Happy Tuesday everyone!

Riyadh takes centre stage today as the ninth Future Investment Initiative — dubbed “Davos in the Desert” — officially opens, drawing world leaders and industry giants for three days of dealmaking and debate. Meanwhile, Snoonu founder Hamad Al-Hajri has criticised Western outrage over New York mayoral candidate Zohran Mamdani eating with his hands, calling it hypocrisy amid silence on Gaza. In the UAE, a landmark Retail Sukuk launch now allows residents to invest in Shariah-compliant government bonds from just AED 4,000 — expanding access to ethical finance as the region’s innovation and investment ambitions take global spotlight.

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‘Davos in the Desert’ FII9 to Kick-Off Formally Today

The Future Investment Initiative (FII9) opened in Riyadh with invite-only zero day sessions. Led by Richard Attias, the ‘Davos in the Desert’ event, is setting an optimistic tone for day one with what Attias calls the “place where people come to make deals.” Early discussions focused on confidence in global investment flows, unveiling of the FII Compass survey, and previewing major deals ahead.

Tuesday’s official kickoff will gather 8,500 delegates, 20 world leaders, and 600 journalists (including our team from Augustus Media) under the theme “The Key to Prosperity: Unlocking New Frontiers of Growth.” Attendees can expect sessions on global markets, technology, sustainability, and AI ethics — including the headline “Hill Valley” dialogues between lawmakers and tech leaders. The FII Compass results, showing optimism in the Global South and rising short-term anxieties elsewhere, will shape debates on economic direction. With top bankers, sovereign fund chiefs, and startup founders converging, Day 1 is set to showcase Riyadh’s ambition to position Saudi Arabia as a crossroads for global capital and innovation.

FII9’s lineup features a heavyweight mix of global power players from politics, finance, and technology.

• HRH Prince Abdulaziz bin Salman, Minister of Energy, Kingdom of Saudi Arabia

• H.E. Yasir Al-Rumayyan, Governor of the Public Investment Fund; Chairman of Saudi Aramco & FII Institute

• Han Zheng, Vice President of China

• H.E. Prof. Muhammad Yunus, Nobel Peace Laureate (2006); Founder, Grameen Bank; Chief Advisor to the Government of Bangladesh

• Kirill Dmitriev, Special Presidential Envoy and CEO, Russian Direct Investment Fund

• Dr. Ngozi Okonjo-Iweala, Director-General, World Trade Organization

• Yuriko Koike, Governor of Tokyo, Japan

• Rachel Reeves, MP, Chancellor of the Exchequer, United Kingdom

• H.E. Paul Kagame, President of Rwanda

• H.E. Ahmed al-Sharaa, President of Syria

• Laura Cha, Director, Bretton Woods Committee; Former Chair, Hong Kong Exchanges and Clearing (HKEX); Trustee, Rockefeller Foundation

• Ruth Porat, President and CIO, Alphabet and Google

• Dr. Eric Schmidt, Founder and CEO, Schmidt Family Foundation & Schmidt Sciences; Former CEO and Chairman, Google

• Jane Fraser, CEO, Citi

• Ray Dalio, Founder, CIO Mentor & Board Member, Bridgewater Associates; Founder, Dalio Family Office

• Evan Spiegel, Co-Founder and CEO, Snap Inc.

Snoonu Founder Defends NYC Mayoral Candidate Amid Islamophobia Scandal at Sequoia Capital

🔹 What Is It About

Hamad Al-Hajri, founder of Qatar-based delivery platform Snoonu, criticized what he called Western hypocrisy after critics mocked New York City mayoral candidate Zohran Mamdani for eating with his hands. Al-Hajri contrasted the outrage with silence over Israel’s genocide in Gaza. The controversy follows Sequoia Capital partner Shaun Maguire’s Islamophobic tweet targeting Mamdani, which has sparked global backlash and internal turmoil at the firm.

🔹 Why It Matters

If elected, Mamdani could become New York’s first Muslim and South Asian mayor. Sequoia’s response—defending Maguire’s remarks as “free expression”—has intensified scrutiny of Silicon Valley’s diversity standards. The firm’s COO, Sumaiya Balbale, resigned in protest, citing a culture of growing Islamophobia. Over 1,000 founders and investors across the Middle East have signed an open letter demanding accountability.

🔹 What’s Next

The scandal is testing Sequoia’s reputation as a global VC powerhouse. Analysts say the episode highlights a rising moral assertiveness among Gulf founders, who are increasingly urging Western investors to match commercial partnerships with ethical responsibility. Calls for corporate reform across the tech industry continue to build.

UAE Opens Islamic Government Bonds to Residents With Investments Starting at AED4,000

🔹 What Is It About

The UAE Ministry of Finance has launched a new Retail Sukuk programme, allowing citizens and residents to invest in government-backed, Shariah-compliant Treasury Sukuk for the first time. With a minimum investment of AED4,000, individuals can now access a previously institutional-only market through digital platforms operated by UAE banks. These dirham-denominated sukuk are low-risk, government-backed, and designed to offer ethical, stable returns.

🔹 Why It Matters

This marks a milestone in the UAE’s Islamic finance sector, expanding access to safe, income-generating investments for retail investors. The initiative enhances financial inclusion, supports local savings culture, and strengthens the UAE’s position as a regional hub for Islamic finance. Analysts say the move could deepen the domestic capital market and attract younger, tech-savvy investors seeking ethical opportunities.

🔹 What’s Next

Banks across the UAE are expected to roll out digital sukuk investment platforms in the coming weeks. The programme’s success will depend on transparency, investor education, and regulatory oversight, with experts predicting increased participation as financial literacy initiatives expand.

🦄 World of Startups

• Pakistani co-working startup COLABS to expand into Kingdom with flagship site in Riyadh.

• UnifyApps Raises $50 million to scale enterprise AI Platform and expand Gulf presence.

• 1001 AI, a deep-tech startup dual-headquartered in London and Dubai and founded by Bilal Abu-Ghazaleh, has raised $9 million in a seed funding round with participation from Amjad Masad (Replit), Amira Sajwani (DAMAC), Khalid Bin Bader Al Saud (Saudi RA’ED Ventures), and Hisham Al-Falih (Lean Technologies).

• The Canadian regulatory authorities granted Whish Money, Lebanon-based remittances and mobile wallet platform, financial services licenses to operate in Canada.

• KitchenomiKs, Oman-based foodtech, raised $3.2M in a funding round led by Jasoor Ventures.

• Kure Cells, US-based biotechnology company, received a $10M pre-Series A funding round led by Wa'ed Ventures (Saudi Aramco), Qomel (Saudi), and international investors.

• Neolix, China-based autonomous delivery startup, raised $600M in a funding round led by Stone Venture (UAE), and global investors.

• Uniphore, US-based business AI company, raised $260M in a Series F funding round at a $2.5B valuation from Prosperity7 Ventures (Saudi Aramco), and leading global investors.

👨‍💻From Smashi Business’ Desk

• UAE Tycoon Al Habtoor Slams Israeli Minister Over Remark That Saudis Should ‘Keep Riding Camels in the Desert’

• Pavel Durov’s tweet on the Louvre heist takes an unexpected turn, blending humor with sharp criticism of French security.

• UAE’s Hadban Twins Among First 25 Creators Honoured With Instagram Rings in New York.

🔍In other news…

• Trump-Backed Miner American Bitcoin Eyes Expansion Opportunities in the UAE.

• Abu Dhabi’s 24/7 Solar Project Gears Up to Power Growing AI Energy Demand.

• Saudi Arabia Targets 130 Million Tourists by 2025 as Tourism Push Accelerates.

• DP World Unveils Homegrown Container Handling Technology Developed in Dubai.

• UK Chancellor to Visit Gulf for Trade Talks Amid Drive for Pro-Growth Policies.

🏦 Crypto Corner

• We have launched our Smashi Crypto newsletter. Subscribe to it here to get the bi-weekly updates from the world of digital assets.

• The weekly Smashi Crypto Show is also live. Expect it every Friday. Listen to it here.

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