Astra Tech, Botim CEO Abdallah Abu Sheikh on AI’s impact on business

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The UAE’s  ‘Year of Sustainability’ (observed throughout 2023) was a resounding success. Through the first six months, the GDP grew by 3.7 per cent and non-oil growth surged by 5.9 per cent to spearhead the country’s overall economic growth.

Similarly, the second half of the year has further contributed to Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai’s vision of diversifying away from oil.

The recently concluded COP28, which saw over $30bn being pledged to create fairer climate systems, is the most notable example as it reinforced this year’s overarching theme of sustainability while accelerating the realisation of a more prosperous future.

Beyond the obvious, and highly necessary, environmental realm of sustainability, the use of artificial intelligence (AI) – an integral component of nurturing sustainable economic growth in our ever-evolving digital world – is being increasingly emphasised. For the Middle East, the annual growth in the contribution of AI is expected to range between 20-34 per cent annually through 2030, and the UAE, forecasted to undergo the fastest growth, is spearheading this charge.

Taking the country’s ambition to become a leading nation in AI by 2031 into consideration, we at Astra Tech have accordingly enhanced our AI capabilities to bolster this mandate.

Drawing inspiration from the phenomenon that ChatGPT was in late 2022, Astra Tech introduced the world’s first Arabic GPT in early 2023 – a few months after announcing our acquisition of Botim and vision to transform it into the world’s first-ever Ultra app. This has since become an instrumental element of our mission to simplify the everyday lives of our 150 million-plus users as it seamlessly caters to all of Botim’s features from remittance to e-commerce and more.

We have much more to share about Botim in 2024, specifically in the AI space, but our efforts to grow our company, enhance users’ lives, and bolster the UAE’s overall standing extend far beyond AI.

Astra Tech is focused on forging collaborations

Forging partnerships with MoneyGram to facilitate international money transfers and Mastercard to introduce prepaid debit cards to serve underbanked communities are among several notable collaborations that we have initiated to strengthen our fintech offerings and optimise user efficiency. While fintech remains the bread and butter of our operations, and AI is becoming an increasingly important staple, our ability to spur positive change on a global scale is an equally important objective.

If 2023 has proved anything, it is that unity is more needed than ever before. The turbulence of political turmoil overseas and concerns of a looming recession reinforce this notion. Thus, as an organization, we have taken on the responsibility of stepping in to assist where possible; this includes efforts such as enabling zero-fee remittances to Morocco to ease the burden of the unfortunate earthquake that struck the people of Marrakesh this past September, and more recently, building upon our ongoing partnership with Emirates Red Crescent to mobilise nearly a quarter million people through humanitarian relief for Gaza.

As we look forward to the opportunities 2024 will bring, I emphasise the words of Maya Angelou: “If you don’t know where you’ve come from, you don’t know where you’re going.” Whether knowingly or unknowingly, the UAE has done a tremendous job of embodying this quote by establishing its foundations, laying out a blueprint for future growth, and updating it consistently with an array of forward-thinking initiatives that help the country inch closer toward its goals. At Astra Tech, we are adamant about duplicating this template as we believe being present is the best way to progress.

We, as a company, collectively strive to propel the country’s economy, its businesses, and people to new heights. So, together, let us view this year as a new chapter and embark on a journey where innovation meets compassion while remembering that progress is measured not only in economic terms but especially in the positive impact we make on others’ lives.