Astra Tech founder Abdallah Abu Sheikh is selling his stake, steps down as CEO
Abdallah Abu Sheikh is selling his stake to existing Astra Tech shareholders
Dubai: Abdallah Abu Sheikh, co-founder and CEO of Astra Tech, one of UAE’s high-profile fintechs and owner of the video-calling app Botim, is exiting from the business.
He will be selling his stake in Astra Tech to existing shareholders. Astra Tech has been making significant progress in the last 2 years to re-position itself as a super-app, getting into the remittance space and other services.
Abu Sheikh founded Astra Tech in 2022 which then developed a diverse portfolio, including PayBy, Rizek, Botim, and Quantix. "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,” said Abu Sheikh in a statement.
“I have done my building, and now it’s time for new leadership to grow what we have built." (He has not disclosed his next business venture so far, but has ‘mentioned he would go back to building from the ground up’.)
In the local tech industry, the departure of Abu Sheikh from Astra Tech has been circulating over the last 24 hours.
Astra Tech has been one of the most visible fintech/digital platforms in the UAE, drawing interest at various times from potential investors.
New chief
Long Ruan, the current CTO and co-founder of Astra Tech, will take charge in an interim capacity.
"Thanks to his dreams and energy, we have collectively achieved so much,” said Ruan in a statement. “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.”
At a town hall meeting held on November 11 to ‘honour Abdallah’s legacy and departure’, Peng Xiao, Group CEO of Abu Dhabi headquartered G42 and board member at Astra Tech, said: "Abdallah's futuristic vision and the speed of delivery have been instrumental in Astra Tech's success. 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."