WEBVTT - Bloomberg Surveillance TV: January 23, 2025 0:00:00.080 --> 0:00:06.760 Bloomberg Audio Studios, Podcasts, radio News. 0:00:11.600 --> 0:00:15.440 This is the Bloomberg Surveillance Podcast. I'm Jonathan Ferrow, along 0:00:15.440 --> 0:00:18.400 with Lisa Bromwitz and am Marie Hordern join us each 0:00:18.480 --> 0:00:21.360 day for insight from the best in markets, economics, and 0:00:21.400 --> 0:00:24.720 geopolitics from our global headquarters in New York City. We 0:00:24.760 --> 0:00:27.400 are live on Bloomberg Television weekday mornings from six to 0:00:27.480 --> 0:00:31.000 nine am Eastern. Subscribe to the podcast on Apple, Spotify 0:00:31.200 --> 0:00:33.479 or anywhere else you listen, and as always on the 0:00:33.479 --> 0:00:35.840 Bloomberg Terminal and the Bloomberg Business app. 0:00:36.479 --> 0:00:39.440 Surely that is the discussion here, how to understand what 0:00:39.640 --> 0:00:43.360 national security is, how to correctly regulate technology at a 0:00:43.360 --> 0:00:46.199 time where people are talking about the potential influence of 0:00:46.320 --> 0:00:49.320 artificial intelligence. We turn out to someone who is brave 0:00:49.440 --> 0:00:52.640 enough to make the commute directly from the inauguration festivities 0:00:52.640 --> 0:00:56.279 in Washington, DC to the alpine vistas of Davos, Switzerland, 0:00:56.400 --> 0:01:01.200 Arkansas Governor Sarah Huckabee Sanders joining us now here in Davos. 0:01:01.280 --> 0:01:03.160 I am wondering, Governor. 0:01:02.840 --> 0:01:04.640 Sanders, given the fact that a lot of people didn't 0:01:04.680 --> 0:01:07.959 decide to make that journey, are acting like an ambassador 0:01:08.040 --> 0:01:09.040 fielding a lot of questions. 0:01:09.120 --> 0:01:10.640 What are some of the questions people have for you? 0:01:11.400 --> 0:01:17.319 Certainly don't need an ambassador. President Trump will address the 0:01:17.360 --> 0:01:19.800 group here today, although he can't be here in person, 0:01:20.319 --> 0:01:23.680 certainly dominating almost every conversation. 0:01:23.160 --> 0:01:26.280 But not just here across the globe. I think there 0:01:26.360 --> 0:01:26.679 is so. 0:01:26.720 --> 0:01:31.080 Much excitement, so much optimism about him coming back into 0:01:31.120 --> 0:01:31.880 the White House. 0:01:32.280 --> 0:01:35.800 People across the world are excited to see what he's 0:01:35.840 --> 0:01:36.160 going to do. 0:01:36.200 --> 0:01:38.720 And he's hit the ground running and gotten a lot 0:01:38.800 --> 0:01:41.120 done in a short amount of time. This is somebody 0:01:41.160 --> 0:01:44.680 who now is coming in as a seasoned veteran. He 0:01:44.760 --> 0:01:48.280 has been there before, and there's no learning curve. He 0:01:48.520 --> 0:01:51.120 is getting a lot of things done and in short order, 0:01:51.160 --> 0:01:52.920 and the people are excited to see what's happening. 0:01:52.920 --> 0:01:55.600 Henry was just talking about some of the discussions around 0:01:55.600 --> 0:01:58.880 TikTok last night on Fox News and this question around 0:01:59.200 --> 0:02:03.320 what is Nash security. How do you adequately regulate big 0:02:03.360 --> 0:02:06.680 tech when you have also this focus on celebrating the 0:02:06.720 --> 0:02:09.000 national champions of US tech companies. 0:02:09.040 --> 0:02:11.120 You're here to talk about tech, how. 0:02:10.960 --> 0:02:13.400 Do you reconcile that you know, one of the things 0:02:13.400 --> 0:02:15.520 that we're looking at, and certainly one of the places 0:02:15.560 --> 0:02:19.960 that we're leading in Arkansas and as governor is you 0:02:20.000 --> 0:02:24.520 can protect national security, you can look at continuing to 0:02:24.639 --> 0:02:27.239 grow some of the technology and innovation. But one of 0:02:27.280 --> 0:02:28.840 the places I think that we have to do a 0:02:28.840 --> 0:02:30.920 better job is on our young people. We've seen a 0:02:31.000 --> 0:02:35.600 mental health crisis take place and nobody is immune from it. 0:02:35.639 --> 0:02:37.160 And so one of the things that we can do 0:02:37.280 --> 0:02:42.400 is a better job protecting the young people from constant 0:02:42.560 --> 0:02:47.919 access and infiltration of NonStop device in their hand. They 0:02:47.960 --> 0:02:51.119 still need to get outside, they still need to pay 0:02:51.120 --> 0:02:52.960 attention in class. That's one of the things we've been 0:02:52.960 --> 0:02:54.800 doing in Arkansas. One of the things that we've talked 0:02:54.840 --> 0:02:56.920 about here, and I think one of the things. 0:02:56.760 --> 0:02:59.240 That I hope to see the United States lead on. 0:02:59.480 --> 0:03:02.120 And someone who sees a lot of children, and I 0:03:02.120 --> 0:03:03.680 think there are a lot of people who would agree 0:03:03.720 --> 0:03:04.000 with you. 0:03:04.400 --> 0:03:05.839 There is this large attention. 0:03:05.600 --> 0:03:07.639 Though, and last night we really saw that in display 0:03:07.720 --> 0:03:09.839 when President Trump was talking about they're just a bunch 0:03:09.840 --> 0:03:11.520 of kids looking at some silly videos. 0:03:11.600 --> 0:03:13.480 Do we really need to care about that so much? 0:03:14.120 --> 0:03:16.120 Do you agree with that premise or is this. 0:03:16.040 --> 0:03:18.480 Something that goes to national security but also. 0:03:19.280 --> 0:03:20.519 The heart of something else. 0:03:20.680 --> 0:03:23.520 About what it means to have appropriate technology. 0:03:24.200 --> 0:03:27.560 Certainly, there can be a great resource in technology. It's 0:03:27.600 --> 0:03:29.600 a tool that a lot of us use to I 0:03:29.600 --> 0:03:32.240 think one of the reasons that Donald Trump became president 0:03:32.320 --> 0:03:34.400 is because he was able to use technology to get 0:03:34.400 --> 0:03:39.000 his own message out and go around the mainstream media 0:03:39.000 --> 0:03:40.440 and talk directly to the people. 0:03:40.480 --> 0:03:42.080 And so I think it can be a great tool. 0:03:42.360 --> 0:03:45.560 However, it can't be something that our kids are spending 0:03:45.560 --> 0:03:48.760 ten hours a day doing, and that's one of. 0:03:48.720 --> 0:03:50.400 The things I think that we have to look at. 0:03:50.480 --> 0:03:53.360 One of the things we're talking about a lot, the pressure, 0:03:53.480 --> 0:03:57.040 the anxiety, the depression, the suicide rates that have skyrocketed 0:03:57.400 --> 0:04:01.120 in large part because a total access and connection to 0:04:01.240 --> 0:04:04.680 social media, and so protecting kids I think has to 0:04:04.720 --> 0:04:06.360 be one of the big topics of conversation. 0:04:06.480 --> 0:04:07.800 Do you think the President Trump agrees? 0:04:08.520 --> 0:04:10.400 You know, that's a conversation I haven't had with them, 0:04:10.400 --> 0:04:12.680 but it's something certainly that I look forward to talking 0:04:12.720 --> 0:04:14.800 about with him as he takes the reins here at 0:04:14.800 --> 0:04:15.280 the White House. 0:04:15.320 --> 0:04:17.400 Do you think there is clarity about what national security 0:04:17.480 --> 0:04:18.400 is and what is it? 0:04:19.000 --> 0:04:23.200 I think there are some big differences in kids versus 0:04:23.279 --> 0:04:26.800 national security, and whether or not they can focus in 0:04:26.839 --> 0:04:30.679 the classroom, and whether or not other countries are taking 0:04:30.720 --> 0:04:33.520 all of our data. Those are very different conversations. This 0:04:33.680 --> 0:04:36.560 is a president who I know cares a lot about 0:04:36.600 --> 0:04:40.760 protecting American interest and is always going to do what 0:04:40.839 --> 0:04:44.080 is necessary to protect our country. You've seen him taking 0:04:44.160 --> 0:04:46.479 action on day one, so I have no doubt, no 0:04:46.560 --> 0:04:47.400 concern over that. 0:04:47.640 --> 0:04:49.640 One of the things I do think that has. 0:04:49.480 --> 0:04:51.800 To be a greater part of the discussion is the 0:04:51.839 --> 0:04:53.000 mental health impact that it. 0:04:53.000 --> 0:04:53.960 Is having on young people. 0:04:54.000 --> 0:04:56.000 You're on two panels. One of them is talking about this. 0:04:56.080 --> 0:04:59.320 The other one is with Kentucky Governor Andy Basheer, who 0:04:59.360 --> 0:05:01.320 is a Democrat, and I believe you guys are staying 0:05:01.320 --> 0:05:03.520 in a similar place and imagining the sharks of. 0:05:03.560 --> 0:05:05.080 Jets walking past each other. 0:05:05.320 --> 0:05:08.719 It's a panel about the role of governors and states 0:05:08.880 --> 0:05:11.880 in a presidential transition and implementing policy. And this comes 0:05:11.920 --> 0:05:14.680 at a time where President Trump has basically said get 0:05:14.680 --> 0:05:17.480 on board or face the consequences. 0:05:17.800 --> 0:05:19.560 Do you think that that is the right way to 0:05:19.600 --> 0:05:20.599 get states on board. 0:05:20.839 --> 0:05:22.599 I have a great partnership. 0:05:22.600 --> 0:05:24.680 I want Arkansas to be one of the leaders of 0:05:24.720 --> 0:05:27.039 a lot of the initiatives of the President is pushing 0:05:27.640 --> 0:05:29.600 we're going to be one of the biggest champions, and 0:05:29.640 --> 0:05:33.080 I want us to be a place of innovation and 0:05:33.400 --> 0:05:35.919 use Arkansas as a pilot for some of the programs 0:05:35.920 --> 0:05:38.839 that we're rolling out. I think on healthcare, there is 0:05:38.880 --> 0:05:41.359 a lot of opportunity to do things in a better 0:05:41.400 --> 0:05:43.400 way than what we've done, and I think this is 0:05:43.400 --> 0:05:45.120 a president that's going to be able to do that. 0:05:45.240 --> 0:05:47.680 A good relationship with the states is a good thing. 0:05:48.040 --> 0:05:50.880 We shouldn't be in constant battle between the federal government 0:05:50.920 --> 0:05:52.840 and our state governments, and I think that's one of 0:05:52.880 --> 0:05:55.000 the things that you'll see both of us talk about 0:05:55.279 --> 0:05:58.000 how we can have good cooperation and get things done 0:05:58.000 --> 0:05:59.560 that benefit the people that we govern. 0:06:00.000 --> 0:06:02.400 It's a good precedent for funding to be withdrawn though 0:06:02.400 --> 0:06:03.000 from states that. 0:06:02.920 --> 0:06:05.159 Don't comply with certain orders from the president. 0:06:05.720 --> 0:06:08.240 Look, I am in agreement with where the President is 0:06:08.279 --> 0:06:09.840 and the things that he's trying to do, and I 0:06:09.880 --> 0:06:13.160 think we're going to be able to not only improve 0:06:13.279 --> 0:06:16.440 things happening in Arkansas, but hopefully things happening in all 0:06:16.520 --> 0:06:19.159 fifty states. This is a president who's coming in with 0:06:19.200 --> 0:06:23.600 a huge mandate. People want to see his policies enacted. 0:06:23.839 --> 0:06:26.160 They know exactly what they signed up for because they've 0:06:26.200 --> 0:06:30.000 seen his leadership style, and he won in an overwhelming margin, 0:06:30.040 --> 0:06:31.880 and that's what people are hoping. He's going to come 0:06:31.920 --> 0:06:34.040 in and deliver on all the things that he's been 0:06:34.080 --> 0:06:35.640 talking about over the last couple of years. 0:06:35.680 --> 0:06:37.240 Have you talked with Governor VISHERI yet. 0:06:37.400 --> 0:06:39.320 I haven't yet, but I'm looking forward to spend some 0:06:39.320 --> 0:06:40.440 time with him this afternoon. 0:06:40.680 --> 0:06:43.320 But you guys both are the children of governors, I believe, 0:06:43.440 --> 0:06:45.640 and you both are coming to the stage, but from 0:06:45.680 --> 0:06:48.080 opposite sides, one Democrat yourself a Republican. 0:06:48.920 --> 0:06:51.200 Do you expect it to be collegial? 0:06:51.240 --> 0:06:52.920 Do you expect it to be a working together kind 0:06:52.920 --> 0:06:54.479 of feeling, or do you feel like that divide is 0:06:54.480 --> 0:06:55.480 getting more entrenched? 0:06:55.960 --> 0:06:56.520 Absolutely? 0:06:56.520 --> 0:07:00.360 I think that you know, governors have a unique perspectiveive, 0:07:00.400 --> 0:07:03.279 and certainly I want to promote and bring the business 0:07:03.360 --> 0:07:05.800 and economic development to my state. I know he wants 0:07:05.880 --> 0:07:08.159 to do the same. But there's some common threads and 0:07:08.200 --> 0:07:10.720 some common challenges that we're both dealing with. I think 0:07:10.800 --> 0:07:13.720 that we'll have a great conversation. I'm really looking forward 0:07:13.760 --> 0:07:14.000 to it. 0:07:14.040 --> 0:07:15.440 One other reason why you're here is to meet with 0:07:15.480 --> 0:07:18.960 all these business leaders about potentially investing in Arkansas. Are 0:07:18.960 --> 0:07:22.080 there specific projects that you would like to see finance, 0:07:22.160 --> 0:07:24.640 There's specific streams of business that you think would be 0:07:24.640 --> 0:07:26.160 helpful to get international investment. 0:07:26.720 --> 0:07:29.600 Certainly, one of the biggest areas of growth in our 0:07:29.680 --> 0:07:31.160 state is aerospace and defense. 0:07:31.680 --> 0:07:33.880 It's now the number one export from Arkansas. 0:07:34.000 --> 0:07:37.120 Arkansas has the best economic growth of any state in 0:07:37.160 --> 0:07:39.320 the country over the last year. We're the number one 0:07:39.440 --> 0:07:42.680 state for people to move into anywhere in the country. 0:07:42.720 --> 0:07:45.480 There's a lot of great things happening in our state. 0:07:45.800 --> 0:07:48.640 We like to teut that we are home to fortune, 0:07:48.760 --> 0:07:52.160 one little retailer you may have heard of called Walmart. 0:07:52.240 --> 0:07:53.080 So we're not. 0:07:53.120 --> 0:07:57.080 Afraid of big business and success stories in Arkansas. And 0:07:57.160 --> 0:07:59.000 we have the opportunity to meet with a lot of 0:07:59.040 --> 0:08:01.320 companies and let them know that we're open and we're 0:08:01.360 --> 0:08:03.840 ready for them to invest and make Arkansas their home 0:08:03.880 --> 0:08:04.200 as well. 0:08:04.320 --> 0:08:06.160 How many meetings are you having me how much did 0:08:06.160 --> 0:08:07.760 you get just an influx of people who wanted to 0:08:07.840 --> 0:08:10.520 meet with you, And did anyone surprise you or any 0:08:10.560 --> 0:08:12.160 places surprise you where they came from. 0:08:12.240 --> 0:08:15.160 It's certainly a busy couple days and look forward to 0:08:15.200 --> 0:08:19.040 making them a really productive few days with a lot 0:08:19.040 --> 0:08:20.960 of good things to take back home to Arkansas. 0:08:21.000 --> 0:08:23.119 Are you concerned though, that there's this feeling that maybe 0:08:23.120 --> 0:08:25.880 the US is putting itself first of the loss of 0:08:26.000 --> 0:08:27.040 other countries. 0:08:27.440 --> 0:08:28.000 Not at all. 0:08:28.520 --> 0:08:29.560 I think it's important. 0:08:30.120 --> 0:08:32.840 Everybody is going to be competing for the people that 0:08:32.840 --> 0:08:36.040 they either governor or lead, and that's exactly what you're 0:08:36.080 --> 0:08:38.560 going to get in Donald Trump. It's somebody he hasn't 0:08:38.600 --> 0:08:41.280 been shy about the fact that he wants. 0:08:41.000 --> 0:08:41.880 America to win. 0:08:41.920 --> 0:08:45.679 There's nothing negative about wanting the best for your country 0:08:45.679 --> 0:08:47.720 and the people that you lead, and I think that 0:08:48.720 --> 0:08:51.680 people want to see him do that, and that's why 0:08:51.720 --> 0:08:53.199 he won reelection in such. 0:08:53.000 --> 0:08:53.480 A big way. 0:08:53.600 --> 0:08:56.200 Governor Sanders, really appreciate your time and you're making the 0:08:56.280 --> 0:08:59.800 trek from Washington, d C too, Davos. Not many people 0:09:00.160 --> 0:09:03.240 that Arkansas Governor Sarah Hockeyby Sanders. 0:09:02.840 --> 0:09:13.600 Did blood block. 0:09:13.640 --> 0:09:17.000 Jamanabaschi leading our coverage added Bay with us here in Davios, 0:09:17.000 --> 0:09:21.120 Switzerland and sitting down with a special guest, Hey, Jamana, Hi. 0:09:21.000 --> 0:09:22.200 Guys, Yeah, good morning to you. 0:09:22.480 --> 0:09:24.480 So yeah, sitting with me right now, is this Excellency 0:09:24.520 --> 0:09:27.719 Mohammad al Jadan, the Saudi Finance Minister. Really good to 0:09:27.760 --> 0:09:30.240 be talking to you, my colleagues in the US. We're 0:09:30.320 --> 0:09:34.560 just talking about the excitement many people, many industry leaders 0:09:34.760 --> 0:09:35.840 feel about. 0:09:35.520 --> 0:09:38.120 The prospects of the US economy this year. 0:09:38.520 --> 0:09:40.680 But my question to you is how does the rest 0:09:40.760 --> 0:09:42.480 of the world feel about it. What do you think 0:09:42.679 --> 0:09:45.600 the return of Trump means and his talk of taris 0:09:45.920 --> 0:09:46.800 for global growth. 0:09:47.920 --> 0:09:49.880 Thank you very much for having me, and I think 0:09:50.360 --> 0:09:53.319 a very strong US economy is a good thing for 0:09:53.360 --> 0:09:58.320 the world and the world economy. The same applies to 0:09:58.520 --> 0:10:03.800 other major economies. If they go south, the whole world 0:10:04.120 --> 0:10:05.360 would really feel it. 0:10:05.960 --> 0:10:08.920 So we are excited the world gets called exactly. 0:10:09.000 --> 0:10:12.640 I mean, we are excited about the US new administration, 0:10:12.800 --> 0:10:14.760 and we are excited about the US economy. 0:10:15.600 --> 0:10:17.559 We think the. 0:10:16.840 --> 0:10:20.240 Next few years would actually show strength and the US 0:10:20.280 --> 0:10:21.240 economy and that. 0:10:21.960 --> 0:10:23.600 Will be good for the whole world. 0:10:24.440 --> 0:10:26.400 Obviously, we need to be watchful, we need to make 0:10:26.440 --> 0:10:32.280 sure that we also support cooperation and multilateral institutions. But 0:10:32.559 --> 0:10:35.760 I am confident that the US economy would be positive 0:10:35.800 --> 0:10:38.040 and I think that I m F and their latest 0:10:38.080 --> 0:10:41.319 report showed that the US is on the upside. 0:10:41.400 --> 0:10:43.800 It seems like His World Highness the Crown Frience had 0:10:43.800 --> 0:10:47.040 a constructive call with President Trump yesterday. A lot of 0:10:47.040 --> 0:10:50.320 reports this morning saying that Saudi plans to invest up 0:10:50.320 --> 0:10:52.760 to six hundred billion dollars in the US over the 0:10:52.760 --> 0:10:55.280 next four years. For people not familiar with those figures, 0:10:55.280 --> 0:10:57.920 that's about fifty five percent of Saudi GDP. You're the 0:10:57.920 --> 0:11:01.640 finance minister or are you going to get that money? 0:11:01.760 --> 0:11:05.319 This is I mean Saudi Press Agency actually issued a 0:11:05.440 --> 0:11:10.720 sesatement on this. We enjoy a very strong relationship with 0:11:10.760 --> 0:11:12.480 the US over the years. I mean we have a 0:11:12.520 --> 0:11:18.560 relationship that spans over eight decades, very strategic based on economic, 0:11:18.960 --> 0:11:22.200 economy and trade and will continue. I mean we have 0:11:22.600 --> 0:11:25.959 currently we have over seven hundred and seventy billion dollars 0:11:25.960 --> 0:11:29.680 of investments in the US, So this is not really new. 0:11:29.760 --> 0:11:35.480 This is a combination of investments and procurements. We have 0:11:35.720 --> 0:11:40.959 very ambitious plans in Saudi Arabia. Saudivision twenty thirty is 0:11:41.160 --> 0:11:45.560 moving on plan and our relationship budde Is with the US, 0:11:45.559 --> 0:11:49.640 with Europe, with China will continue to be flourishing. As 0:11:49.679 --> 0:11:51.560 part of that reform that we are doing. 0:11:51.720 --> 0:11:53.839 I guess I just think about it from a funding perspective, 0:11:53.880 --> 0:11:56.960 because there are mega projects that Saudi Auba has committed to, 0:11:57.000 --> 0:12:01.920 and we've talked about the reprioritization of and the redirection. 0:12:01.520 --> 0:12:03.319 Of funds over the last year. 0:12:03.400 --> 0:12:06.079 But then there are new projects that Saudi is taking 0:12:06.080 --> 0:12:08.480 on as well. The World Cup, for example, Cutter spent 0:12:08.520 --> 0:12:11.960 two hundred billion dollars on that. So the question I 0:12:12.000 --> 0:12:15.320 think from the investment community is if you are planning 0:12:15.320 --> 0:12:18.360 on borrowing more, how much balance sheet deterioration are you 0:12:18.360 --> 0:12:19.240 willing to tolerate. 0:12:20.240 --> 0:12:23.360 We have in Soba have a very strong actually fiscal 0:12:25.000 --> 0:12:30.880 buffers very strong, and we are very very careful about 0:12:30.960 --> 0:12:34.600 what we spend, how we spend it. Undred ten on 0:12:34.720 --> 0:12:39.319 that spend, we have a very clear plan. We moved 0:12:39.360 --> 0:12:42.760 from just three years fiscal plan and to actually a 0:12:42.880 --> 0:12:47.800 long term fiscal plan. We've concluded this last year, so 0:12:47.840 --> 0:12:50.520 we know exactly what we are going to spend, where 0:12:50.520 --> 0:12:52.800 are we going to get that money from, how we 0:12:52.840 --> 0:12:54.920 are going to make sure that it helps the economy 0:12:55.440 --> 0:12:55.959 and not. 0:12:56.000 --> 0:12:57.440 Cloud out the private sector. 0:12:58.040 --> 0:13:01.680 That is a long term plan and all of these 0:13:01.720 --> 0:13:06.600 projects will fall in place within that context. We recalibrated 0:13:06.840 --> 0:13:09.000 what we need to do, and we wanted to make 0:13:09.000 --> 0:13:13.240 sure that we prioritize what would make matters. We wanted 0:13:13.280 --> 0:13:15.600 to make sure that we don't overheit the economy, so 0:13:15.679 --> 0:13:19.600 we extended some of these projects over an extended period 0:13:19.640 --> 0:13:21.800 of time, and we wanted to make sure that our 0:13:21.800 --> 0:13:23.000 private sector benefits. 0:13:23.040 --> 0:13:25.600 So if we do too much. 0:13:25.840 --> 0:13:28.080 At a short period of time, the private sector will 0:13:28.080 --> 0:13:30.520 not catch up, so we will have a lot of 0:13:30.600 --> 0:13:32.920 leakage from our economy by importing a lot of things. 0:13:32.920 --> 0:13:35.280 So we wanted really to balance it, and that's what 0:13:35.320 --> 0:13:38.600 we did in the long term plan. I think if 0:13:38.640 --> 0:13:42.439 you want to see how this actually is reflecting in Saudi, 0:13:43.000 --> 0:13:45.360 you will need to see what is happening with the 0:13:45.360 --> 0:13:48.080 people in sauda Abia. They are embracing this change. I 0:13:48.080 --> 0:13:50.400 mean if you visit and you could see it, they 0:13:50.440 --> 0:13:53.760 are really part of that change. You could see it 0:13:53.800 --> 0:13:58.880 in the PMI and the Purchasing Managers Index, which is 0:13:59.040 --> 0:13:59.560 very high. 0:14:00.080 --> 0:14:01.760 I'll get to the growth question in a second, but 0:14:01.800 --> 0:14:03.800 I do just want to ask on the funding. Can 0:14:03.840 --> 0:14:07.760 we expect further sales of the government's taken ARAMCO. 0:14:08.760 --> 0:14:11.720 There is no extra funding than what we have planned 0:14:11.720 --> 0:14:15.840 for the long term plan. And you know Aramco or 0:14:15.880 --> 0:14:18.760 other assets is bart of a plan, so there's nothing 0:14:18.800 --> 0:14:22.040 immediate to talk about. But this is actually bart of 0:14:22.120 --> 0:14:24.400 a long term plan that we started in sixteen. 0:14:24.640 --> 0:14:24.880 Yeah. 0:14:25.240 --> 0:14:30.600 On the growth, IMF actually marginally downgraded the Saudi estimate 0:14:30.640 --> 0:14:34.240 for this year, looking to three point three percent for 0:14:34.640 --> 0:14:38.360 twenty twenty five, and partially on back of Saudi's lower 0:14:38.400 --> 0:14:40.560 oil production, and of course this was a decision taken 0:14:40.600 --> 0:14:45.640 by OPEK plus. And I just wonder how long you 0:14:45.760 --> 0:14:50.760 think Saudi Arabia can continue with producing less and yet 0:14:50.800 --> 0:14:54.760 continuing to achieve those non oil GDP figures that you target. 0:14:56.000 --> 0:14:59.360 This is actually a very good question, spot on, And 0:14:59.440 --> 0:15:03.480 I think the whole idea behind Saudivision twenty thirty is 0:15:03.520 --> 0:15:06.960 exactly this is to deal with these things. We were 0:15:07.120 --> 0:15:11.400 an economy that is totally dependent. When a commodity and 0:15:11.480 --> 0:15:14.800 the voluntility of that commodity impacts the economy, it's the 0:15:14.840 --> 0:15:18.880 boom and bust. We are decoupling the Saudi economy from 0:15:19.000 --> 0:15:22.520 the oil economy, okay, And you could see that and 0:15:22.840 --> 0:15:26.760 actual numbers, I mean numbers does not lie. The NANOILGDB 0:15:26.880 --> 0:15:29.360 bar to the economy is now about fifty two percent. 0:15:30.240 --> 0:15:34.640 The private sector investment as a percentage of GDB has 0:15:34.680 --> 0:15:39.480 seen a structural change. You don't see private sector investment 0:15:39.560 --> 0:15:43.520 as a percentage of GDB changing very quickly in any economy. 0:15:43.720 --> 0:15:47.000 We are seeing that in Saudaibia jumped from about seventeen 0:15:47.040 --> 0:15:50.360 percent now it is twenty four percent. That is a 0:15:50.560 --> 0:15:54.920 serious shift in the economy. The consumption is very strong. 0:15:55.040 --> 0:15:57.400 I mean you look at the confidence both at the 0:15:57.440 --> 0:15:59.400 business side but also at the consumer side. 0:15:59.440 --> 0:16:00.240 It's strong. 0:16:00.400 --> 0:16:02.560 Yeah, your excellency, just around things up. 0:16:03.320 --> 0:16:06.200 Saudi Arabia for so long has been a place where 0:16:06.320 --> 0:16:09.480 investors from around the world have come to receive funding, 0:16:09.560 --> 0:16:14.520 to receive capital. How successful has the Kingdom been in 0:16:14.640 --> 0:16:19.320 terms of mobilizing these funds domestically and encouraging the international 0:16:19.320 --> 0:16:22.680 community to actually invest into Saudi Arabia. 0:16:24.000 --> 0:16:26.160 Very important point. 0:16:26.640 --> 0:16:29.240 A lot of focus on f THEI. I'll cover f THEI, 0:16:29.400 --> 0:16:32.120 but I will cover actually prerequisite for the FDI. 0:16:33.160 --> 0:16:34.720 For FDI to. 0:16:34.680 --> 0:16:37.080 Come, you need to make sure that actually you attract 0:16:37.120 --> 0:16:40.760 your own local investors to invest in your economy. These 0:16:40.760 --> 0:16:43.760 are their colleagues, their friends, their partners elsewhere in the world. 0:16:44.000 --> 0:16:46.560 And if you are not able to convince your local 0:16:46.560 --> 0:16:49.640 investors to invest, you will not be able to convince 0:16:49.920 --> 0:16:52.880 their foreign investors. And we are achieving both. I think 0:16:52.920 --> 0:16:57.200 we are seeing significant growth and local investments in Saudi 0:16:57.200 --> 0:17:01.600 Arabia and we are seeing I think Misa, your investment 0:17:02.160 --> 0:17:05.560 published a few weeks back, what is the targets under 0:17:05.600 --> 0:17:12.159 the Saudi National Investment Strategy over the last four years 0:17:12.200 --> 0:17:14.359 and what have we achieved in terms of FDI And 0:17:14.560 --> 0:17:18.120 every year, without failm we came ahead of the target and. 0:17:18.160 --> 0:17:19.000 That is continuing. 0:17:19.040 --> 0:17:24.000 I think Saudi offers significant opportunities for investors local and 0:17:24.040 --> 0:17:28.879 international in multiple years of space where we have competitive advantage. 0:17:29.240 --> 0:17:30.760 You're acceeny. I'm going to leave it there. 0:17:30.880 --> 0:17:33.840 Thank you very much for sharing your perspectives about the 0:17:33.880 --> 0:17:37.960 outlook for the Saudi economy and funding as the kingdom 0:17:38.000 --> 0:17:55.640 continues to implement Saudi twenty thirty. 0:17:50.040 --> 0:17:52.639 State paliucasat down with us and Lisa linds in and 0:17:52.680 --> 0:17:53.560 goes apart from sports. 0:17:53.560 --> 0:17:55.080 Okay, okay, hold on a second. 0:17:55.240 --> 0:17:58.520 You've been talking about at Alerta for like about three 0:17:58.640 --> 0:18:01.240 years now, and you're so excited, and I know that 0:18:01.280 --> 0:18:04.439 the whole thing is going to be about Atlanta, and 0:18:04.480 --> 0:18:06.880 I think that that's wonderful, but it's a. 0:18:06.840 --> 0:18:08.520 Lot of teles in a lot of places. 0:18:08.520 --> 0:18:09.400 Really, you're going to do. 0:18:09.280 --> 0:18:11.440 This in the capital private equity Senior advice that joins 0:18:11.480 --> 0:18:13.359 us now Thine Steve, Hello, good to see you. 0:18:13.600 --> 0:18:14.200 Great to be here. 0:18:14.240 --> 0:18:15.200 Let's start with sports. 0:18:16.680 --> 0:18:17.639 I thought it was in ESPN. 0:18:18.560 --> 0:18:20.480 We had to get on that night because that's Atlanta 0:18:20.520 --> 0:18:23.040 five NOL. What a story for that team this year. 0:18:23.720 --> 0:18:24.879 You know, I'm still pinching myself. 0:18:24.880 --> 0:18:26.679 It's just incredible and very happy for the team and 0:18:26.680 --> 0:18:29.159 the coach and the Procrassi family. It's been great for 0:18:29.240 --> 0:18:31.760 Bergermon and Milan and it's just really exciting. 0:18:31.920 --> 0:18:33.879 I don't need to get too excited, but can you 0:18:33.920 --> 0:18:34.760 win the league this year? 0:18:36.040 --> 0:18:38.159 You know the old adage take it one game at 0:18:38.200 --> 0:18:39.719 a time, so we just was going to do. We've 0:18:39.720 --> 0:18:41.080 got to get healthy. We got a couple of guys 0:18:41.080 --> 0:18:43.160 that are hurt, but they're playing fantastic. 0:18:43.320 --> 0:18:46.720 It's amazing to see Barcelona up next and maybe straight 0:18:46.800 --> 0:18:48.840 qualification to the not the next round, but the one 0:18:48.840 --> 0:18:51.200 after that, right big, that would be a big big 0:18:51.200 --> 0:18:52.680 for European would go to Barcelona. 0:18:52.760 --> 0:18:54.960 That's the football. Okay, I to the basketball. You should 0:18:54.960 --> 0:18:55.280 do best. 0:18:55.359 --> 0:18:56.080 Actually, there's a lot of. 0:18:57.640 --> 0:19:00.560 Reports that you're after majority ownership of the Boston outtakes. 0:19:00.680 --> 0:19:02.280 How much can you tell us this morning? 0:19:02.480 --> 0:19:05.080 I can't comment, as you know, on any deals, including. 0:19:04.760 --> 0:19:06.480