Astra Tech, the leading fintech company in the MENA region, has announced that its CEO, Abdallah Abu-Sheikh, is stepping down effective immediately.

Abdallah announced on LinkedIn, “With pride and bittersweet emotion, I announce my decision to step down from my role as CEO of Astra Tech. Having founded this incredible company less than three years back, I think it is now where I have done my 0-1, and it’s time for the operators to take it from 1 to 100. I am incredibly proud and thankful to every team member, partner, shareholder, and supporter. You’ve made it this far at light speed. I will take the next few months to reflect before I return to building from the ground up again. I can’t wait to see what Astra does next. I will always be watching from the sidelines and cheering for the Astranauts.”

The company also shared the news, stating, “Yesterday, our founder and CEO, Abdallah Abu-Sheikh announced his decision to step down from his position at Astra Tech. In just under three years, he took a vision for an Ultra app and turned it into a reality that’s reshaping how people connect, communicate, and live digitally. His journey with Astra Tech has been nothing short of transformative.”

The company extended wishes to him saying, “From everyone at Astra Tech, thank you, Abdallah Abu-Sheikh for leading us at light speed. Your leadership is undoubtedly life changing and what you have built is absolutely incredible - we love you and wish you the best as you embark on your next adventure, knowing your influence will always be a part of Astra’s DNA.

CEO Abdallah, who co-founded the tech company and launched the game-changing Botim platform after securing a $500 million investment in 2022, is now planning to sell his stake in Astra Tech to existing shareholders. Long Ruan, the current CTO and fellow co-founder, will step in as interim CEO.

Abdallah is currently the CEO of Botim, an investor at Delivers.Ai, and a member of the Board of Advisors for Ottobo. Previously, he held leadership roles as CEO of Barq.ev and Rizekofficial, Managing Partner at LUXDP, and Business Consultant for Huawei Consumer Business Group. Early in his career, he served as a Board Member at IBBC Bank Congo and was the General Manager at Air Rum.

You may also like:

• Over 50% of luxury retail workers in Gulf ready to quit: Survey
• Key strategies for employee well-being
• Employee Wellness: More Than Just an HR Strategy
• 14 must-read books on workplace wellness & positive culture
• 95% Gulf workers unhappy with existing benefits

Academically, Abdallah holds an MBA from London Business School, a bachelor's degree in Accounting and Finance from Dalhousie University, and a BCom in International Business from Saint Mary’s University. He also has certifications in Human Resources and Industrial Relations, and as a Scrum Master.