UAE investment group Astra Tech to raise $500m to develop an ‘ultra’ digital platform – The National

UAE investment group Astra Tech to raise $500m to develop an ‘ultra’ digital platform – The National

Astra Tech, a UAE-based technology investment and development group, is looking to raise $500 million in funding as it prepares to develop and launch a new digital platform that seeks to simplify the consumer shopping experience.

The "ultra platform", said to be a first in the Arab world, will allow sellers and consumers around the world to directly transact with each other for services and products in a single venue, eliminating the complexity of using several apps, Astra Tech said on Tuesday.

The group has been making strategic acquisitions, which will be disclosed soon, and recruiting global talent to expand operations, said Abdallah Abu Sheikh, founder and chief executive of Astra Tech.

"Our goal is not to reinvent the wheel, but to repurpose familiar platforms to create what we call an ‘ultra platform’," he said.

"The company’s vision is to simplify the way people communicate, shop, pay and transact. [The platform] will allow businesses and vendors worldwide to effortlessly connect with customers across a variety of essential everyday services and products, enriching users’ lives with speed and simplicity."

E-commerce sales in the Mena region are expected to grow to about $50 billion in 2022, according to Dubai-based e-commerce company CNNB Solutions.

Abdallah Abu Sheikh, founder