Latest news with #HosamArab
The National
08-07-2025
- Business
- The National
Middle East tech figures criticise Shaun Maguire over 'appalling' Mamdani 'Islamist agenda' comments
A growing list of start-up founders are circulating an open letter to Sequoia Capital urging the prominent venture capital firm to take action against one of its partners, Shaun Maguire. The letter, which had more than 520 digital signatories as of Monday afternoon, follows a July 4 post on X in which Mr Maguire referred to New York City mayoral candidate Zohran Mamdani as an 'Islamist'. Mr Maguire, an avid X poster best known for his investments in SpaceX and xAI, claimed in the controversial X post that Mr Mamdani 'comes from a culture that lies about everything' and is willing to lie 'if it advances his Islamist agenda'. Bloomberg reported that the signatories, not all of which could be immediately verified, include start-up executives, employees and venture capitalists from around the world, as well as entrepreneurs who have raised from funds affiliated with Sequoia. Among them are Hosam Arab, chief executive of Tabby, and Hisham Al Falih, chief executive of Lean Technologies – co-founders of Saudi FinTech start-ups that raised funding from Sequoia Capital India before it separated from Sequoia Capital in the US, they said. Ahmed Sabbah, co-founder of Egyptian payments company Telda, which raised funding from Sequoia in 2021, also signed the letter. Mr Al Falih said in an email to Bloomberg that he does not endorse Mr Mamdani but found Mr Maguire's comments over the holiday weekend 'appalling'. 'His tweet was not only a sweeping and harmful generalisation of Muslims, but part of a broader pattern of Islamophobic rhetoric that has no place in our industry,' Mr Al-Falih said. After Mr Maguire's comments went viral, he responded with a 30-minute video posted to X on Sunday in which he apologised several times for offending anyone. He said that Islamism is a political ideology, not a race or religion and clarified that his primary concerns are with Mr Mamdani's father, Mahmood Mamdani, a Columbia University professor who Mr Maguire says practices 'radical left-wing Islamism'. Mr Maguire declined to comment beyond the video. A representative for Sequoia Capital declined to comment. A representative for Mr Mamdani's campaign did not respond to a request for comment. The open letter, a rare show of defiance against one of the most powerful and influential VC firms, calls for Sequoia to make a public apology for Mr Maguire's actions. It also asks that Sequoia launch an investigation into his conduct, publish a zero‑tolerance policy on hate speech and create a hotline for founders to safely report discrimination or hate speech made by Sequoia employees. The letter asks for a formal response to these demands by July 14. 'As founders building the future of technology, we cannot accept leadership from a firm whose partners engage in hate speech and spread bigotry,' the letter states. 'Maguire's conduct not only tarnishes Sequoia's reputation, it also undermines your ability to serve a global, diverse founder ecosystem.' Other tech workers who signed the letter include Mudassir Sheikha, co-founder and chief executive of the Uber-owned Middle Eastern ride-hailing company Careem; Omar Almajdouie, the founding partner of Saudi investment firm Raed Ventures; and Zaheer Mohiuddin, chief executive of Cupertino-based start-up the executives confirmed in emails to Bloomberg. Eslam Hussein, co-founder and chief executive of Dubai-based start-up Invygo and another signatory, said he signed the letter because '[Mr] Maguire's comments were Islamophobic and completely unacceptable, especially coming from someone in a leadership role at one of the most powerful firms in venture capital'. Mr Maguire is known in VC and technology circles for his frequent X posts and controversial statements. In January, he posted a photo of himself at one of the presidential inaugural celebrations in Washington DC. Later that same month, he called diversity, equity and inclusion policies 'structural racism'. Last year, shortly after Donald Trump, at the time US presidential candidate, was convicted of falsifying business records, Mr Maguire wrote in a lengthy post on X that he had donated $300,000 to Mr Trump's campaign for the presidency. The post included a disclaimer clarifying that his views did not reflect those of his employer, and that he was 'lucky to work at a place that tolerates spirited debate and independent thinking'.
The National
08-07-2025
- Business
- The National
Sequoia Capital partner Maguire's posts on Mamdani leads to founder petition
A growing list of start-up founders are circulating an open letter to Sequoia Capital urging the prominent venture capital firm to take action against one of its partners, Shaun Maguire. The letter, which had more than 520 digital signatories as of Monday afternoon, follows a July 4 post on X in which Mr Maguire referred to New York City mayoral candidate Zohran Mamdani as an 'Islamist'. Mr Maguire, an avid X poster best known for his investments in SpaceX and xAI, claimed in the controversial X post that Mr Mamdani 'comes from a culture that lies about everything' and is willing to lie 'if it advances his Islamist agenda'. The signatories, not all of which could be immediately verified, include start-up executives, employees and venture capitalists from around the world, as well as entrepreneurs who have raised from funds affiliated with Sequoia. Among them are Hosam Arab, chief executive of Tabby, and Hisham Al Falih, chief executive of Lean Technologies – co-founders of Saudi FinTech start-ups that raised funding from Sequoia Capital India before it separated from Sequoia Capital in the US, they said. Ahmed Sabbah, co-founder of Egyptian payments company Telda, which raised funding from Sequoia in 2021, also signed the letter. Mr Al Falih said in an email that he does not endorse Mr Mamdani but found Mr Maguire's comments over the holiday weekend 'appalling'. 'His tweet was not only a sweeping and harmful generalisation of Muslims, but part of a broader pattern of Islamophobic rhetoric that has no place in our industry,' Mr Al-Falih said. After Mr Maguire's comments went viral, he responded with a 30-minute video posted to X on Sunday in which he apologised several times for offending anyone. He said that Islamism is a political ideology, not a race or religion and clarified that his primary concerns are with Mr Mamdani's father, Mahmood Mamdani, a Columbia University professor who Mr Maguire says practices 'radical left-wing Islamism'. Mr Maguire declined to comment beyond the video. A representative for Sequoia Capital declined to comment. A representative for Mr Mamdani's campaign did not respond to a request for comment. The open letter, a rare show of defiance against one of the most powerful and influential VC firms, calls for Sequoia to make a public apology for Mr Maguire's actions. It also asks that Sequoia launch an investigation into his conduct, publish a zero‑tolerance policy on hate speech and create a hotline for founders to safely report discrimination or hate speech made by Sequoia employees. The letter asks for a formal response to these demands by July 14. 'As founders building the future of technology, we cannot accept leadership from a firm whose partners engage in hate speech and spread bigotry,' the letter states. 'Maguire's conduct not only tarnishes Sequoia's reputation, it also undermines your ability to serve a global, diverse founder ecosystem.' Other tech workers who signed the letter include Mudassir Sheikha, co-founder and chief executive of the Uber-owned Middle Eastern ride-hailing company Careem; Omar Almajdouie, the founding partner of Saudi investment firm Raed Ventures; and Zaheer Mohiuddin, chief executive of Cupertino-based start-up the executives confirmed in emails to Bloomberg. Eslam Hussein, co-founder and chief executive of Dubai-based start-up Invygo and another signatory, said he signed the letter because '[Mr] Maguire's comments were Islamophobic and completely unacceptable, especially coming from someone in a leadership role at one of the most powerful firms in venture capital'. Mr Maguire is known in VC and technology circles for his frequent X posts and controversial statements. In January, he posted a photo of himself at one of the presidential inaugural celebrations in Washington DC. Later that same month, he called diversity, equity and inclusion policies 'structural racism'. Last year, shortly after Donald Trump, at the time US presidential candidate, was convicted of falsifying business records, Mr Maguire wrote in a lengthy post on X that he had donated $300,000 to Mr Trump's campaign for the presidency. The post included a disclaimer clarifying that his views did not reflect those of his employer, and that he was 'lucky to work at a place that tolerates spirited debate and independent thinking'.
Yahoo
07-07-2025
- Business
- Yahoo
Sequoia Partner Maguire's Posts on Mamdani Spark Founder Petition
(Bloomberg) -- A growing list of startup founders are circulating an open letter to Sequoia Capital urging the prominent venture capital firm to take action against one of its partners, Shaun Maguire. The letter, which had more than 520 digital signatories as of Monday afternoon, follows a July 4th post on X in which Maguire referred to New York City mayoral candidate Zohran Mamdani as an 'Islamist.' Are Tourists Ruining Europe? How Locals Are Pushing Back Foreign Buyers Swoop on Cape Town Homes, Pricing Out Locals Trump's Gilded Design Style May Be Gaudy. But Don't Call it 'Rococo.' Denver City Hall Takes a Page From NASA In California, Pro-Housing 'Abundance' Fans Rewrite an Environmental Landmark Maguire, an avid X poster best known for his investments in SpaceX and xAI, claimed in the controversial X post that Mamdani 'comes from a culture that lies about everything' and is willing to lie 'if it advances his Islamist agenda.' The signatories, not all of which could be immediately verified, include startup executives, employees and venture capitalists from around the world, as well as entrepreneurs who have raised from funds affiliated with Sequoia. Among them are Hosam Arab, CEO of Tabby, and Hisham Al-Falih, CEO of Lean Technologies — co-founders of Saudi fintech startups that raised funding from Sequoia Capital India before it separated from Sequoia Capital in the US, they said. Ahmed Sabbah, co-founder of Egyptian payments company Telda, which raised funding from Sequoia in 2021, also signed the letter. Al-Falih said in an email that he does not endorse Mamdani but found Maguire's comments over the holiday weekend 'appalling.' 'His tweet was not only a sweeping and harmful generalization of Muslims, but part of a broader pattern of Islamophobic rhetoric that has no place in our industry,' Al-Falih said. After Maguire's comments went viral, he responded with a 30-minute video posted to X on Sunday in which he apologized several times for offending anyone. He said that Islamism is a political ideology, not a race or religion and clarified that his primary concerns are with Mamdani's father, Mahmood Mamdani, a Columbia University professor who Maguire says practices 'radical left-wing Islamism.' Maguire declined to comment beyond the video. A spokesperson for Sequoia Capital declined to comment. A spokesperson for Mamdani's campaign did not respond to a request for comment. The open letter, a rare show of defiance against one of the most powerful and influential VC firms, calls for Sequoia to make a public apology for Maguire's actions. It also asks that Sequoia launch an investigation into his conduct, publish a zero‑tolerance policy on hate speech and create a hotline for founders to safely report discrimination or hate speech made by Sequoia employees. The letter asks for a formal response to these demands by July 14. 'As founders building the future of technology, we cannot accept leadership from a firm whose partners engage in hate speech and spread bigotry,' the letter states. 'Maguire's conduct not only tarnishes Sequoia's reputation, it also undermines your ability to serve a global, diverse founder ecosystem.' Other tech workers who signed the letter include Mudassir Sheikha, co-founder and CEO of the Uber-owned Middle Eastern ride-hailing company Careem; Omar Almajdouie, the founding partner of Saudi investment firm Raed Ventures; and Zaheer Mohiuddin, CEO of Cupertino-based startup the executives confirmed in emails to Bloomberg. Eslam Hussein, co-founder and CEO of Dubai-based startup Invygo and another signatory, said he signed the letter because 'Maguire's comments were Islamophobic and completely unacceptable, especially coming from someone in a leadership role at one of the most powerful firms in venture capital.' Maguire is known in VC and technology circles for his frequent X posts and controversial statements. In January, he posted a photo of himself at one of the presidential inaugural celebrations in DC. Later that same month, he called diversity, equity and inclusion policies 'structural racism.' Last year, shortly after Donald Trump was convicted of falsifying business records, Maguire wrote in a lengthy post on X that he had donated $300,000 to Trump's campaign for president. The post included a disclaimer clarifying that his views did not reflect those of his employer, and that he was 'lucky to work at a place that tolerates spirited debate and independent thinking.' SNAP Cuts in Big Tax Bill Will Hit a Lot of Trump Voters Too For Brazil's Criminals, Coffee Beans Are the Target 'Telecom Is the New Tequila': Behind the Celebrity Wireless Boom Sperm Freezing Is a New Hot Market for Startups Pistachios Are Everywhere Right Now, Not Just in Dubai Chocolate ©2025 Bloomberg L.P. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Zawya
06-05-2025
- Business
- Zawya
BNPL firm Tabby's IPO could be as soon as 12 months away
The IPO of UAE-founded BNPL tech Tabby could happen in 12 months if market conditions are right, and in the meantime the company is working to ensure it is ready to list. CEO Hosam Arab said the firm, which was founded in Dubai but later relocated to Riyadh, was continuing to build and prepare for IPO, while also waiting to make sure the markets had turned around. Arab said there had been 'one BNPL casualty' in the form of Swedish firm Klarna, which announced last month it would delay its planned US IPO. He said Tabby's IPO timeline is within the next 12-18 months, with the shorter end of the timeline likely if the markets turn around sooner. The firm raised $160 million in Series E funding earlier this year, meaning there is 'no rush' to go public, he added. The February private round was 'definitely the right call', and made sure there were buffers in place for changing market conditions. 'Our market has been somewhat resilient in the short-term. Today, we are not immune to changes in oil prices, and that's where we are a bit more concerned, around a broader recession and impact on consumer spend and credit performance in the markets we operate in.' Arab said that while the IPO market for state-led and real estate entities has been tested in the region, there have been relatively few IPOs among growth plays, such as those in the tech space. 'We grew 85% last year. For investors in this region to price this hasn't been tested yet. We have seen investors very comfortable around yield plays, so there is a question mark for us.' He said questions remain about who will price growth plays—experienced global investors or regional investors, such as sovereigns, that are becoming more comfortable with growth plays. Arab noted that retaining international investors could be a challenge, as share allocations for global investors in the region tend to be small. This means those sold on the story of the company and the market may find it not worth retaining stocks for the long term. Mohamad Ballout, CEO and co-founder of cloud kitchen firm Kitopi, said his company was two or three years away from IPO. He said his expectations from the region's market are that they provide a win in all scenarios. If markets remain solid, with continued listings, that will be a win, but if the oil price falls and markets do not perform as well, Kitopi sees it as an opportunity to 'double down and do more', he said. 'Given our window of wanting to go public is next couple of years, there's actually a lot of opportunities, whatever happens on the macro stage, and things private companies can do better.'
Hi Dubai
17-02-2025
- Business
- Hi Dubai
Tabby Secures $160M, Becomes MENA's Most Valuable Fintech at $3.3B Valuation
Tabby, the Middle East and North Africa's leading financial services and shopping app, has raised $160 million in a Series E funding round, bringing its valuation to $3.3 billion—making it the most valuable fintech company in the region. The round was led by Blue Pool Capital and Saudi Arabia's Hassana Investment Company, alongside existing investors STV and Wellington Management. Accelerating Growth and Profitability Since its last funding round in October 2023, Tabby has nearly doubled its annualized transaction volume to over $10 billion while maintaining profitability. This rapid growth underscores the company's position as a dominant player in the fintech sector. Expanding Product Portfolio and Financial Services Tabby has been expanding its offerings, including the acquisition of Saudi-based digital wallet Tweeq and the introduction of new financial tools: Tabby Card for flexible payments beyond checkout for flexible payments beyond checkout Tabby Plus , a subscription service for exclusive benefits , a subscription service for exclusive benefits Longer-term payment plans Tabby Shop for discovering deals for discovering deals Tabby Care, a buyer protection program With the new funding, Tabby aims to enhance its financial services by expanding digital spending accounts, payment solutions, cards, and money management tools. Strengthening Position for IPO and Saudi Vision 2030 The funding also solidifies Tabby's position as it prepares for an upcoming IPO and aligns with Saudi Arabia's Vision 2030, which focuses on transitioning to a cashless economy. Hosam Arab, Tabby's CEO and co-founder, highlighted the company's mission: "This investment allows us to accelerate the rollout of products that make managing money simpler and more rewarding for our customers. We're focused on creating tangible impact—helping people take control of their finances with tools that are accessible, effortless, and built for their everyday lives." Christopher Wu, CIO at Blue Pool Capital, praised Tabby's innovation and efficiency: "Tabby's strong revenue growth and operational efficiency set them apart from other fintechs globally. We're incredibly excited to support the team on their mission." Ahmed Al Qahtani, CIO for Regional Markets at Hassana Investment Company, added: "We've been consistently impressed with Tabby's ability to execute and maintain strong momentum. Their innovative products are redefining financial services in the region." Tabby's Expanding Market Reach The app now serves over 15 million registered users and 40,000 sellers, generating an annualized sales volume exceeding $10 billion. Additionally, Tabby has been integrated into DubaiPay, the UAE's unified digital payment platform operated by Digital Dubai and the Department of Finance. This enables round-the-clock deferred payment services, providing citizens, residents, and visitors with flexible installment options to better manage their financial commitments. With its record-breaking valuation, rapid expansion, and strategic partnerships, Tabby is well on its way to reshaping the region's fintech landscape.
