Astra Tech, the Dubai-based technology-focused investment firm backed by Abu Dhabi’s G42, has teamed up with Sharia-compliant savings and investment company National Bonds to provide savings and investment opportunities for UAE users of its internet calling platform Botim.
A memorandum of understanding signed by the two companies aims to give low and medium-income Botim customers access to microfinance options through National Bonds to improve their financial well-being and boost their savings, Astra Tech said on Thursday.
Botim customers will be able to invest and save through Al Manassah, a digital investment tool owned by National Bonds, which will provide them with Sharia-compliant asset-backed financial solutions with end-to-end automation.
“Through the power of Botim, individuals can now effortlessly access and explore a wide range of investment opportunities, paving the way for a more secure and prosperous financial future,” said Abdallah Abu Sheikh, chief executive of Astra Tech and Botim.
“Through this partnership, we are expanding our range of services and enabling our users to conveniently invest and save – these are two elements of finance which have always had high barriers of entry in the region, but we are slowly changing this for the better.”
The world’s digital revolution, which accelerated during the Covid-19 pandemic, has transformed the financial services sector and spurred wider financial inclusion, leading to more people than ever before having access to bank accounts and investment platforms to save for their futures, according to the World Bank’s Global Findex 2021 report released last year.
The pandemic also raised widespread concern over personal financial issues, highlighting the importance of saving, having an emergency fund for short-term cash needs and having enough money for retirement.
Forty-five per cent of UAE residents still need to start saving for their retirement, a 2022 survey by insurance company Friends Provident International found.
About 44 per cent of people in the UAE expect to retire by 55, while 63 per cent hope to before they turn 60, according to the FPI survey.
Botim customers will also be able to invest in National Bonds savings certificates, which offer yearly profits and includes a rewards programme.
“This strategic approach not only enables us to actively contribute to the financial prosperity and secure future of UAE citizens and residents but also empowers us to reach out to a wider audience,” said Mohammed Qasim Al Ali, group chief executive of National Bonds, which is owned by the Investment Corporation of Dubai.
“Through our various programmes and solutions, we aim to extend our impact and benefit an even broader range of individuals.”
In March, Astra Tech, which secured $500 million in a funding round led by G42 in December, said it had obtained a Mastercard principal membership licence, which allows it to issue Mastercard-branded physical and digital cards through its PayBy and Botim platforms.
Astra Tech's partnership with Mastercard “will provide users with even greater financial flexibility and convenience through Botim's ultra app, which is due for launch in the second quarter”, Mr Abu Sheikh told The National at the time.
Astra Tech acquired PayBy last August and VoIP platform Botim in December.
Four reasons global stock markets are falling right now
There are many factors worrying investors right now and triggering a rush out of stock markets. Here are four of the biggest:
1. Rising US interest rates
The US Federal Reserve has increased interest rates three times this year in a bid to prevent its buoyant economy from overheating. They now stand at between 2 and 2.25 per cent and markets are pencilling in three more rises next year.
Kim Catechis, manager of the Legg Mason Martin Currie Global Emerging Markets Fund, says US inflation is rising and the Fed will continue to raise rates in 2019. “With inflationary pressures growing, an increasing number of corporates are guiding profitability expectations downwards for 2018 and 2019, citing the negative impact of rising costs.”
At the same time as rates are rising, central bankers in the US and Europe have been ending quantitative easing, bringing the era of cheap money to an end.
2. Stronger dollar
High US rates have driven up the value of the dollar and bond yields, and this is putting pressure on emerging market countries that took advantage of low interest rates to run up trillions in dollar-denominated debt. They have also suffered capital outflows as international investors have switched to the US, driving markets lower. Omar Negyal, portfolio manager of the JP Morgan Global Emerging Markets Income Trust, says this looks like a buying opportunity. “Despite short-term volatility we remain positive about long-term prospects and profitability for emerging markets.”
3. Global trade war
Ritu Vohora, investment director at fund manager M&G, says markets fear that US President Donald Trump’s spat with China will escalate into a full-blown global trade war, with both sides suffering. “The US economy is robust enough to absorb higher input costs now, but this may not be the case as tariffs escalate. However, with a host of factors hitting investor sentiment, this is becoming a stock picker’s market.”
4. Eurozone uncertainty
Europe faces two challenges right now in the shape of Brexit and the new populist government in eurozone member Italy.
Chris Beauchamp, chief market analyst at IG, which has offices in Dubai, says the stand-off between between Rome and Brussels threatens to become much more serious. "As with Brexit, neither side appears willing to step back from the edge, threatening more trouble down the line.”
The European economy may also be slowing, Mr Beauchamp warns. “A four-year low in eurozone manufacturing confidence highlights the fact that producers see a bumpy road ahead, with US-EU trade talks remaining a major question-mark for exporters.”
Temple numbers
Expected completion: 2022
Height: 24 meters
Ground floor banquet hall: 370 square metres to accommodate about 750 people
Ground floor multipurpose hall: 92 square metres for up to 200 people
First floor main Prayer Hall: 465 square metres to hold 1,500 people at a time
First floor terrace areas: 2,30 square metres
Temple will be spread over 6,900 square metres
Structure includes two basements, ground and first floor
Vidaamuyarchi
Director: Magizh Thirumeni
Stars: Ajith Kumar, Arjun Sarja, Trisha Krishnan, Regina Cassandra
Rating: 4/5
Results
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Why are asylum seekers being housed in hotels?
The number of asylum applications in the UK has reached a new record high, driven by those illegally entering the country in small boats crossing the English Channel.
A total of 111,084 people applied for asylum in the UK in the year to June 2025, the highest number for any 12-month period since current records began in 2001.
Asylum seekers and their families can be housed in temporary accommodation while their claim is assessed.
The Home Office provides the accommodation, meaning asylum seekers cannot choose where they live.
When there is not enough housing, the Home Office can move people to hotels or large sites like former military bases.
