WEBVTT - What a Government Shutdown Means 0:00:02.520 --> 0:00:10.480 Bloomberg Audio Studios, Podcasts, radio News. This is Bloomberg Business 0:00:10.520 --> 0:00:14.400 Week Daily reporting from the magazine that helps global leaders 0:00:14.400 --> 0:00:18.320 stay ahead with insight on the people, companies, and trends 0:00:18.360 --> 0:00:23.360 shaping today's complex economy, plus global business, finance and tech 0:00:23.440 --> 0:00:27.280 news as it happens. The Bloomberg Business Week Daily Podcast 0:00:27.640 --> 0:00:31.720 with Carol Masser and Tim Stenebeck on Bloomberg Radio. 0:00:32.040 --> 0:00:35.680 Well, day one the government shutdown, Day one of the 0:00:35.680 --> 0:00:36.520 fourth quarter. 0:00:36.280 --> 0:00:39.120 As well, and it's been an interesting one. 0:00:39.159 --> 0:00:40.600 How long is it going to happen? How long is 0:00:40.640 --> 0:00:41.199 it going to go on? 0:00:41.360 --> 0:00:43.160 I think it's a big question, right and I think 0:00:43.280 --> 0:00:47.080 the duration of this shutdown, you know, that is going 0:00:47.159 --> 0:00:48.600 to be a big deal in terms of the impact 0:00:48.600 --> 0:00:50.400 we will certainly see. And I think we're all waiting 0:00:50.440 --> 0:00:52.960 and watching because the concerns have been whether or not 0:00:53.000 --> 0:00:55.760 we start to see workers being cut as the President 0:00:55.800 --> 0:00:56.959 has said he would do. 0:00:57.120 --> 0:01:00.880 Yeah, the President well rather, White House Judge Director Russell 0:01:00.920 --> 0:01:04.360 Vote is planning to swiftly dismiss federal workers, with layoffs 0:01:04.360 --> 0:01:06.880 to happen within two days imminent very soon. According to 0:01:07.080 --> 0:01:10.640 White House Press Secretary Caroline Levitt, We're going to continue 0:01:10.680 --> 0:01:13.040 to bring you the latest from Washington, DC, and that 0:01:13.080 --> 0:01:16.039 includes checking in with Nathan Dean. He's Bloomberg Intelligence senior 0:01:16.080 --> 0:01:19.279 policy analysts. He joins us from the nation's capital. Nathan, 0:01:19.360 --> 0:01:23.000 you were I don't remember how optimistic you were yesterday. 0:01:23.040 --> 0:01:25.040 To be honest, I have to be honest with you. 0:01:25.120 --> 0:01:26.800 I feel like you were optimistic in the early part 0:01:26.840 --> 0:01:28.640 of the day, and then in the later part of 0:01:28.680 --> 0:01:30.840 the day you got less and less optimistic. And certainly 0:01:30.840 --> 0:01:33.320 what ended up happening was the government did shut down. 0:01:33.840 --> 0:01:36.920 Is there any is the daylight decreasing between Republicans and 0:01:36.920 --> 0:01:38.000 Democrats right now. 0:01:38.920 --> 0:01:39.840 At the leadership level. 0:01:39.840 --> 0:01:41.760 Look, they're both in the pasture right now where they're 0:01:41.760 --> 0:01:43.640 trying to blame the other. And yesterday it was two 0:01:43.760 --> 0:01:45.679 forty one when I told my first client that I 0:01:45.680 --> 0:01:47.920 thought it was going to shut down. But I still 0:01:47.920 --> 0:01:50.600 feel that it's a little optimistic to say that we 0:01:50.720 --> 0:01:53.360 think that this shutdown is going to end probably within 0:01:53.440 --> 0:01:56.560 ten days. Now polymarket has it eleven point five days, 0:01:56.600 --> 0:01:59.480 So that's the general can you know consensus out there, 0:01:59.760 --> 0:02:03.120 But we did see the first time today some bipartisan senators, 0:02:03.160 --> 0:02:05.720 not at the leadership level, but at the working level. 0:02:05.760 --> 0:02:08.000 I would call it gag on the Senate floor to 0:02:08.040 --> 0:02:12.120 potentially talk about a short term CR combined with maybe 0:02:12.160 --> 0:02:15.760 some type of effort on Obamacare subsidies. Now they left 0:02:16.280 --> 0:02:18.800 for today, they're out for Yamkapor. They won't come back 0:02:18.840 --> 0:02:21.000 until Friday. I think that you're going to see more 0:02:21.040 --> 0:02:23.680 political rhetoric take place on Friday, and you're not going 0:02:23.720 --> 0:02:26.320 to see serious negotiations till over the weekend, because I 0:02:26.520 --> 0:02:29.240 remember the House Republicans are still aren't here. 0:02:29.280 --> 0:02:30.640 They come back next week. 0:02:31.000 --> 0:02:33.320 But all that has to happen and keep the government 0:02:33.360 --> 0:02:36.680 open is five Democrats need to go and support this. 0:02:36.840 --> 0:02:40.520 Because yesterday's vote three Democrats or two Democrats and an 0:02:40.560 --> 0:02:44.240 independent that caucuses with the Democrats ended up voting for this. 0:02:44.320 --> 0:02:47.040 So Senator Schumer only has a few more days until 0:02:47.080 --> 0:02:49.560 I think the pressure for more Democrats will be to 0:02:49.600 --> 0:02:51.720 go and say we're going to reopen the government. 0:02:51.840 --> 0:02:54.400 You mentioned CR. Of course that's a continuing resolution. Nathan. 0:02:54.400 --> 0:02:56.120 What I'm wondering is are the democrats? 0:02:56.160 --> 0:02:59.080 I mean, what are people saying or what do you 0:02:59.160 --> 0:03:01.760 think as you watch the government whether it would have 0:03:01.760 --> 0:03:04.800 been democrats or Republicans. Are democrats in this case in 0:03:04.800 --> 0:03:07.399 this instance kind of right to put their foot down 0:03:07.400 --> 0:03:10.400 on an issue that's very important to their voters or 0:03:10.400 --> 0:03:13.160 their constituents in terms of healthcare. And if they don't 0:03:13.160 --> 0:03:15.119 put their foot down and they say, all right, let's 0:03:15.120 --> 0:03:17.680 not shut down the government, let it go, you guys 0:03:17.680 --> 0:03:20.720 say you'll talk to us. Are they silly in not 0:03:20.960 --> 0:03:25.800 kind of getting a deal or you know beforehand, you know, 0:03:25.840 --> 0:03:28.720 getting some kind of commitment. So an issue that they 0:03:28.760 --> 0:03:31.239 say is very important to their American voters. And let's 0:03:31.240 --> 0:03:33.880 remember go back to the election. You know, half voted 0:03:33.919 --> 0:03:35.720 for the president are a little bit more than half, 0:03:35.800 --> 0:03:37.600 right if you look at the popular vote, and the 0:03:37.640 --> 0:03:38.320 other half did not. 0:03:39.600 --> 0:03:42.120 You know, shutdowns occur when both parties think that it's 0:03:42.160 --> 0:03:45.280 politically advantageous for to shut down to occur. And I 0:03:45.280 --> 0:03:47.600 think that's the situation we're still in. There's a lot 0:03:47.600 --> 0:03:49.560 of folks that blame Republicans for this. There are a 0:03:49.600 --> 0:03:51.760 lot of folks that blame Democrats for this. But from 0:03:51.760 --> 0:03:54.560 the democratics perspective, there were two goals I think going 0:03:54.600 --> 0:03:57.680 into the shutdown. One was for Senator Schumer to rally 0:03:57.680 --> 0:04:00.720 the troops to be seen fighting President Trump, and the 0:04:00.760 --> 0:04:02.760 second was to bring attention to the issue of the 0:04:02.760 --> 0:04:05.880 Obamacare subsidies that expire at the end of the year. Now, 0:04:05.920 --> 0:04:07.840 Senator thun has said that there's going to be no 0:04:07.880 --> 0:04:11.880 negotiation on Obamacare subsidies, at least resolving that issue while 0:04:11.880 --> 0:04:13.920 the government is shut down, and I believe him on that. 0:04:14.280 --> 0:04:16.960 But the Democrats have achieved their first goal, or will 0:04:17.000 --> 0:04:20.320 within a few days of being seen as combating President Trump. 0:04:20.600 --> 0:04:22.719 The challenge for Senator Schumer at this point is what 0:04:22.880 --> 0:04:25.120 is the exit strategy? How do we get out of 0:04:25.160 --> 0:04:28.040 this government shutdown? And that's why I think that sometime 0:04:28.120 --> 0:04:30.480 next week you will see, like in an unofficial agreement, 0:04:31.000 --> 0:04:33.600 unofficial handshake, if you will, that there will be an 0:04:33.600 --> 0:04:36.640 effort to deal with these Obamacare subsidies. Because I think 0:04:36.680 --> 0:04:39.440 there are some folks in the Republican Party, President Trump included, 0:04:39.680 --> 0:04:42.120 who recognize that it may not be beneficial in an 0:04:42.160 --> 0:04:45.880 election year for Obamacare subsidies to go up for average Americans. 0:04:46.360 --> 0:04:48.719 But let's also remember that the bulk of the Republican 0:04:48.760 --> 0:04:51.600 Party most likely wants this to go away. So even 0:04:51.600 --> 0:04:53.640 if there is an agreement that says we're going to 0:04:53.720 --> 0:04:56.360 kick the candidate till November, these shutdown fights are going 0:04:56.400 --> 0:04:58.560 to continue. Probably into the beginning of next year. 0:05:00.160 --> 0:05:01.960 He is into the beginning of next year. Does it 0:05:01.960 --> 0:05:04.279 affect the mid terms? I was talking with some colleagues 0:05:04.279 --> 0:05:08.280 earlier today, and it seems like voters, like anecdotally, they 0:05:08.279 --> 0:05:10.600 don't really remember shutdowns. 0:05:11.040 --> 0:05:13.640 Now, they don't, especially not this far out from November. 0:05:13.680 --> 0:05:16.359 I mean, look, it's October first, and we have a 0:05:16.440 --> 0:05:18.640 year and some change until the midterms. I don't know 0:05:18.680 --> 0:05:20.960 many people are going to go into the voting booth 0:05:21.000 --> 0:05:22.960 and say, hey, remember what happened back in October of 0:05:23.040 --> 0:05:25.760 last year, And remember the Tea Party somewhat did this 0:05:25.839 --> 0:05:29.039 back in twenty thirteen, and the Republicans ultimately ended up 0:05:29.080 --> 0:05:31.800 gaining nine seats in the following midterm election of the 0:05:31.800 --> 0:05:32.479 following year. 0:05:32.800 --> 0:05:33.680 But I will say is. 0:05:33.640 --> 0:05:36.200 That it's a certainly about momentum. And the Democrats right 0:05:36.240 --> 0:05:39.239 now have a very poor approval rating, It's around thirty percent. 0:05:39.320 --> 0:05:42.440 And so from the Democratic perspective, why don't we shut 0:05:42.480 --> 0:05:44.919 this down? Why don't we rally the troops and rally 0:05:44.920 --> 0:05:48.200 the progressive support. Let's support our base, and then we'll 0:05:48.240 --> 0:05:50.480 spend the next year in change actually trying to build 0:05:50.480 --> 0:05:51.279 some momentum. 0:05:51.440 --> 0:05:52.560 So I can see the case for. 0:05:52.520 --> 0:05:54.560 Why the Democrats would want to shut the government down 0:05:54.839 --> 0:05:56.680 because there is plenty of time for them to come 0:05:56.720 --> 0:05:58.560 back and get messaging onto other issues. 0:05:58.600 --> 0:06:01.600 Hey, Nathan, what about you know President jd Vance's downplay 0:06:01.800 --> 0:06:04.520 plans to use the shutdown to slash services. He says 0:06:04.800 --> 0:06:07.640 Republicans don't want to lay anybody off, and that Democrats 0:06:07.640 --> 0:06:10.359 would be held responsible for any negative consequences of the 0:06:10.360 --> 0:06:13.080 government closure. President Trump has come out, He's been very 0:06:13.080 --> 0:06:16.360 clear right talking about, you know, the ability or you know, 0:06:16.480 --> 0:06:19.960 to cut some of the federal government jobs. Russell Vote 0:06:19.960 --> 0:06:23.880 has certainly we've seen that as well. So are we 0:06:23.960 --> 0:06:27.159 expecting that to happen? And if it does happen, you 0:06:27.200 --> 0:06:29.080 know who is responsible for that. 0:06:30.360 --> 0:06:32.000 So I think you're going to see signs of that. 0:06:32.080 --> 0:06:34.640 You know, Russell Vote even said just in a House 0:06:34.720 --> 0:06:38.080 Republican caucus earlier today that layoffs are and I'm paraphrasing 0:06:38.120 --> 0:06:40.400 your imminent in the next day or two. I think 0:06:40.440 --> 0:06:42.880 there's some probably some truth behind that. You would also 0:06:42.880 --> 0:06:45.880 see additional cancelation of projects. The eighteen billion dollars the 0:06:45.960 --> 0:06:48.279 earmarked for those who in New York City in terms 0:06:48.279 --> 0:06:51.640 of infrastructure projects, but ultimately it's going to be President 0:06:51.680 --> 0:06:54.880 Trump that makes this decision. And I think that President 0:06:54.880 --> 0:07:00.000 Trump realizes that widespread layoffs of government workers, it's such 0:07:00.000 --> 0:07:03.279 which a broad nature, is not going to be popular 0:07:03.320 --> 0:07:05.880 with the American populace. You know, Joe Matthew in Balance 0:07:05.880 --> 0:07:07.880 of Power has had several Republicans on this week where 0:07:07.920 --> 0:07:10.600 they've asked President Trump to bring a scalpel to this 0:07:10.720 --> 0:07:13.200 as opposed to a sledgehammer. So you'll probably see a 0:07:13.240 --> 0:07:16.480 notifiaications go out and you'll probably see signs. But as 0:07:16.520 --> 0:07:19.200 of right now, I still think it's political posturing not 0:07:19.320 --> 0:07:23.200 so much actually a real layoff threat. But again, time 0:07:23.240 --> 0:07:25.520 may change, and if this is the if it does happen, 0:07:25.960 --> 0:07:28.440 I think it actually could push parties further apart and 0:07:28.480 --> 0:07:30.000 potentially extend the shutdown even long. 0:07:30.120 --> 0:07:32.400 Well, we did a deep dive yesterday, as you know, 0:07:32.520 --> 0:07:35.800 on Russell vote and his role at OMB and the 0:07:35.920 --> 0:07:39.280 DNA that he brings to this role. Does he take 0:07:39.320 --> 0:07:42.560 a scalpel when it comes to laying off federal workers? 0:07:44.000 --> 0:07:45.080 Not if he gets his wish. 0:07:45.120 --> 0:07:47.400 I mean, obviously this goes back to Project twenty twenty 0:07:47.400 --> 0:07:50.800 five and this idea that where the government is extremely bloated. 0:07:51.160 --> 0:07:52.640 And you know, former. 0:07:52.840 --> 0:07:55.280 OMB director mcmulvaney was on Balance of Power a couple 0:07:55.320 --> 0:07:58.440 of weeks ago, and he was jubilant and saying, look this, 0:07:58.560 --> 0:08:00.720 I'm excited for RUSS vote because you're going to be 0:08:00.760 --> 0:08:03.760 able to dismantle a lot of apparatus of the government. 0:08:03.760 --> 0:08:06.200 I'm paraphrasing his works there. But I will say is 0:08:06.200 --> 0:08:09.160 that it's not easy to do. Both sides will often 0:08:09.200 --> 0:08:11.760 come to Washington and saying, look, there's bloat. 0:08:12.000 --> 0:08:13.800 There are things that we need to cut. 0:08:13.680 --> 0:08:15.560 But it's not easy to do so because there are 0:08:15.600 --> 0:08:18.920 things like regulations and statues and laws. And if you 0:08:19.000 --> 0:08:20.960 end up cutting folks like we saw what happened with 0:08:21.000 --> 0:08:23.680 Doge earlier this year, and you break the law, or 0:08:23.720 --> 0:08:26.040 at least you're breaking regulations, or you're breaking what the 0:08:26.080 --> 0:08:27.080 American people want. 0:08:26.960 --> 0:08:29.080 You to do, you have to end up hiring them back. 0:08:29.200 --> 0:08:32.520 Hey, Nathan, really quickly fifteen seconds. I mean, who is 0:08:32.559 --> 0:08:34.400 President Trump listening to in all of this? 0:08:34.840 --> 0:08:35.040 Jd. 0:08:35.200 --> 0:08:37.679 Vance was very much out front and center and very 0:08:37.760 --> 0:08:40.640 much in command earlier today talking about the shutdown. This 0:08:40.760 --> 0:08:42.959 is RUSS vote. Just got about ten seconds. Who is 0:08:43.000 --> 0:08:43.800 the president listening to? 0:08:43.960 --> 0:08:46.880 Very quickly I think the President is listening to himself, 0:08:46.960 --> 0:08:48.600 and I think the President's going to make the decision 0:08:48.600 --> 0:08:49.520 that he wants to make. 0:08:49.520 --> 0:08:51.839 All right, kind to leave it there, you rock. Nathan Dean, 0:08:51.840 --> 0:08:55.480 Bloomberg Intelligence Senior policy analyst jointing US from Washington, DC. 0:08:56.440 --> 0:08:59.199 Stay with us more from Bloomberg Business Week Daily coming 0:08:59.280 --> 0:09:00.319 up this. 0:09:04.160 --> 0:09:08.040 You're listening to the Bloomberg Business Week Daily Podcast. Catch 0:09:08.080 --> 0:09:10.760 us live weekday afternoons from two to five 's during 0:09:10.760 --> 0:09:13.600 this listen on alvl karplay and Android Atto with the 0:09:13.640 --> 0:09:17.360 Bloomberg Business app, or watch us live on YouTube. 0:09:17.960 --> 0:09:20.840 Bahrain has emerged as a key economic and security partner 0:09:20.840 --> 0:09:24.719 for Washington, hosting several US military assets, including the US 0:09:24.840 --> 0:09:27.880 Navy's fifth Fleet and the Branch's Central Command. And you 0:09:27.960 --> 0:09:30.439 might recall over this past summer a meeting at the 0:09:30.480 --> 0:09:34.640 White House where Bahrain's Crown prints pledged seventeen billion dollars 0:09:34.679 --> 0:09:36.959 worth of investments in the United States. While our next 0:09:36.960 --> 0:09:41.040 guest is focusing on bringing investments into Bahrain. Joining us 0:09:41.120 --> 0:09:44.320 is her Excellency nor Bent al al Kulaif. 0:09:44.480 --> 0:09:46.360 She is CEO of the Bahrain. 0:09:46.120 --> 0:09:50.079 Economic Development Board and also the Kingdom's Minister of Sustainable Development. 0:09:50.440 --> 0:09:54.520 She is in our Bloomberg News La Bureau. I'm so delighted, 0:09:54.640 --> 0:09:57.120 your excellency that we could spend some time with you. 0:09:57.559 --> 0:10:01.080 Bloomberg has reported a lot about the Middle East at large, 0:10:01.080 --> 0:10:04.840 how it's transitioning, taking moves to broaden out the region's economy, 0:10:04.960 --> 0:10:08.960 making investments in sports, tourism, technology, and a lot more. 0:10:09.200 --> 0:10:13.800 Tell us about for Bahrain, about attracting investments in the 0:10:13.800 --> 0:10:17.360 digital and tech world, your mission, who has invested so far, 0:10:17.520 --> 0:10:19.280 give us some size and scope if you would. 0:10:20.360 --> 0:10:23.760 Absolutely. First of all, Carol's exciting to be with you 0:10:24.000 --> 0:10:26.480 today and looking forward to the conversation as well. So 0:10:26.520 --> 0:10:29.160 thank you so much for hosting me today. And I 0:10:29.160 --> 0:10:31.280 always find it very helpful to start with maybe a 0:10:31.320 --> 0:10:35.000 thirty second elevator pitch about beading. For those that are 0:10:35.040 --> 0:10:38.440 not familiar with the country. Bahrain is a small island 0:10:38.720 --> 0:10:42.560 part of the Golf Corporation Council. As a country, historically 0:10:42.640 --> 0:10:47.720 it's been a strategic maritime state, so it was always 0:10:47.720 --> 0:10:50.880 considered as a transit, as a hub, as a gateway 0:10:50.880 --> 0:10:53.360 to the region and a transit for trade growing east 0:10:53.400 --> 0:10:56.160 and west. And that's also started because of the perling 0:10:56.240 --> 0:10:59.800 industry in Bahrain. But fast forward till today, we still 0:10:59.800 --> 0:11:05.000 readin that role and that really underpins our ethos or 0:11:05.040 --> 0:11:08.319 our DNA of being business friendly and we need to 0:11:08.360 --> 0:11:11.720 cut our economy today people think Bahrain it's an oil 0:11:11.920 --> 0:11:17.000 exported country. In reality and on the ground, our GDP 0:11:17.240 --> 0:11:20.520 is eighty five percent non oil. Financial services sector is 0:11:20.559 --> 0:11:24.520 the largest contributor to our economy, followed by manufacturing. But 0:11:24.600 --> 0:11:29.800 our other strategic sectors that we focus on our tourism, logistics, technology, 0:11:29.840 --> 0:11:32.520 but also we have the education and the healthcare. So 0:11:32.559 --> 0:11:37.040 you can see that diversification was achieved through attracting investment 0:11:37.559 --> 0:11:41.040 into the country, being very open and allowing investors to 0:11:41.080 --> 0:11:43.840 come and take advantage of the region and what's happening, 0:11:44.120 --> 0:11:46.960 and using Bahrain as their testing ground as their base. 0:11:47.360 --> 0:11:49.959 So it's been really interesting times, especially with the growth 0:11:49.960 --> 0:11:51.760 that is happening in the region at the moment. 0:11:51.960 --> 0:11:54.480 Well, you're in our Los Angeles Bureau now ostensibly in 0:11:54.480 --> 0:11:58.280 Los Angeles to help attract investment to the country. Can 0:11:58.320 --> 0:12:00.520 you talk a little bit about who you're meeting with 0:12:00.559 --> 0:12:02.840 the type of investment that you're hoping to attract. 0:12:04.000 --> 0:12:06.839 It's been a variety actually of companies and sectors that 0:12:07.240 --> 0:12:09.320 we've had conversations with, and I have to say it's 0:12:09.320 --> 0:12:14.239 been very, very interesting. We've always in Bahrain admired specifically 0:12:14.240 --> 0:12:18.000 if the technology sector of the US and having direct 0:12:18.000 --> 0:12:21.800 conversations with theirs, innovators, with the founders or the people 0:12:21.840 --> 0:12:24.679 that are really close to not just what's happening at 0:12:24.679 --> 0:12:27.640 the moment and what consumers have, but really also what 0:12:27.760 --> 0:12:30.800 is expected to come going forward. So a lot of 0:12:30.840 --> 0:12:34.360 discussions about technology and how Batratan can support that, but 0:12:34.440 --> 0:12:37.120 also we've had discussions on manufacturing. We've had discussions even 0:12:37.120 --> 0:12:40.480 on the film industry, and we do that. And the 0:12:40.520 --> 0:12:44.040 way we look at Bahrain and that we were able 0:12:44.080 --> 0:12:46.720 to talk about those different industries is because when we 0:12:46.760 --> 0:12:49.440 assess our market in Bahrain, we look at various things. 0:12:49.480 --> 0:12:51.200 We look at what is the infrastructure that I have 0:12:51.280 --> 0:12:53.640 at the moment, what are the regulations that I have, 0:12:53.720 --> 0:12:57.040 what is the human capital that I have? And how 0:12:57.080 --> 0:13:00.760 can that serve international companies in various sectors is and 0:13:01.520 --> 0:13:04.000 what would be beneficial for them to come and take 0:13:04.000 --> 0:13:06.400 advantage of the business environment. 0:13:06.480 --> 0:13:08.200 Is it a difficult thing to do in a world 0:13:08.240 --> 0:13:11.840 that is increasingly going I don't want to say the 0:13:11.880 --> 0:13:14.920 world's going America first, but countries are increasingly looking inward. 0:13:15.200 --> 0:13:17.840 You mentioned the film industry and meetings that you're having 0:13:17.840 --> 0:13:20.319 out there. Just this week, the President said he's imposing 0:13:20.559 --> 0:13:24.040 a one hundred percent tariff on foreign made movies. How 0:13:24.120 --> 0:13:26.320 much more difficult does that make your job trying to 0:13:26.360 --> 0:13:28.240 attract those folks to Bahrain. 0:13:29.200 --> 0:13:33.640 Look, we acknowledge and we see the President Trump is 0:13:33.679 --> 0:13:37.440 doing in terms of attracting more local investments. And actually, 0:13:37.440 --> 0:13:39.160 if you look at the region and Betting and the 0:13:39.200 --> 0:13:42.000 rest of the GCC, we actually mirror that sentiment. A 0:13:42.000 --> 0:13:45.000 lot of the countries are trying to bring in investments 0:13:45.040 --> 0:13:47.840 into the region. But we also believe it's not as 0:13:47.880 --> 0:13:52.360 zero sum game. Some companies would need to have presence 0:13:52.480 --> 0:13:55.040 in both regions, not necessarily just one, in order to 0:13:55.040 --> 0:13:57.320 achieve the results that they want, even locally here in 0:13:57.320 --> 0:13:59.240 the US, and we're talking to some of those companies 0:13:59.240 --> 0:14:02.240 that need the input. Other companies actually need to be 0:14:02.320 --> 0:14:05.760 closer by nature to their consumers, and giving the growth 0:14:05.800 --> 0:14:08.040 in the demand and the growth in the consumer base 0:14:08.120 --> 0:14:10.800 in the Middle East and specifically the GCC, a lot 0:14:10.800 --> 0:14:14.800 of the companies would need that presence closer to the consumer. 0:14:15.160 --> 0:14:19.480 So we're having a lot of conversations with companies about that, 0:14:19.560 --> 0:14:22.120 but we very much understand what is happening here in 0:14:22.160 --> 0:14:26.200 the US, and we try to do our best to 0:14:26.240 --> 0:14:28.680 support those companies. The first thing we do with companies 0:14:28.720 --> 0:14:31.359 is ask what are your growth plans, what are your strategies, 0:14:31.560 --> 0:14:33.280 how can we support you in the region, and what 0:14:33.280 --> 0:14:36.720 can Barin do for you, Because we honestly believe that 0:14:37.080 --> 0:14:40.360 their success means our success. So their success in the 0:14:40.400 --> 0:14:43.800 region means they will stay here for the foreseeable future, 0:14:43.840 --> 0:14:46.360 which means they've become part of our ecosystem and part 0:14:46.360 --> 0:14:49.120 of our economic development. 0:14:49.280 --> 0:14:52.960 Your excellency, I'm curious to what's the competitive landscape as 0:14:53.000 --> 0:14:56.040 you buy for investments in capital. I mean, yes, your 0:14:56.080 --> 0:14:59.440 country versus other Golf nations, they've got similar ambitions we 0:14:59.480 --> 0:15:00.840 report about all the time. 0:15:01.280 --> 0:15:03.680 So what is that competitive landscape like? 0:15:05.000 --> 0:15:07.400 First of all, it's absolutely exciting to see all of 0:15:07.440 --> 0:15:10.480 the countries having their Vision twenty thirties, Virgin twenty fifties, 0:15:10.800 --> 0:15:14.360 really focusing on economic development, and the region really has 0:15:14.400 --> 0:15:18.120 complementary economies, certainly for betraying the way we see ourselves 0:15:18.120 --> 0:15:21.640 and view ourselves. It's economy that complements what is happening 0:15:21.680 --> 0:15:24.000 in the rest of the region. We very much look 0:15:24.040 --> 0:15:26.440 at what's happening and we invite companies to come and 0:15:26.520 --> 0:15:30.120 use Bahrain as a base to test those concepts and 0:15:30.160 --> 0:15:32.160 those ideas that they have. Again, it's a small country, 0:15:32.200 --> 0:15:34.920 you can do our country wide roll out really easily. 0:15:35.480 --> 0:15:39.400 But also we always look at our competitive advantage. For US, 0:15:39.640 --> 0:15:42.840 cost competitiveness is really important. We continue to monitor how 0:15:42.920 --> 0:15:45.360 much it costs not just to set up your business, 0:15:45.360 --> 0:15:47.880 but also for your moving people internationally, how much does 0:15:47.920 --> 0:15:49.680 it cost for them to live there, to put their 0:15:49.720 --> 0:15:52.760 kids in school, to use the health system and Bahrain. 0:15:53.280 --> 0:15:56.720 The other thing that we have is connectivity. So speaking 0:15:56.720 --> 0:15:58.440 of the US, we have a free trade agreement with 0:15:58.480 --> 0:16:00.800 the US. We have this a seput agreement, but also 0:16:01.160 --> 0:16:03.600 we have free trade agreements and investment agreements with about 0:16:03.600 --> 0:16:06.280 thirty percent of the world GDP because as a small country, 0:16:06.280 --> 0:16:09.200 we have to make sure that companies can reach wider 0:16:09.520 --> 0:16:13.320 consumer base. But we also what's really important for US 0:16:13.480 --> 0:16:16.080 is that we work very closely with the private sector. 0:16:16.200 --> 0:16:18.720 So the government and the private sector works as one 0:16:18.840 --> 0:16:21.880 unit in Bahtray and we have that ethos off the 0:16:21.920 --> 0:16:24.520 team betraying concept. And as I as I said, we 0:16:24.600 --> 0:16:26.600 always start with what do you need and how can 0:16:26.640 --> 0:16:31.240 I support you? And we have examples of where we've 0:16:31.320 --> 0:16:34.000 introduced a new legislation or a new regulation in response 0:16:34.040 --> 0:16:36.280 or request by the private sector. And maybe AWS is 0:16:36.320 --> 0:16:39.760 a great example in that case because they've said, what 0:16:39.800 --> 0:16:41.960 can you do for us in terms of the regulation, 0:16:42.040 --> 0:16:44.800 and we said, how about data jurisdiction law where the 0:16:44.880 --> 0:16:48.120 data hosted and behraanustrated as an embassy, so me as 0:16:48.120 --> 0:16:50.360 a better I cannot access that data and it actually 0:16:50.760 --> 0:16:54.760 could only be accessed by a US court request. 0:16:55.200 --> 0:16:57.880 You mentioned Amazon, and I'm looking at a report coming 0:16:57.880 --> 0:17:00.360 from mortor Intelligence talks about some of the big tech 0:17:00.440 --> 0:17:06.280 companies in Bahrain. Oracle, Amazon, IBM, Microsoft are among them. 0:17:06.480 --> 0:17:08.280 Here in the US, we've been thinking a lot about 0:17:08.440 --> 0:17:11.399 immigration with regard to the H one B visa issues 0:17:11.440 --> 0:17:14.600 that have come up in recent weeks and the confusion 0:17:14.600 --> 0:17:16.280 here in the US about that, and I think one 0:17:16.320 --> 0:17:18.879 piece of the conversation that has been lost is certainly 0:17:18.920 --> 0:17:22.760 the US wants to make sure that it employees or 0:17:22.760 --> 0:17:25.840 that companies are paying for it. Sounds like paying for 0:17:26.000 --> 0:17:29.240 these visas. Is there an opportunity for Bahrain to come 0:17:29.280 --> 0:17:31.760 in and take some of that talent that could work 0:17:31.800 --> 0:17:34.480 at a US tech company that would be from outside 0:17:34.520 --> 0:17:36.600 of the US, and instead work at a US tech 0:17:36.600 --> 0:17:37.840 company in Bahrain. 0:17:39.760 --> 0:17:42.080 As I've said, our human capital for US is really 0:17:42.160 --> 0:17:44.320 really important. So we not only invest in the human 0:17:44.359 --> 0:17:46.800 capital in Bahrain, and we have a lot of programs 0:17:46.840 --> 0:17:50.240 we subsidize training for Bahrains, but it's also very important 0:17:50.280 --> 0:17:53.359 to US as a country in economy to bring in 0:17:53.359 --> 0:17:56.879 international talent. So a few years back, coming out of COVID, 0:17:57.720 --> 0:18:01.080 as part of our economic recovery plan, we've launched our 0:18:01.080 --> 0:18:07.840 Golden Residency Program, which allows investors, retirees, entrepreneurs, talent to 0:18:07.880 --> 0:18:10.600 come in betterin stay for an extend period of time. 0:18:10.640 --> 0:18:13.720 It's ten years, renewable automatically for them and their families, 0:18:14.000 --> 0:18:16.159 and that allows a lot of international companies should they 0:18:16.200 --> 0:18:18.280 wish to do. That's but also a lot of individuals 0:18:18.560 --> 0:18:22.639 to move their people into beatying and take advantage of 0:18:23.400 --> 0:18:25.720 not just the program, but also all of the other 0:18:26.520 --> 0:18:29.640 business benefits that you get by being in Hey. 0:18:29.680 --> 0:18:31.639 One of the things I want to ask, and I 0:18:31.720 --> 0:18:34.800 know high tech and technology is certainly of interest and 0:18:34.840 --> 0:18:38.560 I'm just curious when it comes to big AI data centers. 0:18:38.600 --> 0:18:41.600 I mean, as you would imagine, your excellency, we spend 0:18:41.640 --> 0:18:44.840 so much time talking about the build out, the investments, 0:18:44.840 --> 0:18:48.040 the money flowing into anything and everything data. Curious if 0:18:48.040 --> 0:18:51.720 you guys, if the country and your office are considering 0:18:52.040 --> 0:18:54.439 backing AI data centers such as what we've seen and 0:18:54.480 --> 0:18:56.399 cutter that they've done with Blue Owl. 0:18:57.400 --> 0:19:00.760 Yeah, absolutely, it's important. I mean it's coming, it's not 0:19:01.720 --> 0:19:05.520 it's already there. So we've had a WS set up 0:19:05.520 --> 0:19:07.920 the first hyperscale data center in the Middle East in 0:19:08.000 --> 0:19:10.760 Beatty in a few years back. And again, as I mentioned, 0:19:10.760 --> 0:19:12.640 the reason they chose better is because of the regulation, 0:19:12.720 --> 0:19:16.240 but also the strength of the human capital you mentioned Oracle. 0:19:16.280 --> 0:19:18.600 But we also have some regional and local investments for 0:19:18.680 --> 0:19:22.000 data centers, so we're definitely seeing growth in that region 0:19:22.480 --> 0:19:25.240 where international companies that wish to use that and take 0:19:25.240 --> 0:19:27.520 advantage could come and plug and play and take advantage 0:19:27.520 --> 0:19:30.399 of the data centers already available. But really because of 0:19:30.440 --> 0:19:33.600 the demand, there's a lot of potential and opportunities for 0:19:33.960 --> 0:19:36.960 companies that still wish to have data centers in the 0:19:37.000 --> 0:19:40.240