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Smart Lenses in Your Eyes; Reactions on Islamophobic Tweet; 'Davos in the Desert' IPO
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Wednesday, July 9, 2025
Happy Wednesday everyone!
Wamda’s Fadi Ghandour is spearheading a global founders’ revolt against Sequoia Capital partner Shaun Maguire over an anti-Muslim post targeting NYC mayoral candidate Zohran Mamdani. Meanwhile, Richard Attias & Associates—the firm behind Saudi Arabia’s high-profile FII summit — is preparing for a potential IPO as soon as 2026. And in Dubai, deep-tech startup Xpanceo raised a massive $250 million to develop sci-fi contact lenses with night vision and health tracking, defying the global VC downturn.
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Fadi Ghandour Leads Founders’ Revolt Over Sequoia Partner’s Anti-Muslim Remark
🔹 What Is It About
Wamda Capital’s Fadi Ghandour is leading a global petition against Sequoia Capital’s Shaun Maguire after the partner made inflammatory, Islamophobic remarks targeting NYC mayoral candidate Zohran Mamdani. In a July 4 post, Maguire accused Mamdani of promoting an “Islamist agenda” and belonging to a “culture that lies about everything.” Ghandour condemned the remarks as “ignorant, racist,” and mobilized hundreds of tech leaders to demand accountability from Sequoia.
🔹 Why It Matters
The petition — signed by over 700 founders representing more than 600 startups, including Careem, Tamara, Tabby, Calo, and Bayzat — has shaken one of Silicon Valley’s most powerful venture firms. Sequoia’s global reach, especially in MENA through firms like Lean, Telda, and Huspy, gives this incident deep regional implications. Even Lean’s CEO, Hisham Al-Falih, a Sequoia-backed founder, signed the letter, underscoring a growing intolerance for hate speech in tech leadership.
🔹 What’s Next
The letter outlines a July 14 deadline for Sequoia to take public action, including disciplinary steps, a formal apology, and the adoption of anti-discrimination safeguards. Founders warn that failure to respond will trigger broader media and public pressure, placing Sequoia’s reputation — and its access to diverse founders — on the line.
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Richard Attias & Associates Eyes IPO As ‘Davos in the Desert’ Organizer Considers Strategic Options
🔹 What Is It About
Richard Attias & Associates, the firm behind Saudi Arabia’s high-profile Future Investment Initiative (FII) summit, is preparing for a potential initial public offering, he told Bloomberg. Founder Richard Attias confirmed the company is working with Evercore Inc. to explore a listing as early as next year. Sanabil, linked to the Saudi Public Investment Fund, holds a 75% stake, while Attias owns the rest. A full or partial sale of his stake is also under consideration.
🔹 Why It Matters
The move highlights growing momentum around Saudi Arabia’s Vision 2030 and its ambitions to transform Riyadh into a global financial hub. RA&A has been instrumental in staging the FII summit—often dubbed “Davos in the desert”—which attracts global leaders like Larry Fink and Jane Fraser. The IPO could mark a major milestone in the region’s evolving business landscape, especially in the events and advisory sector closely tied to the kingdom’s soft power strategy.
🔹 What’s Next
No final decision has been made on whether RA&A will go public or pursue a stake sale. The company continues to expand globally, producing high-profile events such as FII’s Miami edition. A listing, if pursued, is likely to attract international attention and could offer a benchmark for other firms embedded in Saudi Arabia’s economic transformation.
Dubai Startup Xpanceo Raises $250M for Sci-Fi Smart Lens
🔹 What Is It About
Dubai-based Xpanceo has raised $250 million in a Series A round to develop futuristic contact lenses equipped with night vision, zoom, and real-time health tracking. Led by Hong Kong’s Opportunity Venture, the round values the startup at $1.35 billion. Founded by Russian entrepreneur Roman Axelrod and Ukrainian scientist Valentyn Volkov in 2021, the company aims to replace everyday gadgets with a wearable lens powered by extended reality.
🔹 Why It Matters
Xpanceo’s raise stands out as global VC funding cools, highlighting the Middle East’s growing appeal for deep-tech ventures. With sovereign wealth funds driving capital inflows, the region posted $678 million in startup funding in Q1 2025. Xpanceo’s ambitions align with a broader push for innovation, as it races global tech giants like Meta and Apple to define the next era of wearable computing.
🔹 What’s Next
Xpanceo plans to ready its smart lens for clinical trials by end-2026, but must first overcome key technical challenges — like miniaturizing power sources and sensors to fit the human eye. If successful, its lens could upend how we interact with technology, health, and the physical world — without ever picking up a screen.
👨💻From Smashi Business’ Desk
Dreamers: Saudi billionaire Prince Alwaleed bin Talal—one of the Middle East’s most influential investors — is back in the spotlight.
Crumbl Cookies may dominate North America, but it still hasn’t landed in Dubai. Filling the gap is homegrown brand Billionaire Cookies, founded in 2022 by Dubai residents Katie Murray and Alexandria Ashkar.
Amr Diab signs with Orange Egypt, ending nearly a decade-long partnership with Vodafone.
Lebanese-born former Nissan CEO Carlos Ghosn is making a comeback - on social media.
Dr. Talib Alhinai, GM of Archer UAE, called it a major milestone for electric aviation as Archer’s full-scale Midnight air taxi completed its first test flight at Al Bateen Executive Airport.
🔍In other news…
Starlink internet service now operational in Qatar, Elon Musk announces
UAE non-oil economy to grow faster at 5.5% in 2025, led by tourism, retail, says report
Riyadh’s KAFD to announce ‘huge expansion’ this year
Two UAE companies compete for Egypt oil site
BP and Shell to explore oilfield prospects in Libya
UAE-Cuba economic ties poised for growth as first joint committee meets in Dubai
🏦Crypto Corner
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