Dubai's Largest Bank Eyes Bitcoin
Emirates NBD, Dubai's largest bank, is reportedly opening to the idea of allocating 0.5% to 1% of its wealth management portfolios to Bitcoin. The potential move frames the cryptocurrency as a form of "digital gold." This represents a significant step by a major traditional financial institution in the Middle East towards adopting digital assets.
- The commentary came from Maurice Gravier, Group Chief Investment Officer for wealth management at Emirates NBD, during an interview with CNBC. He specified the bank is only considering Bitcoin at this stage, not other cryptocurrencies like Ethereum, due to its established role as a store of value. - Emirates NBD's asset management division oversees approximately $16 billion in assets as of September 2025. A 0.5% to 1% allocation from its wealth portfolios would therefore represent a potential investment of $80 million to $160 million into Bitcoin. - The bank's internal financial models reportedly project a fair value for Bitcoin near $100,000 within the next 12 months. Gravier noted that the current valuation appears more attractive for an entry point compared to six months prior. - This potential move aligns with a broader trend of institutional interest in digital assets within the UAE. For instance, Abu Dhabi's sovereign wealth fund, Mubadala, has already invested in Bitcoin exchange-traded funds (ETFs). - The exploration of a Bitcoin allocation is occurring within an increasingly defined regulatory landscape in the UAE. The new Federal Decree Law No. 6 of 2025 brings the entire virtual asset ecosystem under the direct supervision of the UAE Central Bank for the first time. - This new legal framework, which provides a one-year transition period for compliance ending in September 2026, distinguishes between virtual assets used for payments and those for investment, creating clearer rules for institutions like Emirates NBD to operate. - Gravier also highlighted the significant growth of stablecoins in the Middle East for remittances and trade, noting that transaction volumes for dollar-pegged stablecoins now surpass those of major card networks like Visa and Mastercard in the region. - Emirates NBD is the second-largest bank in the UAE, with total assets exceeding $272 billion as of December 2025.
