- The tripartite understanding offers a seamless and secure solution to trade, invest and exchange gold for over 8 million UAE Botim users
Dubai, UAE – November 22, 2023 – Astra Tech, the MENA region’s leading consumer technology holding group, and parent company of the Ultra App Botim, have forged a pioneering alliance with SAM Precious Metals and O-Gold, laying the blueprint for a digital gold management hub, providing a platform for consumers to invest and trade gold. This collaboration is cemented through an innovative Memorandum of Understanding (MoU) and aims to redefine the economic landscape by facilitating gold trading in the UAE and offering unprecedented investment opportunities within the commodities market.
Traditionally, the gold market in the UAE operated through a B2B model, often requiring a multitude of intermediaries before end-users could interact with the market or acquire the precious metal. SAM Precious Metals, one of the leading accredited precious metals refineries in the UAE, holding the esteemed UAE Good Delivery certificate and the Responsible Jewelry Council (RJC) Code of Practice (CoP) and Chain of Custody CoC) membership, will serve as the custodian of insured gold, setting the stage for a transformative shift. Partnering alongside is O-Gold, a trusted company specializing in gold investment and trading, which will integrate its innovative tech offering within Botim’s ecosystem, ensuring reliable stock market data and analysis. This integration enables the platform’s over eight million UAE-based users to convert their wallet balance into gold, allowing them to buy, sell, deliver or gift gold to their friends and family, all within an accessible, secure, compliant and user-friendly ecosystem.
This collaboration has the potential to set the roadmap for digital gold wallets, signifying a new era for commodities trading and investment in MENA. It unlocks a wealth of opportunities for users, offering them a secure gateway to gold as an investment option, that also allows them to opt to have the physical gold delivered to their doorstep, offering a unique and tangible investment opportunity, all while benefiting from the stability and value preservation gold has historically offered.
Abdallah Abu Sheikh, Co-founder of Astra Tech Group and CEO of Botim, commented: “Our association with SAM Precious Metals and O-Gold marks yet another milestone towards realizing our Ultra app mission to simplify our users’ lives everyday. This strategic collaboration ensures that we are spearheading financial inclusion, whilst fostering the development and adoption of the latest economic offerings across the MENA region. “
Sami Abu Ahmad, Principal CEO of SAM Precious Metals, said, “In this transformative era, SAM Precious Metals not only participates in innovation; we drive it. Our association with Astra Tech and O-Gold marks a defining moment for the entire gold trading ecosystem. We’re shifting paradigms, blending our deep-rooted expertise in precious metals with groundbreaking digital solutions. Our vision involves pioneering new frontiers in the realm of precious metals and establishing benchmarks that will shape the future of gold investment. We aim to craft a legacy of innovation that will resonate globally.“
Bandar Al Othman, Founder of O-Gold, noted, “In our tri-alliance with Astra Tech and SAM Precious Metals, converging tech innovation, visionary goals, and refining excellence. Together, we redefine gold transactions, creating an unparalleled future where accessibility meets excellence that sets new standards in the precious metal industry.”
The official signing ceremony took place at the Dubai Precious Metal Conference 2023, underscoring the unwavering commitment of all three companies that are providing innovative, secure, and accessible solutions. Astra Tech and O-Gold were Conference App Sponsors, exemplifying their dedication to advancing the MENA region’s economic landscape and position.