< Previous20 CEO MIDDLE EAST SEPTEMBER 2023 an you share the inspiration behind the establishment of Astra Tech and the driving force that led to the creation of the ultra app, Botim? If you were to put it in one line, Astra Tech is consolidating the consumer technology services ecosystem on one platform. This, in very short, is what our mission is. The driving force behind the ultra app vision was to address the signifi- cant gap in the market for a platform that seamlessly integrates communi- cation, financial transactions, ecom- merce services and many more via other mini-apps that are powered by the latest AI capabilities. Individuals and businesses alike are bombarded today with a plethora of fragmented services, for example, the UAE has more banks per capita relevant to its population size – which translates to a confusing market and oversupply of banks, ironically, leaving many unbanked. We foresee this frag- mentation persisting in other sectors, necessitating users to navigate through a maze of technologies which causes app fatigue. Astra Tech’s ultra app, Botim, invites everyone to the party, regard- less of age or financial background, consolidating diverse tech services into an accessible platform for all. Astra Tech has played a pivotal role in developing MENA’s largest consumer holding group. Could you elaborate on how this growth has contributed to the overall ecosystem of the UAE, as highlighted in the Genome 2023 report? The UAE’s growth has cultivated an environment that spurs innovation, entrepreneurship and economic diversification, bolstering the national business landscape. In the Emirates, a diverse population and businesses thrive, utilising chat, voice and video services for communication, as well as effi- cient mechanisms for money transfers, recharges and bill payments. On Botim, users access e-stores connecting them with direct sellers, CEO MIDDLE EAST SITS DOWN WITH ABDALLAH ABU-SHEIKH, CEO AND CO-FOUNDER OF ASTRA TECH TO EXPLORE THE FIRM’S ASPIRATIONS OF BECOMING THE WECHAT OF THE MIDDLE EAST AS IT HITS 150 MILLION USERS C ULTRA FAST COVER STORYSEPTEMBER 2023 CEO MIDDLE EAST 21 OUR FOCUS IS ON NURTURING AN INNOVATIVE CULTURE, CREATING AN ATMOSPHERE THAT PROMOTES COLLABORATION ABDALLAH ABU-SHEIKH | COVER STORY22 CEO MIDDLE EAST SEPTEMBER 2023 (From left) Roger Yang, founder of Y Finance, Abu Sheikh and Frankie Meng, founder of Y Investment Philippines and also tap into government services like visa processing, fine payments and Involuntary Loss of Employment (ILOE) assistance. The concept of the ultra app is intriguing. How does Botim leverage its extensive user base and integrated ecosystem to deliver a unique and valuable experience to its users? Astra Tech’s initiatives have posi- tively impacted local businesses and individuals by fostering innovation, creating job opportunities and enhanc- ing financial accessibility. For instance, our collaboration with Abu Dhabi Agriculture and Food Safety Author- ity (ADAFSA) has led to the growth of small businesses within the farmer community through improved financial literacy, accessibility to innovative fin- tech solutions to contribute to today’s digital economy. The expansion of Astra Tech internationally, such as the acquisition of a company in the Philippines and the foray into micro-lending, is impressive. What strategic vision prompted these global moves, and what is the overarching direction you’re steering the company toward on a global scale? The acquisition of a company in the Philippines and the expansion into micro- lending suggest a commitment to financial inclusion. What motivated Astra Tech to address these specific areas, and how do they align with the company’s overarching mission? In the Philippines, our acquisition of Y-Finance, a licenced financing com- pany, in conjunction with our partner- ship with Banco de Oro (BDO), the nation’s largest bank, underscores our commitment to seamless cross-border money transfers, benefiting both Filipinos in the UAE and their home country. The Philippines boasts one of the world’s largest population growth rates, with about three-quar- ters of its populace having internet access and near-universal mobile penetration. Despite these factors, the nation lags behind peer countries in terms of banking penetration. These endeavours epitomise our dedication to dismantling barriers and creating opportunities for underserved communities, aligning profoundly with our overarching mission of fostering a meaningful societal impact. Additionally, we’ve also established a partnership with Fawry in Egypt to enhance cross-border payments, and we are actively pursuing licencing op- portunities in various other countries as part of our expansion strategy. Our international expansion strategy, whether through partnerships or acquisitions, is consistently rooted in our response to the question of how we can drive positive change on local, regional and global scales. The ultra app Botim encompasses fintech and GPT ambitions. How do these elements synergise within the app, and what impact do you envision them having on underserved populations, particularly the underbanked? Botim’s adoption of GPT technology is intriguing. Could you explain how GPT enhances the user experience within the app and contributes to its overall value proposition? As mentioned, at the heart of Astra Tech’s mission lies a relentless com- mitment to empowering the unbanked and underserved. One example is our focus on blue-collar workers who of- ten face barriers to traditional bank- Botim aims to elevate the digital landscape of the MENA region COVER STORY | ABDALLAH ABU-SHEIKHSEPTEMBER 2023 CEO MIDDLE EAST 23 ing services. Through extensive re- search in the UAE, we discovered that these workers would spend an entire month’s salary over 12 months on international money transfers, factor- ing in transportation costs, transfer fees, and the significant time spent waiting in long queues. Within these communities, the potential of fintech solutions shines brightest, unlocking opportunities and transforming lives on an unprecedented scale. The synergy between fintech and GPT elements within the ultra app, Botim, is transformative. By leverag- ing AI and fintech capabilities, we are addressing the needs of underbanked populations, providing them with convenient and secure ways to access fi- nancial services, make transactions, and improve their overall financial wellbeing. Our Arabic Chat GPT service is set to enhance the user experience within Botim on a whole new level by enabling natural language interactions using the regional language, an important tunnel to access the AI generating personal- ised recommendations. This not only streamlines communication but most importantly steps into the real world through executional capabilities – im- mensely enriching the value proposi- tion of the app, all in all offering user insights, assistance and convenience that contribute to a more holistic digital experience. The transformation of Botim, PayBy and Rizek into a streamlined ecosystem is noteworthy. Can you shed light on the strategies and challenges involved in integrating these previously segregated entities into a cohesive unit? Botim has amassed a substantial global user base. How has the app managed to achieve such widespread adoption, and what factors have contributed to its success in the international market? With 150 million+ registered users our platform aligns with regional setups, regulations and priorities. Astra Tech’s journey from its inception in 2022 to its current status is remarkable. What were the pivotal moments and strategic decisions that paved the way for the company’s growth and evolution? In 2022, Astra Tech embarked on a transformative journey with an audacious goal: to leverage technology- driven financial services and unify the fragmented fintech landscape, ad- dressing app fatigue. This drive gave birth to Botim – an ultra app serving millions across the MENA region. It envisaged an inte- grated future, reinvigorating markets, empowering communities, and unlock- ing limitless opportunities. To bring this vision to life, we orchestrated a series of strategic acquisitions that shaped Astra Tech’s trajectory. Each move was carefully choreographed, becoming the corner- stone of our integrated approach. These weren’t mere transactions; they laid the groundwork for a holistic ecosystem seamlessly blending communication and financial services. The outcome was a unified experience, a harmonious fu- sion eradicating past inefficiencies that isolated entities had grappled with. Innovation appears to be a driving force behind Astra Tech’s success. How does the company foster a culture of innovation, and what role does it play in shaping the development of products like Botim and PayBy? We embrace a “Day 1” mindset, treating each day as a new beginning, steering clear of corporate rigidity. Our focus is on nurturing an innovative culture, creating an atmosphere that promotes collaboration, experimenta- tion, and ongoing learning. “WE EMBRACE A “DAY 1” MINDSET, TREATING EACH DAY AS A NEW BEGINNING” ABDALLAH ABU-SHEIKH | COVER STORY The synergy between fintech and GPT elements within the Botim app is transformative Our strategies encompass streamlined integration planning, technological synchronisation and ensuring a seam- less user journey, despite merg- ing diverse entities. As technology advances, we lead with AI, blockchain, and transformative tech to provide innovative solutions for individuals and businesses. The synergy between Botim, PayBy and Rizek offers a com- prehensive service suite. Users seam- lessly transition from communication to finance and on-demand services, enhancing convenience, efficiency and satisfaction within a unified ecosystem – setting Botim apart. Botim’s wide adoption comes from user-centric design and seamless func- tionality over a very simple use case: CHAT. We focus on valuable, diverse services while upholding user privacy. 24 CEO MIDDLE EAST SEPTEMBER 2023 The fintech landscape is rapidly evolving. How does Astra Tech ensure that its offerings, such as Botim and micro-lending, remain relevant and competitive in an ever-changing market? Astra Tech’s expansion into micro-lending reflects a broader mission. How does this initiative align with the company’s social and economic goals, especially in supporting underserved communities? Botim’s licenced fintech, PayBy, hosts 50,000+ merchants and handles billions of transactions. Our agile approach involves constant R&D and market adaptation, fuelled by trend tracking, user feedback and stringent security protocols. Our micro-lending venture aligns with equity goals, offering underserved communities financial access, promoting growth and lit- eracy. Through this, we’ve facilitated financial transactions at a large scale, simplifying eligibility and collabora- tion with names like MoneyGram and regional partners, fostering global re- mittance services for instant results. Astra Tech’s global expansion is impressive. Could you elaborate on the challenges and of tailoring our solutions to cater to the distinct demands of each market we operate in. Botim’s footprint spanning 155 countries has been instrumental in shaping our global outlook. This expansive presence brought forth both obstacles and avenues for growth. Navigating through diverse regulatory environments, cultural dynamics and user preferences served as valuable learning experiences, which have sub- stantially contributed to refining our strategic approach. These encounters have solidified our commitment to cus- tomising our offerings to cater to the unique requirements of every market, ensuring that we provide optimal value and resonate with the specific needs of our global user base. Astra Tech’s contributions to financial technology are evident. How do you envision the company’s role in shaping the future of fintech, particularly in the context of emerging technologies and trends? The collaboration between Botim, PayBy and Rizek showcases a holistic approach to consumer needs. Can you share examples of how this synergy translates into tangible benefits for users? Astra Tech in May entered a partnership with Etihad Airways that will enable customers to book flights through Botim. The deal was signed by Antonoaldo Neves, CEO of Etihad Airways and Abu-Sheikh The deal between Botim and Fawry resulted in the first-ever digital bill payments for Egyptian expats in the UAE. Atef Magdy, CCO, Financial Services, Digital Solutions and International Business with Abu-Sheikh opportunities you encountered while establishing a presence in international markets, and how these experiences have shaped the company’s strategic outlook? Establishing a presence in interna- tional markets required adapting to varied regulatory frameworks, cultural intricacies and user preferences. These experiences have signifi- cantly influenced our strategic per- spective, underscoring the importance 155 The number of countries in which Botim currently operates COVER STORY | ABDALLAH ABU-SHEIKH Astra Tech is one of the biggest players to the ever-growing tech ecosystem of the MENA regionSEPTEMBER 2023 CEO MIDDLE EAST 25 This synergy of finance and technol- ogy is unlocking unparalleled potential, making a significant impact on regional prosperity. The introduction of Arabic GPT exemplified our efforts to cater to diverse linguistic needs, whilst bridging the gap between technology and under- served populations. This innovation was not just about convenience; it was about erasing barriers and ensuring that technology could be harnessed by all, regard- less of language or background. The service is being integrated into all of the services provided by the wider Botim app, from ecommerce to fintech solutions, as well as processes like routine governmental transactions and hospitality reservations. One example already in the works is Botim’s partnership with Etihad Airways to allow for flight bookings using Botim GPT. Users will be able to book flights by typing in the details of the itinerary they wish to book, and the service will complete the rest on its own, effectively eliminating much of the hassle of manually booking flights. Could you highlight some success stories or testimonials that showcase the positive impact Botim has had on individuals, particularly those who were previously underserved by traditional financial institutions? Recently we collaborated with ADAF- SA to organise a workshop at ADAF- SA’s headquarters. The purpose of this workshop was to introduce licenced local farmers to the Botim ultra-app’s e-store. Via the ultra-app’s expansive user base of over 8 million individuals in the UAE, will allow local farmers to significantly boost their brand’s online presence and visibility, it will also enable farmers to embrace digital transformation, adopt new approaches in marketing and distribution and gain access to a range of convenient and My legacy would be one of transformative impact, innovation and empowerment. I envision the company’s con- tinued growth and innovation by remaining agile, responsive to market trends, and committed to making a meaningful difference in the lives of all individuals and communities regionally and globally. Our journey will be marked by a legacy of posi- tive change, technological advance- ment and a steadfast commitment to financial inclusion. Pivotal moments and strategic decisions, such as focusing on user- centric design, forming strategic partnerships and embracing emerg- ing technologies have fuelled Astra Tech’s growth. Our unwavering dedication to innovation, adapting to market trends and aligning our goals with the changing needs of our users have been instrumental in shaping our journey. Astra Tech’s journey will be marked by a legacy of positive change, technological advancement and a steadfast commitment to financial inclusion, says Abu-Sheikh cashless payment options through the app’s advanced fintech capabilities. With 38,000 operational farms in the UAE, there’s massive potential, but many farmers are excluded from digital advances. The Botim ultra-app aims to bridge this gap, creating a dynamic marketplace for farmers and consumers. Astra Tech is dedicated to empow- ering the underserved, like blue-collar workers. In the UAE, our research revealed they spend a month’s salary over a year on costly international money transfers, including fees, trans- portation, and long queues. Our fin- tech solution holds immense potential within these communities, providing a comprehensive banking system acces- sible via chat. As the CEO of Astra Tech, what legacy do you hope to leave behind, and how do you envision the company’s continued growth and innovation in the years to come? ABDALLAH ABU-SHEIKH | COVER STORY OUR UNWAVERING DEDICATION TO INNOVATION, ADAPTING TO MARKET TRENDS AND ALIGNING OUR GOALS WITH THE CHANGING NEEDS OF OUR USERS HAVE BEEN INSTRUMENTAL IN SHAPING OUR JOURNEY26CEO MIDDLE EAST SEPTEMBER 2023 n the post-pandemic era, the hybrid work model has become the new norm in many industries. Approximately 50 percent of companies in the UAE of- fer some form of hybrid work model, and 80-90 percent of workers report that hybrid working would be desir- able for them. As work paradigms continue to evolve, it’s vital to consider whether these emerging practices truly enrich corporate culture and employee wellness. There are many who prefer the hybrid model of work as it offers greater flexibility, enabling employees to tailor their work environment according to their personal preferences and lifestyle needs, potentially improving work-life balance. It can also lead to increased productivity, as employees can often concentrate better without office-based distractions. The hybrid model can save commuting time and costs, and it may allow companies to tap into a broader talent pool not limited by geography. On the flipside, the hybrid model can sometimes blur the boundaries between personal and professional life, leading to potential overwork. Communication and collaboration can become more challenging, with the risk of misunderstandings and feelings of isolation or disconnection from colleagues. There may be concerns about fairness and inequality, as those working remotely might miss out on informal networking opportunities, face-to-face mentoring, or spontane- ous collaboration that occurs in an office setting. Also, it may be harder for managers to oversee the work and maintain the team’s cohesion and company culture. For employees, adapting to the volatility and uncertainty in the workplace is an ongoing and complex task. How well they adjust hinges on their interpretation of the situation, their established coping strategies, and the support extended by their employers. The push and pull of hybrid working has yet to be adjusted to SELF-AWARENESS IS MORE IMPORTANT THAN EVER IN THE ERA OF ONGOING WORKPLACE ADJUSTMENTS To be emotionally agile and adaptive, develop a repertoire of stress management techniques that work for you, says Wood WELLNESS BY DR. LUCY WOOD, DCLINPSYC (UK), CLINICAL PSYCHOLOGIST, THE LIGHTHOUSE ARABIA I WELLNESSSSEPTEMBER 2023 CEO MIDDLE EAST 27 WELLNESS “SELF-AWARENESS IS AN ONGOING AND LIFE-LONG PROCESS THAT REQUIRES DEDICATION AND PATIENCE ” Engage in activities that promote your physical, emotional, and mental well-being Two key factors in an employee’s coping abilities are 1) self-efficacy, their confidence in managing chal- lenges, and 2) self-awareness, the conscious understanding of their personal attributes. Both of these ele- ments can be significantly influence your wellness. In a hectic and demanding work setting, carving out time to foster “self-awareness,” consistently reflect and review, and maintain a connec- tion with oneself can be challenging, but it’s crucial for your well-being and ongoing adaptation to new work methods. Here are some proactive steps you can take towards this: Make a commitment to your self-awareness Self-awareness is an ongoing and life- long process that requires dedication and patience. Start by setting aside quiet moments each day to connect with yourself. Listen to your thoughts, feelings, and body signals, tuning in to both the pleasant and unpleas- ant sensations. Keep a journal to record your thoughts and emotions, as writing can provide insights into your internal world. Regularly seeking feedback from trusted individuals in your life can also help broaden your self-understanding. Over time, these actions can significantly boost your self-awareness, empowering you to make informed decisions for your overall well-being. Prioritise self-care Insist on making self-care a non- negotiable and indispensable part of your routine. Engage in activities that promote your physical, emotional, and mental well-being. These can include exercise, meditation, time outdoors, hobbies, or connecting with loved ones. Taking care of yourself will help you recharge your batteries and stay connected. Reflect and re-evaluate You will change and thus, what you need will also change. Regularly reflect on your well-being and as- sess whether the hybrid work model is still working for you. Consider whether you need to make ad- justments to better support your overall well-being. This may include discussing your needs with your supervisor or exploring flexible work arrangements that fit your individual circumstances. Seek support when needed Share your concerns, challenges and experiences with trusted colleagues, friends or family members. Have open and honest conversations about your well-being. Also, take advantage of resources provided by your employer, such as employee assistance pro- grammes and counselling services, when available. By taking these steps, you can actively contribute to your own well- being. With self-awareness, self-care and open communication, you can feel more equipped to handle the ongoing adjustment process, building resilience and impacting your overall wellbeing. Practice stress management techniques Change is stressful, and many changes all at once can be even more stressful. To be emotionally agile and adaptive, develop a repertoire of stress manage- ment techniques that work for you. Not every technique works for every- one, so you will need to create your own tool box of activities that work for you to keep stress at bay. These may include deep breathing exercises, mindfulness meditation, journal writ- ing, or creative activities. Remember to not wait till you are stressed to engage in these instead, incorporate these techniques into your routine on a regular basis to reduce stress and develop a sense of calm and balance. 28 CEO MIDDLE EAST SEPTEMBER 2023 s the UAE continues to make strides on its ambitious path to becoming a global powerhouse, there is an increasing demand for a vital but often overlooked resource – ware- house space. Economic forecasts indicate robust growth for the UAE, with real GDP projected to rise by around 4.3 percent in 2024. With this anticipated expansion, the demand for warehouse space is set to surge – providing pivotal support to the country’s economic momentum. Warehousing is more than just storage The connection between warehouse space and economic growth might not be immediately apparent. However, warehousing – an integral part of supply chain management – is critical for the smooth functioning of the economy. A well-established warehousing system helps with the efficient storage and movement of goods, accommodating day-to-day operations and, in turn, business prosperity and expansion. As of 2023, the UAE has an impres- sive warehouse capacity spread across its emirates, however, the demands of a thriving economy are relentless, and the challenge of meeting the growing need for warehouse space remains. This is particularly noticeable with the largest warehouse units, of which there is cur- rently a shortage. The constraints of limited ware- house space can deter broader eco- nomic growth. Limited space can result in increased costs, impede the effec- tive management of inventory, disrupt production and delivery schedules, and stifle business growth. If you extrapolate those factors across entire industries, the overall knock-on effects on GDP can be substantial. But the UAE, known for its proactive approach to problem-solving, is addressing this challenge head-on. Across the UAE, concerted efforts are underway to augment warehouse capacity. Large tracts of land are being earmarked for the construction of state- of-the-art warehouses, particularly in strategic locations near major trans- port hubs such as ports and airports. Although the specifics vary from emirate to emirate, the overall trend is indica- tive of an expanding warehousing sector ready to support the UAE’s next phase of economic growth. Unveiling the essential role of warehousing to success THE UNSEEN DRIVER OF THE UAE’S ECONOMIC GROWTH A robust warehousing infrastructure can be seen as an indicator of a growing and robust economy, Jallad says ECONOMY BY RAMY JALLAD, CEO, RAS AL KHAIMAH ECONOMIC ZONE (RAKEZ) $11.87BN The projected size of the UAE’s logistics market between 2021 and 2026, according to Technavio ASEPTEMBER 2023 CEO MIDDLE EAST 29 ECONOMY “THE STORY OF THE UAE’S ECONOMIC GROWTH IS STILL BEING WRITTEN, AND WAREHOUSES WILL UNDOUBTEDLY PLAY A KEY ROLE IN THE NARRATIVE” RAKEZ will continue to maintain its investment-friendly ecosystem and support the growth of businesses in the UAE Just how important is warehousing? Analysis of industry-specific demand for warehouse space reveals some clear frontrunners. The manufacturing sector has over a quarter of the market, but ecommerce – which has experienced a boom in the wake of the pandemic – is also on the up. Following closely are logistics and food and beverage. These sectors, in particular, stand to ben- efit significantly from the enhanced warehousing capabilities, as they have a growing need to deliver products to customers and businesses even faster than before. Comparatively, countries such as China and the United States, with their well-developed warehousing infrastruc- tures, have long recognised the economic value of warehouse space. China’s vast network of warehouses has been instru- mental in supporting its manufacturing dominance, while in the US, a strong warehousing sector has facilitated the rapid growth of e-commerce – with a projected market volume of $1.45 trillion by 2027. Amazon has already expanded its warehousing capacity in the UAE by 70 percent with a new centre. Looking at other global players, countries such as Germany and Singa- pore have reaped significant economic benefits from advanced warehousing and logistics systems. Germany, with its well- developed infrastructure and strategic location, is Europe’s leading logistics hub, while Singapore’s state-of-the-art warehousing facilities have been instru- mental in maintaining its position as a premier bridge between East and West. In a similar vein, the UAE’s empha- sis on expanding warehouse space aligns with the broader vision of creating a diversified, resilient, and dynamic economy. Notably, the emirate of Ras Al Khaimah has gained recognition for its strategic location and the availability of expansive warehouse solutions. Offering easy access to major trade routes and markets, Ras Al Khaimah presents a viable choice for businesses seeking to also a testament to its ambitious growth trajectory. The growth of warehouse space can have a ripple effect on other sectors of the economy. For instance, a robust warehousing sector can boost real estate, construction, transportation, and related industries, creating jobs and stimulating further economic growth. But the importance of warehouse space extends beyond the realm of economics. The expansion and moderni- sation of warehouses also pave the way for implementing advanced technologies like automation, robotics, and AI. While increasing efficiency and reducing costs, these technologies also spur innovation, fostering a business environment condu- cive to growth and competitiveness. This is a huge part of the UAE’s wider vision, and warehousing is the perfect test bed for this innovation. The vital role of warehouse space in the UAE’s economic growth narra- tive should not be underestimated. It’s more than just empty space – it’s a cru- cial cog in the machine of individuals, businesses, whole industries, and entire countries. Businesses need to recognise this opportunity and make strategic decisions to secure warehouse space, particularly in promising emirates like Ras Al Khaimah. The story of the UAE’s economic growth is still being written, and warehouses will undoubtedly play a key role in the narrative. flourish in the UAE. In a broad sense, warehouses are not merely spaces for storing goods; they are hubs of economic activity, playing a vital role in inventory management, job creation, business ex- pansion, and enhancing trade efficiency. Thus, a robust warehousing infrastruc- ture can be seen as an indicator of a growing and robust economy. What is the future of warehousing in the UAE? As the UAE continues its journey toward true diversification, the role of warehouse space will only grow in importance. The increasing demand for warehouse space is not only a reflection of the nation’s economic vibrancy but Next >