Astra Tech, a UAE-based consumer technology group, has announced that its Founder and CEO, Abdallah Abu Sheikh, will step down and sell his shares to current stakeholders. This planned transition supports Astra Tech’s ongoing growth and operational stability.
Long Ruan, Astra Tech’s CTO and co-founder, will serve as interim CEO, the company said in a statement.
Leadership shift
Abu Sheikh, who set up Astra Tech in 2022, led the company’s rapid expansion across MENA, building a portfolio including PayBy, Rizek, BOTIM and Quantix. Reflecting on his departure, 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.” Abdallah has not disclosed his next venture but indicated he plans to “build from the ground up.”
Support and recognition
“Abdallah’s futuristic vision and the speed of delivery have been instrumental in Astra Tech’s success,” said Peng Xiao, CEO of G42 and a board member at a town hall on November 11. “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.”
Astra Tech’s impact in the UAE extends beyond technology, with federal regulators and partners like G42 and Citi supporting its growth. Abdallah highlighted this broader mission: “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.”
