Happy Monday everyone!

There’s a growing backlash against Big Tech’s artificial intelligence model, and two Syrian brothers think the real opportunity lies in rejecting it altogether. This week, Smashi Business spoke with Hani Chihabi, co-founder of Thaura, an ethical AI platform that refuses to train on user data and openly challenges what he calls “surveillance capitalism disguised as innovation.” Chihabi argues that today’s dominant AI systems harvest conversations and behaviour to sell to advertisers and governments, and that an explicitly pro-Palestinian, privacy-first chatbot is no longer optional, but necessary.

It’s also been a consequential week for global confidence and accountability. City Football Group exited Mumbai City FC, citing uncertainty around the Indian Super League. Meanwhile, Lebanon’s cabinet approved a draft “financial gap” law to distribute losses from its six-year collapse, passed 13–9, with losses estimated at $70 billion and rising.

But before that: For quick daily updates, follow us on Instagram, and you can watch our Smashi Business Show live every weekday from 10AM onwards (UAE time). Also, you can join our Whatsapp channel to receive updates from the business world.

Markets

Manchester City Owner CFG Exits Mumbai City FC Amid Indian League Uncertainty

What’s it About?

City Football Group has exited Mumbai City FC, citing “ongoing uncertainty” around the Indian Super League. CFG, which acquired a controlling stake in 2019, said the move followed a “comprehensive commercial review.” The ISL has been in limbo since its 15-year master rights agreement expired on December 8, with organiser FSDL warning the All India Football Federation that the upcoming season could remain on hold.

Why it Matters?

The exit highlights growing investor risk in Indian football. A stalled league disrupts revenues, sponsorships, and long-term planning, undermining confidence in one of Asia’s largest sports markets. CFG’s move signals that even global operators are unwilling to absorb prolonged regulatory and commercial uncertainty.

What’s Next?

CFG still owns 11 clubs globally, including Manchester City and Girona, and is majority-owned by Sheikh Mansour bin Zayed Al Nahyan’s Newton Investment, with nearly 17% held by Silver Lake. Attention now turns to whether Indian authorities can restore the ISL framework—or risk further investor exits.

Lebanon Moves to Allocate Banking Losses as IMF Pressure Mounts

What’s it About?

Lebanon’s cabinet has approved a draft “financial gap” law aimed at distributing losses from the country’s six-year economic collapse. The bill, passed 13–9, would allocate losses among the state, central bank, commercial banks, and depositors, and allow frozen depositors to gradually recover funds. The government previously estimated losses at $70 billion in 2022, a figure now likely higher. Prime Minister Nawaf Salam described the law as a “realistic step” toward restoring confidence.

Why it Matters?

The legislation is a key IMF requirement, making it central to unlocking external funding and stabilising Lebanon’s financial system. However, opposition from banks, depositors, and political factions highlights deep resistance to loss-sharing, raising questions about credibility and social impact.

What’s Next?

The bill heads to parliament, where amendments are likely. Investors will watch whether lawmakers uphold accountability and whether reforms progress enough to revive Gulf and international confidence in Lebanon’s economy.

Why Two Syrian Brothers Built Thaura, an AI Platform That Refuses to Train on User Data

Smashi Business spoke with Syrian entrepreneur Hani Chihabi, co-founder of Thaura AI, about why he and his brother Said Chihabi walked away from corporate technology in Germany to build a privacy-first artificial intelligence platform that refuses to train on user data. In a candid interview, Chihabi shared how Syria and Gaza shaped his views on surveillance capitalism, the race toward artificial general intelligence, and why he believes ethical artificial intelligence that puts people over profits is the real opportunity ahead.

1. You fled Syria, taught yourselves to code, and eventually decided to build an AI company —but why this AI company? Was there a specific moment or experience that made you think 'someone needs to build an ethical alternative,' or was it more gradual?

We migrated to Germany shortly before the war in Syria started. We were grateful for the opportunities, but we always carried this awareness of our privilege - people back home were facing devastating conflict while we were building careers in tech. We had good jobs at a company we genuinely liked, but we started feeling uncomfortable. Many of our clients were tied to harmful policies, especially those supporting the Israeli government. When we saw the genocide in Palestine unfold, it created this painful contradiction: we were working against our own people. Then when Syria's dictatorship finally fell at the end of 2024, something shifted in us. The country was calling Syrians abroad to help rebuild, and we felt this duty to action. So we quit our jobs. The breakthrough came when we discovered Tech for Palestine. It was like finding our tribe - people who shared our values and vision. That's when we realized Thaura could be more than just something we built for our circle; it could be the ethical AI alternative the world actually needs.

2. You deliberately bootstrapped Thaura to avoid investor influence. What are you giving up by staying independent? Have you turned down funding, and what would make you compromise on

Staying independent means giving up speed and scale, for sure. With funding, we could grow faster, but we'd also have to compromise our mission. We believe ethical AI shouldn't come with corporate strings attached. Our independence is actually our greatest strength because it allows us to be honest. We can say "here's where we are right now" and "here's where we're headed" without having to answer to shareholders who care more about quarterly returns than ethical principles. Our current model can scale to 100,000 users, and this number naturally increases as we gain more pro users. The more people who support us, the further we can grow without compromising our principles.

3. When you look at ChatGPT, Claude, or Gemini, what specifically do you see as broken? Is it the business model, the technology choices, the political neutrality—or something deeper about how Big Tech approaches AI?

Honestly, it's all of it. These systems are designed to extract value from users, not serve them. Their business model is to claim they offer free products, while the price is our data, our attention, our privacy. We become the product while they harvest our conversations, our preferences, our behaviors to sell to advertisers and governments. It's surveillance capitalism disguised as innovation. The craziest part is they all pretend to be competitors, like they're fighting to give us better options. But really, they're all part of the same machine, serving the same interests while pretending to be alternatives. They're deeply connected to government and power structures, but they'll tell you they're neutral - which is laughable when you see how they censor Palestinian content while claiming to be platforms for free speech.

4. OpenAI has billions in funding, Anthropic has built constitutional AI with massive resources, Google has decades of infrastructure. You're two bootstrapped brothers in Germany. How do you actually compete?

We're not really trying to compete on the same metrics as OpenAI or Google. They're racing toward AGI (Artificial General Intelligence), while we're building ethical AI that puts people over profits. The real competition isn't technical - it's ethical. We're competing for people's trust, for their values, for their belief that technology should serve humanity rather than exploit it. Our realistic path is about creating an alternative that people choose because it aligns with their values. We're already serving thousands who already switched because they want ethical AI. In the end, this isn't about who has more resources - it's about who's building the right kind of technology for the future. And God willing that future will favor integrity over investment.

5. Most tech companies avoid explicit political stances, especially on contentious issues. You've made supporting Palestine central to your identity. Why was that important enough to potentially alienate users or partners? What does 'ethical AI' mean if it's not political?

Making support for Palestine central wasn't really a business decision - it was a humanitarian one. When you see genocide happening, neutrality isn't really an option. We knew this would alienate some users and partners, but that's actually the point. If your ethics depend on who's watching, they're not really ethics - they're marketing.

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🔍In other news…

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