Moniify, the much-anticipated media venture founded by Egyptian billionaire Naguib Sawiris and aimed at the TikTok generation, has undergone a dramatic downsizing just weeks after its glitzy launch in Dubai. Initially envisioned as a digital platform delivering business and finance insights to young audiences across emerging markets, the company now finds itself significantly reduced in scope, following internal confusion, rapid leadership changes, and concerns over sustainability.
A Grand Vision and Lavish Launch
Launched in November at Dubai’s iconic Museum of the Future, Moniify was introduced as a media platform that would combine the energy of TikTok with the business acumen of CNBC. The event featured international entertainers, with Sawiris even taking on the role of DJ. The billionaire, whose wealth is estimated at $8.4 billion, positioned Moniify as his legacy project—a way to give back to younger generations.
Moniify’s early days saw an aggressive recruitment campaign, hiring talent from across the globe with generous compensation packages. High-profile names such as Michael Peters, former Euronews CEO, and Yaser Bishr, the architect of Al Jazeera’s digital division, were brought in to spearhead the operation.
Internal Uncertainty and a Sudden Pivot
Despite the fanfare, trouble emerged quickly after launch. According to staff members who spoke on condition of anonymity, Moniify’s internal operations were marred by unclear leadership dynamics and a lack of a concrete revenue model. While Peters and Bishr played leading roles in the startup phase, their differing management styles created confusion within the organization.
Sawiris reportedly remained largely hands-off until early 2024, when he visited the team in Dubai and asked for suggestions on how the platform could generate revenue—raising red flags for many staffers. Shortly thereafter, Moniify began cutting budgets and shelving promotional strategies. CEO Michael Peters departed in January, and Sawiris’ daughter, Lana, took over leadership.
Layoffs and Visa Challenges
The transition was accompanied by widespread layoffs, particularly affecting international employees who had relocated to Dubai. Some were left scrambling to find new jobs or risk losing their residency under the UAE’s strict visa regulations.
Carly Reilly, a former New York-based host of Moniify’s flagship show, Moniify Daily, was one of those laid off after just three months on the job. “It was very clearly articulated that there was a three to five-year financial runway,” she said in an interview. “They knew things took time.”
According to sources familiar with the company, Moniify’s 2025 budget was projected to be around $50 million, on top of tens of millions already spent pre-launch.
New Direction Under Lana Sawiris
With Lana Sawiris now at the helm, Moniify has pivoted toward producing short-form content focused on personal finance, entrepreneurship, and lifestyle investing—topics like “when to take profits in a bull market” and “investing in sneakers.”
Lana, whose background includes roles in fashion branding and digital communications, stated in a recent video, “Finance, business, entrepreneurship — it should all be entertaining too.”
The new direction reflects a more focused, influencer-style model, aiming to tap into the interests and attention spans of young viewers rather than producing broad, high-budget editorial programming.
Lessons in Digital Media Risk
Moniify’s abrupt shift illustrates the challenges even seasoned business leaders face in launching successful digital media ventures. Despite its strong financial backing and ambitious goals, the company struggled to find a viable business model in a rapidly evolving and saturated media landscape.
“It’s difficult for new media platforms to strike a balance between innovation and avoiding being perceived as ‘cringe,’” said Omar Al-Ghazzi, a media and communications professor at the London School of Economics.
Sawiris, a veteran of volatile industries from telecom to mining, had hoped Moniify would serve as his swan song. Now, the venture stands as a cautionary tale of how deep pockets and big ideas alone are not enough to guarantee success in the competitive world of modern media.
