After building the region’s first ultra platform, Abdallah Abu Sheikh departs as CEO
Astra Tech, an Emirati consumer technology holding group in the MENA region, announces the departure of its Founder and CEO, Abdallah Abu Sheikh. Abdallah is stepping down from his role and selling his stakes to the existing shareholders. This carefully planned transition ensures the company’s continued growth, sustainability, and scalability.
Journey of Innovation and Impact
Abdallah Abu Sheikh, a serial entrepreneur, founded Astra Tech in 2022. It swiftly grew into a powerhouse with a diverse portfolio, including PayBy, Rizek, BOTIM, and Quantix. Reflecting on his journey, Abdallah said, “I am extremely proud and humbled by Astra’s journey; it’s been a lifetime honour to be able to build and serve users at this magnitude. I have done my building, and now it’s time for new leadership to grow what we have built.” At the time of filing this report, Abdallah did not disclose his next business venture but mentioned he would go back to building from the ground up.
Ensuring Business Continuity
Long Ruan, the CTO and co-founder of Astra Tech, will take charge in interim period. Long’s deep understanding of the company’s history, personal connections with key stakeholders, and commitment to Astra Tech’s vision make him well-suited for this period of transition. “Thanks to his dreams and energy, we have collectively achieved so much. I am honoured to serve Astra Tech through this new chapter and into new heights; we have so much that we are very excited to release for our users in days to come.
Board’s Confidence and Gratitude
In a town hall meeting held on November 11 to honour Abdallah’s legacy and departure, Peng Xiao, Group Chief Executive Officer, G42 and a board member representing the Astra’s current board, expressed gratitude and confidence in the transition, saying, “Abdallah’s futuristic vision and the speed of delivery have been instrumental in Astra Tech’s success. He has led the company to great heights over the past years, and we respect his decision to pursue new ventures. Now, it’s time to look at the new chapter. We are committed to upholding the values he instilled and continuing the legacy of innovation and impact. This well-thought-out decision ensures that Astra Tech will remain a leader in the fintech landscape.”
Supporting SMEs and Regional Economic Growth
The support from the federal regulators, public sector enterprises like G42, and global banks like Citi underscores the confidence in Astra Tech’s governance, financials, mission and growth potential. The intense chemistry promises to help individuals and SMEs, contributing to the nation’s and region’s growth beyond the hydrocarbon economy. “Since its inception, Astra Tech has evolved from an emerging tech company into a dominant force in fintech. Its diverse portfolio, including PayBy, BOTIM, and Rizek, has transformed how users in the region engage with technology,” added Abdallah Abu Sheikh. “Astra Tech’s dedication to financial inclusion, innovation, and user experience has propelled its growth from a start-up to the fintech powerhouse in the region, driven by a mission to empower people through technology. Astra Tech has become one of the region’s most valuable tech firms. Astra Tech’s success proves the UAE’s robust economic framework and commitment to fostering innovation and the UAE’s emergence as a leader in fintech innovation, driving economic diversification and sustainable growth.
Last Updated on 1 month by News Desk 1
