Abu Dhabi's artificial intelligence and cloud computing company G42 will be the lead investor in the latest funding round of $500 million for Dubai-based consumer technology development and investment company Astra Tech.
The funding round, which started in October, will be closing soon, Astra Tech said in a statement on Monday, without disclosing the exact timetable and details of other investors.
The company, which recently acquired FinTech platform PayBy and Rizek, the UAE-based super app for on-demand home services, will use the latest funding to acquire other consumer platforms globally.
“Backed by prominent global and regional investors, the round is meant to equip Astra Tech with the resources to expand its portfolio of smart solutions across e-commerce, communications, FinTech, news and more,” the company said.
Founded in January, Astra Tech is also building an “ultra platform” that aims to simplify the way people communicate, shop, pay and transact. The platform will allow businesses and vendors worldwide to seamlessly connect with customers across a variety of services and products in a single, interconnected ecosystem, eliminating the complexity of using different apps.
“We are continuously seeking to combine exceptional human talent with the necessary technical and financial resources to enable the development of the most advanced AI powered-solutions for both the public and private sectors,” said Peng Xiao, group chief executive of G42.
“We are pleased to be supporting Astra Tech with its latest round of funding, one that will establish it as the go-to regional platform for consumer technology and services."
The start-up ecosystem in the Middle East and North Africa region has received a strong boost in recent years as entrepreneurs tap into innovation to address consumer needs.
Funding for start-ups in the UAE — one of the top destinations for venture capital investments in the Mena region — rose by about 5 per cent in the third quarter to $148 million, according to data platform Magnitt.
Earlier this month, the Emirates also launched a new programme aimed at supporting and honouring the top 100 start-ups that will have a significant impact on the country's economy and boost its readiness for the future.
The Future 100 initiative will support new economic sectors such as space, renewable energy and emerging technology, which will shape the country's future economy, the Ministry of Economy and the Ministry of Governmental Development and Future said at its launch.
“Our disruptive next generation ultra platform will bring together selected consumer technologies, products, and services and is specifically designed to address the platform fatigue many users are experiencing today,” said Abdallah Abu Sheikh, founder and chief executive of Astra Tech.
“We continuously seek to align with the national drive for digital transformation by delivering an innovative and revolutionary ecosystem, something beyond what the super platforms of today have to offer,” said Mr Abu Sheikh. The Jordanian entrepreneur is also the founder of other start-ups such as Rizek and Bark EV, an electric vehicle company.
We continuously seek to align with the national drive for digital transformation by delivering an innovative and revolutionary ecosystem
Abdallah Abu Sheikh,
founder and chief executive of Astra Tech
A super platform is an ecosystem of many apps that are either built together or bundled through third-party integrations. They usually work with freelancers and small and medium enterprise service providers to improve their skills and help them land more opportunities.
Astra Tech's ultra platform intends to provide connectivity between consumers and businesses, enabling users to access home, e-commerce and FinTech services within one place, three times faster than through competing platforms, the company said.
FA CUP FINAL
Chelsea 1
Hazard (22' pen)
Manchester United 0
Man of the match: Eden Hazard (Chelsea)
'Hocus%20Pocus%202'
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Victims%20of%20the%202018%20Parkland%20school%20shooting
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WTL%20SCHEDULE
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Crime%20Wave
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Company%20profile
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MATCH INFO
Manchester City 1 Chelsea 0
De Bruyne (70')
Man of the Match: Kevin de Bruyne (Manchester City)
ABU%20DHABI'S%20KEY%20TOURISM%20GOALS%3A%20BY%20THE%20NUMBERS
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Dubai Bling season three
Cast: Loujain Adada, Zeina Khoury, Farhana Bodi, Ebraheem Al Samadi, Mona Kattan, and couples Safa & Fahad Siddiqui and DJ Bliss & Danya Mohammed
Rating: 1/5
RESULTS
Main card
Bantamweight 56.4kg: Mehdi Eljamari (MAR) beat Abrorbek Madiminbekov (UZB), Split points decision
Super heavyweight 94 kg: Adnan Mohammad (IRN) beat Mohammed Ajaraam (MAR), Split points decision
Lightweight 60kg: Zakaria Eljamari (UAE) beat Faridoon Alik Zai (AFG), RSC round 3
Light heavyweight 81.4kg: Taha Marrouni (MAR) beat Mahmood Amin (EGY), Unanimous points decision
Light welterweight 64.5kg: Siyovush Gulmamadov (TJK) beat Nouredine Samir (UAE), Unanimous points decision
Light heavyweight 81.4kg: Ilyass Habibali (UAE) beat Haroun Baka (ALG), KO second round
The five pillars of Islam
1. Fasting
2. Prayer
3. Hajj
4. Shahada
5. Zakat
SPECS
Engine: Two-litre four-cylinder turbo
Power: 235hp
Torque: 350Nm
Transmission: Nine-speed automatic
Price: From Dh167,500 ($45,000)
On sale: Now
How does ToTok work?
The calling app is available to download on Google Play and Apple App Store
To successfully install ToTok, users are asked to enter their phone number and then create a nickname.
The app then gives users the option add their existing phone contacts, allowing them to immediately contact people also using the application by video or voice call or via message.
Users can also invite other contacts to download ToTok to allow them to make contact through the app.
if you go
The flights
Emirates have direct flights from Dubai to Glasgow from Dh3,115. Alternatively, if you want to see a bit of Edinburgh first, then you can fly there direct with Etihad from Abu Dhabi.
The hotel
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Located in the heart of Mackintosh's Glasgow, the Dakota Deluxe is perhaps the most refined hotel anywhere in the city. Doubles from Dh850
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Events and tours
There are various Mackintosh specific events throughout 2018 – for more details and to see a map of his surviving designs see glasgowmackintosh.com
For walking tours focussing on the Glasgow Style, see the website of the Glasgow School of Art.
More information
For ideas on planning a trip to Scotland, visit www.visitscotland.com
Key facilities
- Olympic-size swimming pool with a split bulkhead for multi-use configurations, including water polo and 50m/25m training lanes
- Premier League-standard football pitch
- 400m Olympic running track
- NBA-spec basketball court with auditorium
- 600-seat auditorium
- Spaces for historical and cultural exploration
- An elevated football field that doubles as a helipad
- Specialist robotics and science laboratories
- AR and VR-enabled learning centres
- Disruption Lab and Research Centre for developing entrepreneurial skills
RESULT
Shabab Al Ahli Dubai 0 Al Ain 6
Al Ain: Caio (5', 73'), El Shahat (10'), Berg (65'), Khalil (83'), Al Ahbabi (90' 2)
Ten tax points to be aware of in 2026
1. Domestic VAT refund amendments: request your refund within five years
If a business does not apply for the refund on time, they lose their credit.
2. E-invoicing in the UAE
Businesses should continue preparing for the implementation of e-invoicing in the UAE, with 2026 a preparation and transition period ahead of phased mandatory adoption.
3. More tax audits
Tax authorities are increasingly using data already available across multiple filings to identify audit risks.
4. More beneficial VAT and excise tax penalty regime
Tax disputes are expected to become more frequent and more structured, with clearer administrative objection and appeal processes. The UAE has adopted a new penalty regime for VAT and excise disputes, which now mirrors the penalty regime for corporate tax.
5. Greater emphasis on statutory audit
There is a greater need for the accuracy of financial statements. The International Financial Reporting Standards standards need to be strictly adhered to and, as a result, the quality of the audits will need to increase.
6. Further transfer pricing enforcement
Transfer pricing enforcement, which refers to the practice of establishing prices for internal transactions between related entities, is expected to broaden in scope. The UAE will shortly open the possibility to negotiate advance pricing agreements, or essentially rulings for transfer pricing purposes.
7. Limited time periods for audits
Recent amendments also introduce a default five-year limitation period for tax audits and assessments, subject to specific statutory exceptions. While the standard audit and assessment period is five years, this may be extended to up to 15 years in cases involving fraud or tax evasion.
8. Pillar 2 implementation
Many multinational groups will begin to feel the practical effect of the Domestic Minimum Top-Up Tax (DMTT), the UAE's implementation of the OECD’s global minimum tax under Pillar 2. While the rules apply for financial years starting on or after January 1, 2025, it is 2026 that marks the transition to an operational phase.
9. Reduced compliance obligations for imported goods and services
Businesses that apply the reverse-charge mechanism for VAT purposes in the UAE may benefit from reduced compliance obligations.
10. Substance and CbC reporting focus
Tax authorities are expected to continue strengthening the enforcement of economic substance and Country-by-Country (CbC) reporting frameworks. In the UAE, these regimes are increasingly being used as risk-assessment tools, providing tax authorities with a comprehensive view of multinational groups’ global footprints and enabling them to assess whether profits are aligned with real economic activity.
Contributed by Thomas Vanhee and Hend Rashwan, Aurifer
Living in...
This article is part of a guide on where to live in the UAE. Our reporters will profile some of the country’s most desirable districts, provide an estimate of rental prices and introduce you to some of the residents who call each area home.
The stats
Ship name: MSC Bellissima
Ship class: Meraviglia Class
Delivery date: February 27, 2019
Gross tonnage: 171,598 GT
Passenger capacity: 5,686
Crew members: 1,536
Number of cabins: 2,217
Length: 315.3 metres
Maximum speed: 22.7 knots (42kph)
How to apply for a drone permit
- Individuals must register on UAE Drone app or website using their UAE Pass
- Add all their personal details, including name, nationality, passport number, Emiratis ID, email and phone number
- Upload the training certificate from a centre accredited by the GCAA
- Submit their request
What are the regulations?
- Fly it within visual line of sight
- Never over populated areas
- Ensure maximum flying height of 400 feet (122 metres) above ground level is not crossed
- Users must avoid flying over restricted areas listed on the UAE Drone app
- Only fly the drone during the day, and never at night
- Should have a live feed of the drone flight
- Drones must weigh 5 kg or less
Avatar: Fire and Ash
Director: James Cameron
Starring: Sam Worthington, Sigourney Weaver, Zoe Saldana
Rating: 4.5/5
Company%20profile
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UK’s AI plan
- AI ambassadors such as MIT economist Simon Johnson, Monzo cofounder Tom Blomfield and Google DeepMind’s Raia Hadsell
- £10bn AI growth zone in South Wales to create 5,000 jobs
- £100m of government support for startups building AI hardware products
- £250m to train new AI models
