Dr Tariq Bin Hendi

The UAE has demonstrated remarkable economic resilience in 2024, with GDP totalling Dhs430bn in the first quarter, with a 3.4 per cent growth. This robust performance reflects the resilience of the country’s strategic economic sectors. Additionally, in November 2024, the UAE launched ‘The National Investment Strategy 2031’. Focusing on key sectors like advanced manufacturing and renewable energy, the strategy aims to double cumulative foreign direct investment to nearly $354bn and triple the FDI balance to $599bn by 2031. The UAE’s fintech and startup ecosystem too has flourished. The UAE’s fintech market is now projected to grow from $3.16bn in 2024 to $5.71bn by 2029, driven by a progressive regulatory environment and the rapid adoption of digital banking solutions.

For us at Astra Tech, this year has been transformative, marked by significant milestones that have not only reinforced our position as a leader in digital transformation but also aligned us closely with the UAE’s ambitious vision for the future.

In 2024, Astra Tech made substantial strides by joining forces with the World Economic Forum (WEF) to shape the future of AI and digital finance. This partnership underscores our commitment to responsible and ethical technological development on a global scale. Our engagement with WEF’s Centre for the Fourth Industrial Revolution (C4IR) has positioned us at the forefront of global discussions on AI governance, financial inclusion, and digital infrastructure. Our flagship Ultra Platform has continued to revolutionise digital ecosystems, integrating fintech, AI-powered solutions, and conversational commerce into a seamless experience for over 155 million users worldwide. The introduction of the “Send Now, Pay Later” feature via our Botim Ultra App has further simplified financial transactions, enhanced user convenience and promoted financial inclusion.

In November 2024, PayBy Technology Projects, an Astra Tech company and a leading fintech platform in the UAE, achieved a significant milestone by securing a gaming-related license from the General Commercial Gaming Regulatory Authority (GCGRA). This license enables PayBy to offer financial services to GCGRA-licensed commercial gaming operators, marking a pivotal step in the authority’s mission to establish a well-regulated commercial gaming sector in the UAE. As the first fintech to obtain this license, PayBy will operate under the ‘Gaming-Related Vendor License’ category. The company is now authorised to provide a variety of services to gaming operators, including digital wallets, secure payments, and advanced fraud detection systems.

In 2025, Astra Tech is poised to build on these achievements with a focus on expanding our global footprint and deepening our technological capabilities through strategic partnerships. We aim to extend our reach into new markets, leveraging our robust digital infrastructure. We will continue to lead in AI and fintech, developing cutting-edge technologies that drive efficiency, security, and inclusivity in digital finance. We remain committed to advancing financial inclusion in the region, especially intending to empower the underbanked population with a frictionless financial experience.

We remain committed to driving innovation and excellence in digital transformation. Our achievements in 2024 have built a strong foundation, and we are excited to continue our journey. Together, we will navigate the challenges and opportunities ahead, ensuring that Astra Tech remains at the cutting edge of technological advancement and global leadership.