Bitcoin wallets, provide secure, verifiable avenues to basic financial services.
Hyperbitcoinization: A decentralized future
The concept of hyperbitcoinization – where Bitcoin becomes the default global monetary system – is no longer confined to theoretical discussions. From El Salvador’s bold adoption to Africa’s growing use cases, the movement is gaining traction. In the Middle East, the cultural and economic context offers fertile ground for this transition.
“Hyperbitcoinization is about decentralization and resilience,” Shroff reflects. “In a region where autonomy and community are deeply valued, Bitcoin represents a natural evolution in how we approach money and governance.”
Experts anticipate pilot programs for Bitcoin-backed currencies within GCC states by 2025, setting the stage for broader regional adoption. These initiatives could redefine how value is exchanged and stored in the Middle East. The integration of Bitcoin into public services – such as utility payments and government transactions – is also expected to accelerate hyperbitcoinization efforts.
Challenges and opportunities
No revolution comes without hurdles. Bitcoin’s volatility, regulatory fragmentation, and the need for education remain significant challenges. Yet, the Middle East’s proactive policies and cultural adaptability provide a robust framework for overcoming these obstacles.
“The dialogue between regulators, innovators, and educators is critical,” Shroff emphasizes. “Only through collaboration can we ensure that Bitcoin’s integration is both effective and equitable.”
To address volatility, GCC institutions are exploring stablecoins pegged to Bitcoin, combining blockchain’s benefits with price stability. Such innovations could serve as bridges for risk-averse stakeholders. In this timeline, 2025 could be a crucial year.
Bitcoin and the new year
The emergence of Bitcoin-backed monetary experiments could redefine how countries approach financial independence. GCC nations, for example, are exploring scenarios where Bitcoin serves as an economic stabilizer in times of fiat currency volatility. Unlike gold, which has been a traditional reserve asset, Bitcoin’s liquidity and programmable nature allow it to serve dual roles – both as a reserve and as a transaction-enabling tool.
Shroff envisions Bitcoin playing a pivotal role in safeguarding national economies against external shocks. “We’re already seeing a shift where Bitcoin is not just a hedge but a proactive tool for economic strategy,” he says. “It’s the modern equivalent of a trade currency, but with the adaptability and speed that our interconnected world demands.”
Shroff emphasizes the transformative potential of such moves: “In 2025, we will decisively move towards a world where financial access isn’t a privilege but a right, and Bitcoin is central to that evolution.”
Beyond its immediate economic applications, Bitcoin’s decentralized governance model is inspiring a cultural shift in how societies view power and trust. For the Middle East, where community-driven solutions are deeply valued, this presents an opportunity to align technology with traditional social frameworks. “Bitcoin is as much a cultural revolution as it is a financial one,” Shroff observes. “It challenges us to rethink the systems we’ve relied on and offers the tools to build something more equitable and sustainable.”
Financial
ADIB’s Retail Banking Chief Discusses Market Leadership and Product Innovation Strategy

Exclusive Interview with Amit Malhotra, Group Head of Retail Banking, ADIB

- You launched the remittance service “Remit!” this month in collaboration with Visa. Why might this service contribute to the expansion of your business? How have customers responded to it? And is it limited to the UAE market, which is seeing a growing influx of migrant labour?
The launch of “Remit!” with Visa represents an important milestone for ADIB, expanding our product portfolio and meeting the evolving needs of customers who increasingly require secure, rapid, and cost-effective remittance solutions. It also reflects the bank’s unwavering commitment to innovation, customer-centricity, and financial inclusion.
The UAE, with its large and growing expat population, provides a strong foundation for such services, and remittances remain a critical financial lifeline for many residents. ADIB’s new service leverages the power of Visa’s global network to deliver fast, reliable, and transparent cross-border transfers. This offering not only reinforces ADIB’s position as a leader in digital banking solutions but also addresses the evolving needs of a diverse customer base in one of the world’s largest remittance markets. With a large and ever-growing expatriate population, the demand for secure, rapid, and cost-effective remittance solutions is essential and
the launch of “Remit!” with Visa Direct is a strategic response to the UAE’s unique market dynamics. Visa Direct, known for its real-time payment capabilities, empowers ADIB customers to send funds internationally with unprecedented ease and speed. Transfers that once took days can now be completed within hours—This “remittance at your fingertips” approach transforms the user experience, removing traditional barriers and complexities that have long characterized cross-border payments.
Early feedback has been highly encouraging. Customers value the seamless integration with Visa’s global network, which allows transfers to be completed within hours rather than days. They also appreciate the user-friendly app interface, responsive customer support, and the added confidence of Visa’s robust security protocols. These features have proven particularly reassuring for first-time remittance users.
At present, “Remit!” is tailored for the UAE market. However, given the scale of Visa’s infrastructure, the platform is designed with future scalability in mind, creating potential for expansion into other markets with similar demand.
- What is the volume of investments the bank has injected into new products since the beginning of the year, and what are your expectations for the fourth quarter?
ADIB has consistently invested in new products throughout the year as part of its broader commitment to innovation and growth solidifying its reputation as a market leader in Islamic banking. While specific figures are not disclosed, our strategy prioritizes supporting emerging opportunities and diversifying our product offerings. These include fractional sukuk This innovative product allows a wider range of customers to participate in sukuk investments by lowering the minimum investment threshold, making Islamic finance more accessible and flexible.
Looking to the fourth quarter, we expect momentum to remain strong, with a focus on solutions that address evolving customer needs and position ADIB for sustained long-term growth. The Exceed Rewards Program provides customers with enhanced opportunities to earn and redeem points across a variety of partners and platforms. This program is tailored to deepen customer engagement and loyalty while offering tangible value. Enhanced ATM and CDM Machines: Investment in upgraded ATM and Cash Deposit Machines (CDMs) has modernized branch and self-service banking. These machines now offer improved reliability, increased security, and expanded functionality, catering to evolving customer expectations for convenience and efficiency. In response to the growing demand for digital banking, ADIB has rolled out more than 30 new digital services. These encompass everything from account management and mobile payments to advanced analytics and customer support, ensuring that clients have access to seamless, secure, and personalized banking experiences.
Looking to the fourth quarter, we expect momentum to remain strong, with a focus on solutions that address evolving customer needs and position ADIB for sustained long-term growth.
- Do you intend to launch a new product before the end of the current year?
Innovation remains a central focus for ADIB, and this year has already seen the successful launch of market-first offerings, including the pioneering Smart Sukuk platform. Our strong pipeline of new initiatives reflects this momentum.
While details cannot be shared at this stage, we are actively developing a range of products designed to set new benchmarks in Islamic finance and digital banking. As the year progresses, we expect to announce further launches that demonstrate our commitment to delivering value-driven, Sharia-compliant solutions.
- How many fractional sukuks are currently available on the bank’s platform launched this year, and what is their total size?
ADIB’s Smart Sukuk platform currently offers around 70 sukuk listings, representing a diverse and high-quality suite of Sharia-compliant fixed-income securities. These listings provide retail investors with access to opportunities that were previously reserved for institutional players.
The platform’s fractional model has lowered the minimum investment threshold from USD 200,000 to just USD 1,000, significantly broadening access and participation. Each sukuk varies by issuer, maturity, yield, and asset structure, enabling investors to build well-diversified portfolios in line with their financial objectives.
- What are your financial performance expectations for the bank this year, in terms of growth of profit and returns?
Building on strong momentum in the first half of the year, we expect continued momentum. This performance will be underpinned by solid demand in customer finance, particularly in retail, where ADIB now holds the leading market share in personal and home finance.
Our strategy also emphasizes diversification, with a clear focus on growing non-funded income and fee-based revenues to ensure greater stability and sustainability. With our strong market position and resilient operating model, we are confident in our ability to deliver superior returns and long-term value for all stakeholders.
- Does the bank have any new expansion plans in existing markets or plans to enter new markets next year?
Our near-term focus is on deepening our presence in core markets where ADIB already enjoys a strong footprint, such as the UAE and Egypt. The priority is to strengthen relationships with existing customers by enhancing cross-sell opportunities, upgrading digital platforms, and expanding advisory and support services.
By tailoring solutions and offering integrated product bundles, we aim to deliver more value and build lasting relationships. This approach ensures that growth is sustainable, while leveraging ADIB’s strong brand reputation in markets where we already have scale and expertise.
Financial
Rent Instalments Dubai: How Slices Reshape Tenant Loyalty


By Omar Abu Innab, CEO & Co-founder
In Dubai, the handover of a rent cheque often feels like a financial earthquake. For many tenants, it is the single largest outgoing of the year — one that empties savings accounts, spikes anxiety, and disrupts liquidity overnight. Traditional rent structures, whether annual lump sums or quarterly payments, may suit landlords, but they rarely reflect the way people actually earn and spend money. Salaries arrive monthly, bills are spread weekly, and life’s surprises never wait for cheque dates.
This mismatch does more than strain finances. It creates uncertainty and detachment. Tenants under pressure from upfront costs are less likely to renew, more likely to negotiate aggressively, and often hesitant to see their rental as a long-term home.
The Slice Effect: A Shift in Behaviour
Break the rent into twelve manageable instalments, however, and the entire psychology changes. Rent instalments in Dubai don’t just ease cash flow; they reframe how tenants view their homes. Instead of confronting a yearly burden, rent becomes a predictable routine woven into monthly salary cycles, much like utilities or car payments.
This subtle shift encourages tenants to stay longer. Not because they are tied down, but because they no longer face the stress of large financial shocks. Rent is reframed from a hurdle into a lifestyle expense, creating loyalty that landlords value. Lower turnover means fewer vacant periods, steadier income, and stronger landlord-tenant relationships.
Rent Now, Pay Later: A Quiet Revolution
Dubai’s rental market, once dominated by cheque culture, is transforming. Platforms like Keyper have introduced Rent Now, Pay Later (RNPL), enabling tenants to pay monthly while landlords continue receiving rent on their preferred schedule — even upfront.
The dual benefits are striking. Tenants enjoy breathing space and improved cash flow. Landlords retain financial security and stability. Automation bridges the gap, ensuring seamless transactions. Beyond convenience, RNPL creates ripple effects: tenants channel savings into investments or lifestyle upgrades, landlords attract stronger demand, and properties offering RNPL gain a competitive edge in the market.
Trust Through Proptech
Scepticism around flexible payments is natural. Landlords often worry about defaults or unreliable tenants. Proptech innovation addresses this head-on. By embedding tenant screening, open banking, and digital KYC processes, platforms ensure that only qualified tenants gain access to instalment options.
This screening provides landlords with confidence while giving tenants a frictionless, subscription-style experience. The outcome is a healthier rental ecosystem where both sides trust the process. Properties listed with RNPL attract interest faster, lease quicker, and enjoy higher renewal rates.
More Than Money: Cultural Change in Renting
Flexible rent payments are not only about financial management — they represent a cultural shift. Tenants paying monthly are more likely to personalise their homes, join neighbourhood communities, and think long-term. They do not just occupy apartments; they build lives in them.
In a global city like Dubai, where talent continually arrives from abroad, this cultural stickiness is invaluable. By reducing churn and fostering belonging, RNPL aligns Dubai with international leasing standards. For professionals moving from cities like London or New York, monthly rent instalments feel familiar, making Dubai more competitive as a destination.
Why Instalments Mean Belonging
The shift from lump sums to instalments does more than spread payments. It changes perceptions. Tenants breathe easier when the mountain of rent is broken into smaller hills. They stay longer, invest emotionally in their homes, and engage with their communities. For landlords, this means steadier returns. For the city, it enhances financial well-being and strengthens community ties.
Cheque culture once defined Dubai’s property landscape. Today, rent instalments in Dubai — powered by RNPL — are writing a new narrative. Flexible payments bring stability, foster loyalty, and encourage tenants not just to rent, but to settle in.
Read our previous post on Ryan Acquires Dhruva Stake Expanding Middle East Presence
Financial
US based Ryan and Dhruva Form Strategic Joint Venture to Expand Global Tax Services Footprint

Dhruva, a premier tax advisory firm with deep expertise across the Middle East, India, and Asia, today announced a strategic investment by Ryan, a leading global tax services and software provider. This partnership marks a significant step in Ryan’s expansion into the Middle East, India, and Asia, enhancing its ability to serve clients in high-growth markets while reinforcing its global capabilities.
As part of the transaction, US based Ryan will acquire a majority stake in Dhruva, creating a joint venture in India, Ryan’s senior leadership will join the Board of Dhruva, Partners of Dhruva will acquire equity in Ryan, ensuring long-term alignment, and Dinesh Kanabar, CEO of Dhruva Advisors, will take on the role of Vice Chairman at Ryan.
Founded in 2014 by Dinesh Kanabar, Dhruva has rapidly grown into one of the most respected tax advisory firms in India and the UAE. With 38 partners and senior leaders, supported by over 500 professionals across 11 offices in the Middle East, India, and Singapore, Dhruva advises leading businesses across industries such as aerospace, automotive, chemicals, finance, healthcare, technology, and real estate.
“Joining Ryan is a major milestone in Dhruva’s global growth journey as this partnership extends our global reach,” said Dinesh Kanabar, Chairman and CEO of Dhruva. “My leadership team and I chose to partner with Ryan because we believe it provides the strongest platform for our clients and team members for continued success. I am encouraged by the alignment of our respective leadership teams to meet the growing needs of our multinational clients and look forward to driving that growth in my new role as Vice Chairman at Ryan.”
“This partnership with Ryan is a defining moment for Dhruva. For the Middle East, this partnership is more than just scale – it’s about combining global expertise and regional insights. Together we are not only expanding scale but also shaping the future of tax advisory in the Middle East,” said Nimish Goel, Partner and Head of Middle East at Dhruva.
“We are excited to enter into this strategic partnership with Dhruva, which gives us a client-facing presence in the Middle East for the first time. The combination of our two firms will provide clients with unrivalled service in one of the fastest-growing markets for tax advisory services in the world,” said Tom Shave, President, Europe & Asia Pacific, Ryan.
Dhruva’s services span corporate tax and regulatory advisory, M&A tax structuring, indirect tax, transfer pricing, and cross-border trade compliance.
This move builds upon Ryan’s longstanding presence in India, where the firm has operated for over two decades with a primary office in Hyderabad, while marking its first client-facing entry into the Middle East. Together, Ryan and Dhruva will now expand across the Middle East and Asia with offices in Dubai, Abu Dhabi, Riyadh, and Singapore.
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