The Evolution of the Middle East's Economy - Bloomberg
- 00:00The Gulf States since oil was first discovered in Saudi Arabia in 1938, the region has dominated the world of geopolitics because of its rich deposits of oil and gas. And this week, Saudi Arabia once again sought to assert its power by extending production limits. We needed to head on, reach out to these issues, attend to them, and go for what we think would be the right recipe to attend to this market situation. But for investors, it's not just a question of what Saudi Arabia and the UAE will mean for the price of oil or Qatar for natural gas, but also what investments they'll make with all those revenues. Secondly, what we see in the Gulf is a remarkable determination to pursue reforms. There are some who think that the fortunes of the Gulf are oil and gas. In fact, the fortune of the Gulf is decisiveness in putting the economy on long term sustainable path. Investments like the kingdom's public investment fund makers rivian and lucid. They're not really just about EVs. They're about the whole ecosystem that comes with EVs and technology. We're making bets for the future and for the green future as well for its ally, the Gulf venture being merged with the PGA. I think getting together is the best thing for golf. This fight that was going on and the lawsuits that were raging in one side, the golfers from live, you know, taking shots at the PGA and vice versa. That's not constructive for the game. The UAE is one of the largest shareholders at the Carlyle Group and recently agreed to acquire a 70% equity stake in Fortress from SoftBank. Mubadala will own 70% of Fortress equity, while Fortress Management will hold a 30% equity interest. But the investment funds don't only flow from the Gulf states to the West. Saudi Arabia looks to raise some of the $500 billion it needs to build neom from Western investments. We had really significant interest from the market. 23 financial institutions participated in the close of the green hydrogen, and according to U.N. statistics, the UAE is the largest recipient of foreign direct investment in West Asia.
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https://www.bloomberg.com/news/videos/2023-07-07/the-evolution-of-the-middle-east-s-economy-vided