Chapter 1: What is the main topic discussed in this episode?
Hello and welcome. This is The Michelle Hussein Show. I'm Michelle Hussein. I speak with people like Elon Musk. I think I've done enough. And Shonda Rhimes. That's so cute. This will be a place where every weekend you can count on one essential conversation to help make sense of the world.
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You certainly ask interesting questions.
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Let's just talk through the series of initiatives that you've done in the region over the past 12 months, because from what I can see, you're really doubling down on your asset management business. Earlier this year, you announced a partnership with PIF in asset management. Last week, you announced that you were expanding wealth management in Saudi Arabia as well.
So, you know, what's the vision here? What's the kind of growth that you're looking to achieve?
Well, we're certainly excited about what's going on in Saudi Arabia and what's going on in the GCC more broadly. I think it's a big opportunity for our business. We've been here for a while, but we've certainly been investing and expanding. Here in Saudi Arabia, we opened a new office this year. We've got about 20 people on the ground here, but we're probably headed to about 60.
And the big reason for that expansion is we've recently launched the initiative of our high end private wealth business here in the region. And so that will bring more resources, more attention and more focus. We've been in the region for quite some time. We've been active as a member of the title. I think we're one of the early participants in the equity markets here.
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Chapter 2: What initiatives has Goldman Sachs undertaken in Saudi Arabia?
So when you step back and you think about the progress here in the kingdom, the need for foreign direct investment to come in to continue to allow the population here to participate more economically, the changes that are coming from the investment that the kingdom's making in infrastructure and the local economy here.
We think it's a great opportunity for Goldman Sachs to continue to partner with the kingdom.
Do you see that investment coming in?
I think there's great opportunity. I think it's one of the things that the Crown Prince is very focused on is how do you look at when you think about the exports particularly of energy here, how do you create a more localized economy?
And so I do see signs of an increase in that activity, particularly around things like tourism and investment in infrastructure that can support tourism, but also in certain manufacturing areas. And I do think one of the things that's interesting is AI and the ability for there to be AI infrastructure here that can be used and can be exported to different places in the region and around the world.
Yeah, and certainly many people are eyeing up the opportunities there. You also opened up an office in Kuwait as well. So talk us through the plans. Sure.
We have a partnership with Kuwait. And we've actually been in Kuwait and have done business in Kuwait going back to the 1970s. So it's a long-term partnership. What I think is interesting about what's going on in Kuwait at the moment is there's a real effort after a period of time following the war in the 1990s where they really did not
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Chapter 3: What is the vision for Goldman Sachs' growth in the GCC region?
put the capital into the infrastructure and growth locally, and they had a legislative branch that was stopping progress. The Emir now is taking action to really spur significant investment, significant growth, and we're very proud to partner with the leadership there in helping them think through strategically how to expand that growth.
So Goldman has offices now and pretty much all of the financial hubs of the region. And I just wonder whether you think it is necessary or it helps to get access to these types of pools of capital you know to these long term commitments actually having a physical presence in the country.
Chapter 4: How is Goldman Sachs expanding its wealth management services in Saudi Arabia?
I think it helps enormously. And, you know, the world changes and there's lots of technology and there's lots of flexibility, but showing up matters. You don't have to look much farther than outside of us here today. There are an awful lot of people from all over the world that have shown up here because they want to build relationships, partnerships, they want to participate.
And so whether it's here in this region or you can go back to the United States, you know, why do we have localized offices all across the country in the United States? Because In those communities, people want presence. They want direct connectivity. They want to show up while technology in the world evolves. Human to human contact is not going away.
Yeah, no, that's true. That's a fair point. But do you think it's also fair to say that, you know, in the old days and typically, you know, funds would come here to get capital and then offer investment returns. And nowadays, sovereign wealth funds are saying it's not just enough to offer us investment returns.
Well, I think the whole scope of economic activity has really changed enormously. There's no question if you go back, my old days are a lot older than your old days. But if you go back a while,
These nations were exporters of capital around the world, and they had not built the infrastructure of professional investment capabilities here locally, and so they were outsourcing those capabilities to institutions like ours and others. Now they're really making long-term investments to build their economies, to allow their populations to participate, to attract investment here.
And so what they need, and they've got incredible investment infrastructures here localized on the ground. What they need are ideas. What they need are liquidity and capital. What they need are strategic initiatives. And so we're just in a moment in time where they have the capacity to do many more interesting things to build their economies.
Think about Saudi Arabia here in the kingdom, 35 million people. You know, there's an enormous opportunity given that population to continue to expand the economic activity on a localized basis here. And they're looking for partners that can help drive that.
Do you think alternative assets are going to pick up here?
This part of the world has always allocated a significant portion of their surpluses to investing in privates. If what you're asking is, will there be interesting investment opportunities on the ground here in these local economies? Yes, absolutely.
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