1 00:00:03,080 --> 00:00:05,680 Speaker 1: It's the big take from Bloomberg News and iHeart Radio. 2 00:00:06,000 --> 00:00:10,400 Speaker 1: I'm West Gsova today. The richest family in the world 3 00:00:10,960 --> 00:00:18,040 Speaker 1: that you've maybe never heard of. For the children of 4 00:00:18,120 --> 00:00:21,760 Speaker 1: Sam Walton, who of course started Walmart's, each of them 5 00:00:21,840 --> 00:00:27,200 Speaker 1: gained three point nine billion dollars each totally twelve billion dollars. 6 00:00:27,240 --> 00:00:29,840 Speaker 1: Just Walton will be the new owner of the Denver 7 00:00:29,920 --> 00:00:33,000 Speaker 1: bronc Art World witnessed history this week when the Peggy 8 00:00:33,080 --> 00:00:37,360 Speaker 1: and David Rockefeller collections scored a record sum at auction, 9 00:00:37,560 --> 00:00:41,920 Speaker 1: the final total eight hundred and thirty two million dollars. 10 00:00:41,960 --> 00:00:44,640 Speaker 1: Charles and David Coke may not be running for president, 11 00:00:44,680 --> 00:00:47,559 Speaker 1: but they are certainly poised to decide who will, and 12 00:00:47,640 --> 00:00:50,080 Speaker 1: making plans to spend nearly a billion dollars on the 13 00:00:50,080 --> 00:00:53,800 Speaker 1: two thousand and sixteen election, outstripping both made. Now, those names, 14 00:00:54,000 --> 00:00:57,200 Speaker 1: they're probably familiar, the Rockefellers, of course, from the old 15 00:00:57,240 --> 00:01:01,640 Speaker 1: school of vastly wealthy American families. These days, though the 16 00:01:01,720 --> 00:01:04,319 Speaker 1: rock Fellers don't even register among the likes of the 17 00:01:04,480 --> 00:01:07,080 Speaker 1: crazy Ridge like the Walton's you heard in that clip. 18 00:01:07,319 --> 00:01:11,240 Speaker 1: Founders of course of Walmart. Members of the Walton family 19 00:01:11,280 --> 00:01:15,120 Speaker 1: occupy three of the top twenty spots on Bloomberg's Billionaire 20 00:01:15,160 --> 00:01:20,319 Speaker 1: Index with a combined net worth topping two hundred billion dollars. 21 00:01:20,840 --> 00:01:23,800 Speaker 1: The Coke family they take up two spots in the 22 00:01:23,800 --> 00:01:28,360 Speaker 1: top twenty with a hundred thirty six billion Today, though, 23 00:01:28,400 --> 00:01:32,600 Speaker 1: we're talking about a family in the United Arab Emirates 24 00:01:32,640 --> 00:01:35,600 Speaker 1: that's likely as rich or richer than both of them, 25 00:01:35,640 --> 00:01:39,440 Speaker 1: and is possibly the wealthiest family on Earth. It's the 26 00:01:39,560 --> 00:01:43,480 Speaker 1: al Nion family. And if that name isn't ringing a bell, 27 00:01:43,959 --> 00:01:46,039 Speaker 1: you probably are familiar with some of the companies the 28 00:01:46,080 --> 00:01:50,240 Speaker 1: al Nions are invested in, because depending on where you live, 29 00:01:50,680 --> 00:01:54,280 Speaker 1: the family might own the grocery store you shopping apartments 30 00:01:54,280 --> 00:01:57,360 Speaker 1: in your neighborhood, some of your favorite brand names, or 31 00:01:57,400 --> 00:02:02,200 Speaker 1: the Teenia root for New York City FC, the football club, 32 00:02:02,480 --> 00:02:06,840 Speaker 1: and of course SpaceX, as well as as Rihanna's lingerie business. 33 00:02:07,480 --> 00:02:09,760 Speaker 1: They've were worked on a variety of VC deals with 34 00:02:09,840 --> 00:02:13,360 Speaker 1: prominent folks in Silicon Valley as well. To learn more 35 00:02:13,400 --> 00:02:16,760 Speaker 1: about this family and it's global reach, I'm joined by 36 00:02:16,760 --> 00:02:19,720 Speaker 1: Bloomberg reporters Ben barton Stein, who you heard just a 37 00:02:19,800 --> 00:02:24,560 Speaker 1: moment ago, and Nico Parasi. They're both in Dubai and 38 00:02:24,720 --> 00:02:28,360 Speaker 1: Wealth reporter Devon Pendleton joins from New York. They in 39 00:02:28,400 --> 00:02:31,800 Speaker 1: our colleague Fara elba Rawi have put together a big 40 00:02:31,840 --> 00:02:35,560 Speaker 1: story about the al Nayon family. Thanks so much everyone 41 00:02:35,560 --> 00:02:38,520 Speaker 1: for coming on the show. Thanks for having us. So 42 00:02:39,320 --> 00:02:45,520 Speaker 1: you have uncovered the vast wealth and long reach of 43 00:02:45,600 --> 00:02:48,880 Speaker 1: this family, the young family. Devin, maybe we can just 44 00:02:48,880 --> 00:02:51,280 Speaker 1: start with you. Can you tell us about the family? 45 00:02:51,320 --> 00:02:54,520 Speaker 1: Who are they? Sure? Um? So? The family is the 46 00:02:54,560 --> 00:02:58,000 Speaker 1: El Nayans and they are the ruling family of Abu Dhabi, 47 00:02:58,080 --> 00:03:02,280 Speaker 1: which is the capital of the United Air Emirates. The 48 00:03:02,400 --> 00:03:05,840 Speaker 1: family have have been in a very very prominent position 49 00:03:06,000 --> 00:03:10,480 Speaker 1: for decades centuries in this region. And the U a 50 00:03:10,560 --> 00:03:13,120 Speaker 1: E is a very small country. It is made up 51 00:03:13,360 --> 00:03:17,440 Speaker 1: of um seven emirates which banded together, believe, in the 52 00:03:17,440 --> 00:03:20,200 Speaker 1: early nineteen seventies to officially become a country called the 53 00:03:20,280 --> 00:03:23,120 Speaker 1: United airb Emirates in a sort of a union not 54 00:03:23,280 --> 00:03:26,880 Speaker 1: too dissimilar to the USA. So they are separate, but 55 00:03:26,919 --> 00:03:30,280 Speaker 1: they are one country. And Abu Dhabi, of which the 56 00:03:30,400 --> 00:03:34,160 Speaker 1: l Nyans are the rulers, happens to be especially powerful 57 00:03:34,320 --> 00:03:38,920 Speaker 1: in this little country because they're little teeny emirate happens 58 00:03:38,960 --> 00:03:42,640 Speaker 1: to sit on the vast majority of the oil reserves 59 00:03:42,840 --> 00:03:46,200 Speaker 1: in the area, so they are tremendously wealthy that the 60 00:03:46,240 --> 00:03:49,840 Speaker 1: actual emirate just kind of by dint of the geography 61 00:03:49,880 --> 00:03:52,920 Speaker 1: where they are. So when oil was discovered decades ago, 62 00:03:53,520 --> 00:03:57,560 Speaker 1: they went from being quite powerful to extremely powerful because 63 00:03:57,600 --> 00:04:01,080 Speaker 1: all of a sudden they had this these huge economic 64 00:04:01,160 --> 00:04:04,240 Speaker 1: flow kind of coming into their their region that they 65 00:04:04,320 --> 00:04:07,160 Speaker 1: ruled um, so that really put them on the map 66 00:04:07,280 --> 00:04:10,400 Speaker 1: there power has only grown and grown and grown since 67 00:04:10,440 --> 00:04:13,520 Speaker 1: since that happened. The structure of the family is sort 68 00:04:13,520 --> 00:04:16,039 Speaker 1: of important, So tell us how the family is structured, 69 00:04:16,400 --> 00:04:18,360 Speaker 1: who leads it, and what are the roles of different 70 00:04:18,360 --> 00:04:21,560 Speaker 1: members of the family and what do they play. Yeah, 71 00:04:21,600 --> 00:04:25,920 Speaker 1: so we've really seen a new generation of leadership now 72 00:04:26,400 --> 00:04:29,240 Speaker 1: since the passing of Ship Khalifa back in in May 73 00:04:30,000 --> 00:04:34,320 Speaker 1: mb Z. The president Muhammad bin Zayed Um is President 74 00:04:34,400 --> 00:04:36,839 Speaker 1: of the u A E. His brother Shike tof Noon 75 00:04:37,120 --> 00:04:41,000 Speaker 1: is the u A National Security Advisor Shaik Monsieur. Another 76 00:04:41,080 --> 00:04:45,040 Speaker 1: brother is the Deputy Prime Minister. So there in three 77 00:04:45,080 --> 00:04:48,839 Speaker 1: of the highest political posts, but also controlling bast sums 78 00:04:48,880 --> 00:04:52,320 Speaker 1: of private capital, which is what we delve into in 79 00:04:52,400 --> 00:04:56,080 Speaker 1: our reporting but Khalifa has as many more children. It's 80 00:04:56,120 --> 00:04:59,400 Speaker 1: just the brothers who are in these really prominent positions 81 00:04:59,480 --> 00:05:02,080 Speaker 1: right now, a top opera dab So they're sort of 82 00:05:02,120 --> 00:05:07,920 Speaker 1: the third generation you could say, of Abidabi leadership. Do 83 00:05:07,960 --> 00:05:10,880 Speaker 1: these brothers kind a big public profile or the private 84 00:05:10,880 --> 00:05:13,839 Speaker 1: are they out in about? Are they sort of CNB 85 00:05:14,040 --> 00:05:17,560 Speaker 1: seeing kind of people, very private, very discreet. They don't 86 00:05:17,560 --> 00:05:22,040 Speaker 1: give interviews. Um. They really appear in in the media 87 00:05:22,080 --> 00:05:25,440 Speaker 1: occasionally pictures when they go abroad and meet with um 88 00:05:25,480 --> 00:05:30,120 Speaker 1: the counterparts in places like Turkey or or Egypt. But yeah, 89 00:05:30,279 --> 00:05:33,160 Speaker 1: rarely seen here in the in public, and they definitely 90 00:05:33,640 --> 00:05:36,839 Speaker 1: do not talk or boast about their wealth. I should 91 00:05:36,839 --> 00:05:41,040 Speaker 1: say that representatives of the al Nayans didn't respond to 92 00:05:41,120 --> 00:05:45,760 Speaker 1: your requests seeking comment. So we have this very old, 93 00:05:46,000 --> 00:05:49,520 Speaker 1: very wealthy, prominent family. People listening to this might be 94 00:05:49,600 --> 00:05:52,240 Speaker 1: thinking what I'm thinking, which is, when you just assumed 95 00:05:52,240 --> 00:05:56,240 Speaker 1: that they're incredibly rich, what did you find, Devin, that 96 00:05:56,320 --> 00:06:01,599 Speaker 1: was so surprising when you started really looking into their wealth. Yeah, 97 00:06:01,640 --> 00:06:03,479 Speaker 1: that's that's a good question. I mean, it's kind of 98 00:06:03,520 --> 00:06:07,599 Speaker 1: like a very unsurprising revelation that this family is extremely rich. 99 00:06:08,080 --> 00:06:11,120 Speaker 1: But what makes this story. Sort of exciting to us 100 00:06:11,279 --> 00:06:13,479 Speaker 1: was that we were actually able to really kind of 101 00:06:13,480 --> 00:06:16,240 Speaker 1: put a number on it, because if you think about 102 00:06:16,279 --> 00:06:19,839 Speaker 1: these these families in the Petro States that have ruled 103 00:06:19,960 --> 00:06:23,240 Speaker 1: and have sort of benefited in some ways from energy 104 00:06:23,240 --> 00:06:26,880 Speaker 1: flows for decades, and it's a lot of kind of 105 00:06:26,920 --> 00:06:29,800 Speaker 1: rumor and conjecture over how rich they are, and like 106 00:06:29,839 --> 00:06:32,560 Speaker 1: where do you draw that line between state money and 107 00:06:32,680 --> 00:06:35,000 Speaker 1: royal money? Because I think another important thing to point 108 00:06:35,000 --> 00:06:37,880 Speaker 1: out is that these families are very big. Like we're 109 00:06:37,920 --> 00:06:41,520 Speaker 1: not just talking about like grandparents and their kids and 110 00:06:41,560 --> 00:06:43,599 Speaker 1: their kids, Like it's not just sort of a straight 111 00:06:43,800 --> 00:06:48,799 Speaker 1: multigenerational line. We're talking in some cases thousands of people, 112 00:06:48,839 --> 00:06:52,040 Speaker 1: like the Saudi royal family. The numbers are nobody even 113 00:06:52,040 --> 00:06:55,560 Speaker 1: knows for sure, but it could be like fifteen thousand people. 114 00:06:56,000 --> 00:06:58,760 Speaker 1: The l Ninan's clan is not that big, but it's 115 00:06:58,800 --> 00:07:01,599 Speaker 1: still is quite large. And that's partly because you have 116 00:07:02,240 --> 00:07:05,640 Speaker 1: multiple wives in many cases, so there were different lines 117 00:07:05,760 --> 00:07:09,640 Speaker 1: of children from different wives, and those different lines of 118 00:07:09,720 --> 00:07:13,720 Speaker 1: children work sometimes more important depending on how close you 119 00:07:13,800 --> 00:07:16,960 Speaker 1: were genetically, like how how close in the tree to 120 00:07:17,040 --> 00:07:19,520 Speaker 1: the to the trunk to the ultimate kind of patriarch 121 00:07:19,560 --> 00:07:22,400 Speaker 1: of this um emirate, so the family is very big. 122 00:07:22,440 --> 00:07:26,400 Speaker 1: And then also where exactly is that sort of distinctive 123 00:07:26,600 --> 00:07:29,640 Speaker 1: line between Okay, this is state money, this is the treasury, 124 00:07:29,720 --> 00:07:31,400 Speaker 1: and this is for the family, this is what they 125 00:07:31,400 --> 00:07:33,880 Speaker 1: can dip into to buy yachts or to buy palaces 126 00:07:34,040 --> 00:07:38,200 Speaker 1: or or whatever they want, and that, like so many states, 127 00:07:38,320 --> 00:07:40,480 Speaker 1: you know, in the in the early times, was very loose, 128 00:07:40,520 --> 00:07:43,840 Speaker 1: like who knew really where that line was, and there's 129 00:07:43,880 --> 00:07:47,440 Speaker 1: just not a lot of visibility. I mean these states too, 130 00:07:47,480 --> 00:07:49,640 Speaker 1: because they were so wealthy, they weren't really going to 131 00:07:49,640 --> 00:07:52,160 Speaker 1: the bond markets. They didn't have to really have a 132 00:07:52,320 --> 00:07:56,640 Speaker 1: great deal of visibility um into their finances to that degree. 133 00:07:57,240 --> 00:08:00,520 Speaker 1: So we didn't really know, but we assumed. We saw 134 00:08:00,840 --> 00:08:05,160 Speaker 1: royal families um buying racehorses and nice places in London 135 00:08:05,520 --> 00:08:08,800 Speaker 1: and sort of thought, gosh, they're wealthy. But what we 136 00:08:08,960 --> 00:08:11,800 Speaker 1: do can see here is it because the off Ninons 137 00:08:12,640 --> 00:08:16,160 Speaker 1: very kind of recently have become very active in investing, 138 00:08:16,320 --> 00:08:19,520 Speaker 1: very active in business kind of on their own, like 139 00:08:19,600 --> 00:08:23,120 Speaker 1: in their own personal capacity, we can really look at 140 00:08:23,160 --> 00:08:27,120 Speaker 1: their businesses and value them, and it's pretty fascinating to 141 00:08:27,160 --> 00:08:30,400 Speaker 1: see them kind of stepping out as individuals in this way, 142 00:08:30,920 --> 00:08:33,520 Speaker 1: all right, So let's get to the question just how 143 00:08:33,640 --> 00:08:36,679 Speaker 1: rich are they? So we came up with an at 144 00:08:36,800 --> 00:08:40,440 Speaker 1: least number of about three d billion if you take 145 00:08:40,480 --> 00:08:43,880 Speaker 1: that as kind of the the floor of their wealth. 146 00:08:43,920 --> 00:08:46,440 Speaker 1: I mean, that alone would put them on the top 147 00:08:46,480 --> 00:08:49,920 Speaker 1: of our of what we track as the world's richest families, 148 00:08:49,960 --> 00:08:53,079 Speaker 1: which the published list published last week, and then it 149 00:08:53,200 --> 00:08:55,880 Speaker 1: came out with the waltons Um who you mentioned earlier, 150 00:08:55,920 --> 00:08:58,880 Speaker 1: West is number one with two billions. This is on 151 00:08:59,000 --> 00:09:03,960 Speaker 1: the Bomberg's list of the wealthiest people. Yes, Bloomberg's list. 152 00:09:04,040 --> 00:09:07,000 Speaker 1: This would put them way above that. So it's a 153 00:09:07,040 --> 00:09:10,080 Speaker 1: point of comparison. I mean, I think that's another the 154 00:09:10,120 --> 00:09:12,360 Speaker 1: thing that's distinctive too, as we say, oh, like these 155 00:09:12,400 --> 00:09:15,240 Speaker 1: families are rich. Of course they're rich, but this is 156 00:09:15,520 --> 00:09:18,520 Speaker 1: quantifying our it's our best effort to quantify just how 157 00:09:18,640 --> 00:09:21,600 Speaker 1: much more rich they are. And this is the family's 158 00:09:21,640 --> 00:09:26,280 Speaker 1: wealth as separate from official wealth having to do with 159 00:09:26,520 --> 00:09:29,880 Speaker 1: abu da itself. Yes, to the best of our ability 160 00:09:30,080 --> 00:09:32,480 Speaker 1: to tread that line to kind of discern where that 161 00:09:32,520 --> 00:09:35,680 Speaker 1: line is, which again is really hard. I mean, there 162 00:09:35,840 --> 00:09:41,480 Speaker 1: is some intermingling. Probably, it's really tough to tell. On 163 00:09:41,520 --> 00:09:45,600 Speaker 1: our list of riches families, the Saudi family, the Alcads 164 00:09:45,640 --> 00:09:48,040 Speaker 1: are on there as well, at about a hundred and 165 00:09:48,040 --> 00:09:52,199 Speaker 1: five billion dollars almost three times, yes, almost three times. 166 00:09:52,280 --> 00:09:55,120 Speaker 1: But you know, anybody could say, well, Saudi Arabia, I 167 00:09:55,120 --> 00:09:58,040 Speaker 1: mean that they are far bigger than Abu Dhabi in 168 00:09:58,120 --> 00:10:00,600 Speaker 1: terms of oil reserves, why would they be us rich? 169 00:10:01,240 --> 00:10:02,960 Speaker 1: And that's I mean a great question. A lot of 170 00:10:02,960 --> 00:10:05,800 Speaker 1: that is kind of what we're able to to value, 171 00:10:05,920 --> 00:10:08,880 Speaker 1: like what we're able to assess, because Saudi Arabia is 172 00:10:09,080 --> 00:10:11,400 Speaker 1: more opaque in this way. The family has not gone out, 173 00:10:11,559 --> 00:10:14,679 Speaker 1: the family members, the princes and princesses haven't gone out 174 00:10:14,720 --> 00:10:17,200 Speaker 1: in the same way as the al Ninon family members 175 00:10:17,520 --> 00:10:20,720 Speaker 1: and invested in their own names. With a couple exceptions, 176 00:10:21,280 --> 00:10:23,680 Speaker 1: they haven't done it to this scale. So it's much 177 00:10:23,720 --> 00:10:27,280 Speaker 1: harder to value, it's much harder to to tell. And 178 00:10:27,280 --> 00:10:29,440 Speaker 1: there's also you know, you could also argue that you know, 179 00:10:29,520 --> 00:10:32,920 Speaker 1: the country there's far bigger, there's far more people in 180 00:10:32,920 --> 00:10:36,320 Speaker 1: Saudi Arabia. Um the demands on the budget are much higher, 181 00:10:36,840 --> 00:10:40,240 Speaker 1: so the kind of spoils that's left over for the 182 00:10:40,320 --> 00:10:43,760 Speaker 1: royal family could could arguably be smaller, And that's kind 183 00:10:43,760 --> 00:10:46,960 Speaker 1: of one of the assumptions we make in our analysis. 184 00:10:47,320 --> 00:10:50,360 Speaker 1: So as you said that money sort of is spread 185 00:10:50,480 --> 00:10:53,480 Speaker 1: across a very large family, dozens and dozens of people 186 00:10:54,000 --> 00:10:56,480 Speaker 1: have a piece of it. It was just some big 187 00:10:56,520 --> 00:10:58,640 Speaker 1: pile of money, everyone can go grab at it. Are 188 00:10:58,679 --> 00:11:03,560 Speaker 1: there some who have far more than others? Probably? Yes. 189 00:11:03,880 --> 00:11:05,880 Speaker 1: Like I said, there's going to be certain lines of 190 00:11:05,920 --> 00:11:09,000 Speaker 1: the family that depending on kind of how they rank 191 00:11:09,240 --> 00:11:11,400 Speaker 1: in the family. I mean, this is kind of an 192 00:11:11,480 --> 00:11:16,240 Speaker 1: amorphous concept, but some families branches outranked others depending on 193 00:11:16,320 --> 00:11:19,480 Speaker 1: how close they are, how powerful. Um Shake taw Noon 194 00:11:19,640 --> 00:11:23,600 Speaker 1: and Shake Mansour and Shaike Mohammed are all their full brothers, 195 00:11:23,920 --> 00:11:27,200 Speaker 1: and their mother was very savvy politically and she made 196 00:11:27,200 --> 00:11:30,680 Speaker 1: sure that her six sons were well positioned in the family. 197 00:11:31,600 --> 00:11:34,840 Speaker 1: Um So, thanks to their mom's kind of smart networking 198 00:11:34,840 --> 00:11:36,720 Speaker 1: basically or whatever you need to do within the family, 199 00:11:37,320 --> 00:11:39,600 Speaker 1: their sons were lined up to kind of like have 200 00:11:39,679 --> 00:11:43,400 Speaker 1: some of the primo positions and possibly access to great deals. 201 00:11:44,160 --> 00:11:46,959 Speaker 1: Then and you come interested in here, how do people 202 00:11:46,960 --> 00:11:52,199 Speaker 1: in Abu Dhabi regard uh the A nine family and 203 00:11:52,360 --> 00:11:55,480 Speaker 1: their wealth. What do they think of them? Well, like 204 00:11:55,600 --> 00:11:58,000 Speaker 1: I guess as a starting point. For most people in 205 00:11:58,040 --> 00:12:01,240 Speaker 1: Abu Dhabi, these are their employee years, whether they work 206 00:12:01,280 --> 00:12:04,080 Speaker 1: for the state oil giant where the brothers sit at 207 00:12:04,080 --> 00:12:06,120 Speaker 1: the top of the board, whether they work for one 208 00:12:06,120 --> 00:12:09,920 Speaker 1: of these private investment vehicles managing the money on behalf 209 00:12:09,960 --> 00:12:14,320 Speaker 1: of the brothers. Practically everyone can trace their job there, 210 00:12:15,000 --> 00:12:17,439 Speaker 1: the building in which they're living, the building in which 211 00:12:17,480 --> 00:12:21,280 Speaker 1: they're working to one of the companies controlled by this family. 212 00:12:21,960 --> 00:12:24,679 Speaker 1: So I think in you know, from that standpoint, as 213 00:12:24,760 --> 00:12:28,640 Speaker 1: long as their their standard of living personally is good, 214 00:12:28,960 --> 00:12:31,880 Speaker 1: then they would put the family in high regard, particularly 215 00:12:31,920 --> 00:12:34,240 Speaker 1: in the in the boom times which Abbud Aabi is 216 00:12:34,280 --> 00:12:37,559 Speaker 1: in right now, given the white oil prices are trading. Yeah. 217 00:12:37,640 --> 00:12:40,920 Speaker 1: And and to add to that, I mean the United Emirates, Um, 218 00:12:41,200 --> 00:12:45,000 Speaker 1: the indigenous populations, I mean raity. These nationals are minority 219 00:12:45,040 --> 00:12:47,720 Speaker 1: in their own country. So most of the workforce here 220 00:12:48,320 --> 00:12:52,560 Speaker 1: is internationals, are immigrants are coming here, so they are 221 00:12:52,600 --> 00:12:55,720 Speaker 1: all here as guests, here to improve their their livelihoods, 222 00:12:55,840 --> 00:12:58,600 Speaker 1: to earn their livelihoods, to improve their lives. So and 223 00:12:58,640 --> 00:13:01,360 Speaker 1: I think in general, the off of the ruling family 224 00:13:01,559 --> 00:13:04,880 Speaker 1: is not it's not a daily topic. Um, it's not 225 00:13:04,920 --> 00:13:09,319 Speaker 1: It's not something you you second guests or or speculate 226 00:13:09,600 --> 00:13:13,640 Speaker 1: about it. It's just effective of life and being here 227 00:13:13,640 --> 00:13:18,200 Speaker 1: in Duine. My conversation with Devin, Nico and Ben continues 228 00:13:18,480 --> 00:13:30,320 Speaker 1: after the break. So you spelled out there well, and 229 00:13:30,400 --> 00:13:33,920 Speaker 1: you also talked about how difficult it is to find it. 230 00:13:34,720 --> 00:13:37,600 Speaker 1: How do you go about finding their well? Like, how 231 00:13:37,640 --> 00:13:42,640 Speaker 1: did you determine how rich they are? Well? One thing 232 00:13:42,679 --> 00:13:46,560 Speaker 1: that helped us a lot kind of established like a 233 00:13:46,640 --> 00:13:50,400 Speaker 1: very high floor for their for their wealth is um. 234 00:13:50,440 --> 00:13:54,440 Speaker 1: We spoke about how they have some unusually big publicly 235 00:13:54,480 --> 00:13:59,080 Speaker 1: traded companies and shake tow noon is Um. He founded 236 00:13:59,120 --> 00:14:03,120 Speaker 1: a conglomerate which is grown and grown in recent years 237 00:14:03,160 --> 00:14:06,840 Speaker 1: called Royal Group, and one of Royal Group's biggest divisions 238 00:14:06,920 --> 00:14:09,679 Speaker 1: is as a company called International Holding Company. So that's 239 00:14:09,679 --> 00:14:14,199 Speaker 1: a kind of an investment conglomerate within this investment conglomerate, 240 00:14:14,800 --> 00:14:19,160 Speaker 1: and International Holding which is also called HC shortened version 241 00:14:19,400 --> 00:14:23,200 Speaker 1: is publicly traded on the Abadabi Stock Exchange, and it 242 00:14:23,360 --> 00:14:26,840 Speaker 1: has grown into just a really vast company in a 243 00:14:26,960 --> 00:14:31,520 Speaker 1: very short amount of time. I was looking at the 244 00:14:31,520 --> 00:14:33,520 Speaker 1: stock prices and it looks like in the past three 245 00:14:33,640 --> 00:14:37,280 Speaker 1: years this price has gone up almost eight thousand percent. 246 00:14:37,600 --> 00:14:39,920 Speaker 1: Does that sound right, Ben? Yeah, I know. It's more 247 00:14:39,920 --> 00:14:42,800 Speaker 1: than more than twenty percent over the past five years, 248 00:14:42,800 --> 00:14:45,800 Speaker 1: which I believe is number one globally for any company 249 00:14:45,840 --> 00:14:48,520 Speaker 1: with more than one billion dollars in market cap. Wait, 250 00:14:48,640 --> 00:14:52,600 Speaker 1: meant this company grew twenty thousand percent in five years. 251 00:14:53,160 --> 00:14:56,000 Speaker 1: You heard that? Correct? Is there any company that's grown 252 00:14:56,000 --> 00:15:00,880 Speaker 1: that fast? Not not in recent times? Yeah. So it's 253 00:15:00,960 --> 00:15:06,040 Speaker 1: market cap it's around it's sitting right around two. Yeah. 254 00:15:06,040 --> 00:15:08,560 Speaker 1: So that's in the same league as McDonald's, slightly more 255 00:15:08,640 --> 00:15:11,640 Speaker 1: than Nike, Disney, other household names in the US. So 256 00:15:11,640 --> 00:15:13,360 Speaker 1: it's marketing up of the value of all of its 257 00:15:13,400 --> 00:15:17,200 Speaker 1: shares exceed the value of those companies. Correct. And so 258 00:15:17,560 --> 00:15:22,120 Speaker 1: that h C is majority owned by Royal Group, which 259 00:15:22,160 --> 00:15:25,760 Speaker 1: is owned by shake Ton noon Um. So that is 260 00:15:25,800 --> 00:15:31,120 Speaker 1: a really interesting example of powerful Royal striking out in 261 00:15:31,200 --> 00:15:34,120 Speaker 1: business and a lot of you know, and this is 262 00:15:34,160 --> 00:15:37,000 Speaker 1: something you see kind of across the Gulf to a degree, 263 00:15:37,040 --> 00:15:39,960 Speaker 1: but they are a lot of the investments. I mean 264 00:15:40,000 --> 00:15:43,480 Speaker 1: this this company doesn't have like one thesis like it's 265 00:15:43,480 --> 00:15:46,360 Speaker 1: not there to do oil pipelines, it's not there to 266 00:15:46,440 --> 00:15:50,560 Speaker 1: make vials or widgets, I mean they invest in all 267 00:15:50,600 --> 00:15:53,640 Speaker 1: sorts of different areas. I mean a dozen probably close 268 00:15:53,720 --> 00:15:58,840 Speaker 1: to different categories healthcare, in UM, energy, entertainment, UM. So 269 00:15:58,880 --> 00:16:02,320 Speaker 1: they own publicly trade companies as well as privately have 270 00:16:02,440 --> 00:16:04,880 Speaker 1: steakes in private companies as well, and not just in 271 00:16:04,920 --> 00:16:07,840 Speaker 1: the Middle East, but in Europe and in the United States, 272 00:16:07,840 --> 00:16:10,240 Speaker 1: other places all over all over the world. I mean, 273 00:16:10,320 --> 00:16:13,320 Speaker 1: just right now they are They've offered a stake of 274 00:16:13,520 --> 00:16:17,480 Speaker 1: almost two billion dollars UM for a huge steak and 275 00:16:17,520 --> 00:16:19,560 Speaker 1: a Colombian food producer, I mean one of the biggest 276 00:16:19,600 --> 00:16:23,120 Speaker 1: food manufacturers in Colombia. They own a steake in Rihanna's 277 00:16:23,200 --> 00:16:28,040 Speaker 1: lingerie line in fenty So hugely diversified. And part of 278 00:16:28,080 --> 00:16:31,800 Speaker 1: this is strategic that this region. And it's not too 279 00:16:31,800 --> 00:16:34,840 Speaker 1: different than the basic idea behind a sovereign wealth fund 280 00:16:34,880 --> 00:16:37,000 Speaker 1: is to diversify. It's a rainy day fund, and they 281 00:16:37,000 --> 00:16:40,560 Speaker 1: want to diversify the wealth that it's accumulated over time 282 00:16:40,560 --> 00:16:44,840 Speaker 1: from energy into non energy UM industries. It's like, you know, 283 00:16:45,000 --> 00:16:47,440 Speaker 1: the thesis that any investor would try to take to 284 00:16:47,560 --> 00:16:49,760 Speaker 1: kind of, you know, build a good long term portfolio 285 00:16:49,800 --> 00:16:52,080 Speaker 1: for long term growth. They're just doing it in a 286 00:16:52,120 --> 00:16:56,000 Speaker 1: really aggressive timeframe. Um, this is ramped up very quickly 287 00:16:56,400 --> 00:16:59,360 Speaker 1: and they have a tremendous amount of money that they 288 00:16:59,400 --> 00:17:02,080 Speaker 1: can deploy and right now, I mean this is probably 289 00:17:02,120 --> 00:17:05,800 Speaker 1: coming into just like a really exciting time for them 290 00:17:05,840 --> 00:17:09,200 Speaker 1: because they're seeing valuations come down so much. I mean 291 00:17:09,240 --> 00:17:12,359 Speaker 1: they can just go on a bargain shopping spray and 292 00:17:12,400 --> 00:17:13,960 Speaker 1: have they been doing that, buying up a whole lot 293 00:17:14,000 --> 00:17:17,400 Speaker 1: of stuff. It's tough to have visibility on the non 294 00:17:17,560 --> 00:17:21,919 Speaker 1: listed entities within Roller Group, for instance, but what we 295 00:17:22,000 --> 00:17:25,240 Speaker 1: do know is that, to Devon's point, there's been a 296 00:17:25,280 --> 00:17:28,959 Speaker 1: focus in the past on emerging markets assets in India, 297 00:17:29,040 --> 00:17:32,000 Speaker 1: for instance. More recently there's been more of a focus 298 00:17:32,000 --> 00:17:33,800 Speaker 1: on some of the beaten down assets in the US 299 00:17:33,880 --> 00:17:36,959 Speaker 1: and Europe. Just because the valuations have become more attractive. 300 00:17:37,320 --> 00:17:40,320 Speaker 1: They're looking more to deploy billions of dollars into these 301 00:17:40,320 --> 00:17:44,040 Speaker 1: markets as well, so not just em but also developed markets. 302 00:17:44,680 --> 00:17:47,360 Speaker 1: And what sort of things are they purchasing in emerging 303 00:17:47,400 --> 00:17:52,040 Speaker 1: markets in India and other uh sort of cheaper securities 304 00:17:52,080 --> 00:17:54,640 Speaker 1: now in the US well, a lot of the investment 305 00:17:54,680 --> 00:17:58,720 Speaker 1: decisions come down to close personal relationships. This is a 306 00:17:58,800 --> 00:18:02,960 Speaker 1: place that a lot of dealmakers are flying into Abu Dhabi, 307 00:18:03,480 --> 00:18:06,000 Speaker 1: but they find it takes some time to build the 308 00:18:06,040 --> 00:18:10,320 Speaker 1: trust of del Nayan family UM. So these investment decisions 309 00:18:10,359 --> 00:18:14,960 Speaker 1: aren't usually quick decisions, but things that come from long 310 00:18:15,000 --> 00:18:19,720 Speaker 1: cultivated relationships with dealmakers. For instance, Sam Zel, the prominent 311 00:18:19,840 --> 00:18:22,760 Speaker 1: US real estate titan, he has a long standing relationship 312 00:18:22,760 --> 00:18:27,479 Speaker 1: with Shike tot Noon. Same goes for the Colombian billionaire 313 00:18:27,520 --> 00:18:31,119 Speaker 1: him Maklinski, who Devon was referring to. Same goes for 314 00:18:32,160 --> 00:18:34,919 Speaker 1: got some Adani, the wealthiest man in Asia. He has 315 00:18:34,960 --> 00:18:38,960 Speaker 1: a longstanding relationship with the Abu Dhabi royals as well. 316 00:18:39,640 --> 00:18:42,360 Speaker 1: So a lot of these investment decisions stem from long 317 00:18:42,400 --> 00:18:47,600 Speaker 1: cultivated relationships and then capitalizing on a perceived attractive opportunity 318 00:18:47,640 --> 00:18:51,280 Speaker 1: based on valuations at any any particular moment. They're also 319 00:18:51,359 --> 00:18:54,560 Speaker 1: often made on the back of due political developments. So 320 00:18:54,680 --> 00:19:00,000 Speaker 1: when Dui or Abu Dhabi UM restores or improves diploma 321 00:19:00,240 --> 00:19:04,520 Speaker 1: relationships with UM, let's say Turkey or Israel or Egypt 322 00:19:04,720 --> 00:19:08,560 Speaker 1: or what wants to UM support Egypt's economy, then these 323 00:19:08,640 --> 00:19:12,320 Speaker 1: vehicles UM linked to SEA often come in and buy 324 00:19:12,359 --> 00:19:17,119 Speaker 1: some of the companies there. So you're able to track 325 00:19:17,720 --> 00:19:20,960 Speaker 1: a lot of these public companies just because there are disclosures, 326 00:19:21,080 --> 00:19:24,280 Speaker 1: were you able to dig into some of the more 327 00:19:24,320 --> 00:19:29,880 Speaker 1: private dealings, uh and and discover wealth that wasn't known 328 00:19:29,960 --> 00:19:32,359 Speaker 1: before I could I could just briefly say, I guess 329 00:19:32,480 --> 00:19:35,359 Speaker 1: like one of the newer entities under shake tot Now's 330 00:19:35,440 --> 00:19:40,119 Speaker 1: umbrella is this interesting artificial intelligence firm called Group forty two. 331 00:19:40,800 --> 00:19:44,359 Speaker 1: Now they were close partners with the Chinese government in 332 00:19:44,440 --> 00:19:49,040 Speaker 1: manufacturing COVID vaccines. More recently they worked on driverless cars 333 00:19:49,200 --> 00:19:53,159 Speaker 1: and launched a national genome sequencing project. So this is 334 00:19:53,200 --> 00:19:56,040 Speaker 1: another one of these private entities in their instance, in 335 00:19:56,080 --> 00:20:00,200 Speaker 1: their case private, although they have now recently list did 336 00:20:01,000 --> 00:20:07,320 Speaker 1: a subsidiary. But through some of the investment partnerships they 337 00:20:07,320 --> 00:20:10,199 Speaker 1: have with international firms, we've been able to arrive at 338 00:20:10,359 --> 00:20:14,760 Speaker 1: least an estimated valuation for the company. So again, as 339 00:20:14,840 --> 00:20:20,399 Speaker 1: these private Abu Dhabi entities partner with international investors, that 340 00:20:20,440 --> 00:20:22,760 Speaker 1: can at least give us some glimpse of how much 341 00:20:22,760 --> 00:20:27,040 Speaker 1: money they truly are worth. More with our reporters when 342 00:20:27,080 --> 00:20:36,560 Speaker 1: we come back, Devin, you found that the all Nayan 343 00:20:36,680 --> 00:20:39,800 Speaker 1: family has a lot of real estate around the world. 344 00:20:41,119 --> 00:20:43,200 Speaker 1: They do, which is which is very you know, that's 345 00:20:43,280 --> 00:20:46,560 Speaker 1: kind of right out of them. The royal families playbook 346 00:20:46,640 --> 00:20:49,880 Speaker 1: Royal families everywhere, especially in the Gulf. They love real estate. 347 00:20:49,920 --> 00:20:53,200 Speaker 1: They've have always a long time loved London, in particular 348 00:20:53,320 --> 00:20:56,520 Speaker 1: some of the most beautiful and fancy neighborhoods in London, 349 00:20:56,600 --> 00:21:02,159 Speaker 1: like Knightsbridge and Berkeley Square and Kensington. There's always like 350 00:21:02,400 --> 00:21:05,480 Speaker 1: lots of properties they're owned by royal families in the 351 00:21:05,480 --> 00:21:08,520 Speaker 1: Gulf who often would spend significant amounts of time there 352 00:21:08,560 --> 00:21:10,880 Speaker 1: in the summer. And uh on this show the other day, 353 00:21:10,880 --> 00:21:14,640 Speaker 1: we're just talking about Russian billionaires buying super yachts, and 354 00:21:14,840 --> 00:21:17,640 Speaker 1: I think the l Ninon family also has a super 355 00:21:17,720 --> 00:21:19,720 Speaker 1: yaout of their realm oh yes, in fact, they have 356 00:21:19,760 --> 00:21:22,200 Speaker 1: at least three. I was actually speaking to one of 357 00:21:22,240 --> 00:21:25,200 Speaker 1: the biggest yacht brokers in the world the other day 358 00:21:25,240 --> 00:21:28,200 Speaker 1: and he was telling me how I was asking about, 359 00:21:28,240 --> 00:21:31,240 Speaker 1: you know, growth across the world and where are you seeing, 360 00:21:31,240 --> 00:21:33,160 Speaker 1: you know, especially with the Russian sort of cut out 361 00:21:33,160 --> 00:21:36,120 Speaker 1: of the market largely for for their business. Where where 362 00:21:36,160 --> 00:21:38,200 Speaker 1: you're seeing growth is in the UA, And he was saying, 363 00:21:38,560 --> 00:21:42,200 Speaker 1: to some extent, were saturated because they've sold a yacht. 364 00:21:42,280 --> 00:21:45,960 Speaker 1: Pretty much everybody who cares to have a yacht um 365 00:21:46,000 --> 00:21:49,520 Speaker 1: in the country, and certainly the royal family mean having 366 00:21:49,560 --> 00:21:51,800 Speaker 1: a yachts a lot of upkeep and how much time 367 00:21:51,840 --> 00:21:54,399 Speaker 1: do you even spend on it, especially when you're really 368 00:21:54,440 --> 00:21:58,280 Speaker 1: actively investing. So he was saying pretty much the at 369 00:21:58,320 --> 00:22:01,000 Speaker 1: the markets reached peak Saturay and until they're ready to 370 00:22:01,040 --> 00:22:02,920 Speaker 1: trade up. I was just gonna say, in fact, that 371 00:22:02,960 --> 00:22:05,960 Speaker 1: the dealmakers who work most closely with all Nyon brothers 372 00:22:06,480 --> 00:22:09,000 Speaker 1: typically don't need to book a hotel room when they 373 00:22:09,040 --> 00:22:12,320 Speaker 1: travel to Abu Dhabi, Uh. They find that there's an 374 00:22:12,320 --> 00:22:17,520 Speaker 1: extra space waiting for them on one of the brother's yachts. Well, 375 00:22:17,520 --> 00:22:19,639 Speaker 1: that's where visitors stay when they do business deals. They 376 00:22:19,680 --> 00:22:22,879 Speaker 1: just stay in those those big ships exactly. So if 377 00:22:22,920 --> 00:22:25,720 Speaker 1: I'm sitting in the U s which I am, or 378 00:22:25,760 --> 00:22:31,040 Speaker 1: in London or uh Beijing, why should I care that 379 00:22:31,119 --> 00:22:33,360 Speaker 1: this family has so much money? How does that actually 380 00:22:33,520 --> 00:22:36,080 Speaker 1: affect me? Ben, you had mentioned a little bit about 381 00:22:36,200 --> 00:22:40,560 Speaker 1: how oil prices um can rise or fall depending on 382 00:22:40,600 --> 00:22:43,720 Speaker 1: decisions made by this family. Um, can you describe a 383 00:22:43,720 --> 00:22:45,920 Speaker 1: little bit more about that? In other ways in which 384 00:22:46,080 --> 00:22:49,760 Speaker 1: this family's wealth has reached around the world beyond them 385 00:22:49,800 --> 00:22:51,960 Speaker 1: just being a bunch of rich people, right. Well, I 386 00:22:51,960 --> 00:22:54,800 Speaker 1: mean particularly at a moment like this where a lot 387 00:22:54,840 --> 00:22:57,080 Speaker 1: of consumers around the world are worried about prices at 388 00:22:57,080 --> 00:23:00,119 Speaker 1: the pump. Uh, you know, just making ends meet. The 389 00:23:00,160 --> 00:23:03,520 Speaker 1: decisions that this family makes, both in terms of energy policy, 390 00:23:04,359 --> 00:23:08,680 Speaker 1: but also the investment decisions they make, which can significantly 391 00:23:08,760 --> 00:23:11,520 Speaker 1: swing assets that a lot of people you know might 392 00:23:11,600 --> 00:23:14,399 Speaker 1: hold in their pension funds uh or just you know, 393 00:23:14,400 --> 00:23:18,320 Speaker 1: their personal investments. These brothers can really move markets in 394 00:23:18,359 --> 00:23:23,240 Speaker 1: significant ways, and not just again energy prices, but stock prices, 395 00:23:23,880 --> 00:23:27,360 Speaker 1: et cetera. Where they where they put their money has 396 00:23:27,400 --> 00:23:33,000 Speaker 1: a dramatic impact. Shakemans are also but a very important 397 00:23:33,040 --> 00:23:35,840 Speaker 1: French sise uh. In the UK. Can you talk about 398 00:23:35,880 --> 00:23:40,400 Speaker 1: that a little bit. Yeah. So in two thousand and eight, 399 00:23:40,800 --> 00:23:44,520 Speaker 1: Um Monsieurs it was a vehicle owned by Monsur but 400 00:23:44,760 --> 00:23:48,800 Speaker 1: the UK UM Premier League club Manchester City, which was 401 00:23:48,840 --> 00:23:52,239 Speaker 1: at the time really underperforming team. It was it was 402 00:23:52,400 --> 00:23:58,000 Speaker 1: always eclipsed by it's much more famous neighbor Manchester United. UM. 403 00:23:58,040 --> 00:23:59,880 Speaker 1: But since they bought it in two thousand and eight, 404 00:24:00,080 --> 00:24:03,440 Speaker 1: the club has gone from from success to success. They 405 00:24:03,440 --> 00:24:07,479 Speaker 1: they want six Premier League tiles since then UM, compared 406 00:24:07,520 --> 00:24:10,199 Speaker 1: to two in in the more than hundred years before 407 00:24:10,920 --> 00:24:13,760 Speaker 1: um And and they've grown this this investment into kind 408 00:24:13,760 --> 00:24:18,199 Speaker 1: of sports imperium m a global sports empire consisting of 409 00:24:18,200 --> 00:24:21,200 Speaker 1: other clubs. So they now own clubs in in France, 410 00:24:21,400 --> 00:24:25,760 Speaker 1: in in Australia, in the US as well, and they've 411 00:24:25,760 --> 00:24:29,000 Speaker 1: gradually increased revenue, so it's it's been a fincial success. 412 00:24:29,080 --> 00:24:32,360 Speaker 1: They sold ten percent in it to US private equity 413 00:24:32,400 --> 00:24:35,879 Speaker 1: fund called silver Lake UM so both on on the 414 00:24:35,960 --> 00:24:39,760 Speaker 1: business side but also on on the sports side, many 415 00:24:39,800 --> 00:24:43,600 Speaker 1: many considered great success. It's kind of enabled them to 416 00:24:43,800 --> 00:24:47,560 Speaker 1: project a far more benign image on the world stage. 417 00:24:47,840 --> 00:24:51,320 Speaker 1: UM you know, linked to football, um and and is 418 00:24:51,359 --> 00:24:54,040 Speaker 1: being viewed by by everyone globally as one of the 419 00:24:54,040 --> 00:24:57,600 Speaker 1: most watched sports. So we have sports teams around Europe, 420 00:24:57,960 --> 00:25:00,199 Speaker 1: in the U S whever. Some of the companies say 421 00:25:00,280 --> 00:25:03,480 Speaker 1: are involved in that people would be familiar with and 422 00:25:03,520 --> 00:25:07,280 Speaker 1: maybe not even know that the family has a stake 423 00:25:07,280 --> 00:25:10,040 Speaker 1: in it. Well, Nico had just hinted at um at 424 00:25:10,080 --> 00:25:16,440 Speaker 1: New York City FC, the football club soccer for US listeners, 425 00:25:16,640 --> 00:25:20,800 Speaker 1: UM Club and of course SpaceX as well as as 426 00:25:20,840 --> 00:25:24,200 Speaker 1: Brianna's lingerie business. UM They've partnered on a variety of 427 00:25:24,280 --> 00:25:29,679 Speaker 1: venture capital deals with a longstanding partner of Jared Kushner's. 428 00:25:30,000 --> 00:25:32,320 Speaker 1: They've were worked on a variety of VC deals with 429 00:25:32,359 --> 00:25:35,800 Speaker 1: prominent folks in Silicon Valley as well. When you look 430 00:25:35,800 --> 00:25:37,760 Speaker 1: at the future of this family, where do you see 431 00:25:37,800 --> 00:25:40,560 Speaker 1: where do they go from here? Well, I think this 432 00:25:40,760 --> 00:25:44,639 Speaker 1: like this this moment where valuations are coming down, like 433 00:25:44,680 --> 00:25:48,399 Speaker 1: I was saying, they have a real opportunity where stocks 434 00:25:48,400 --> 00:25:51,200 Speaker 1: are just cheaper because the markets are so valiable, stocks 435 00:25:51,200 --> 00:25:53,639 Speaker 1: are cheaper. There's a lot of people looking for for 436 00:25:53,680 --> 00:25:57,399 Speaker 1: cash right now, um to help them out through surging inflation, 437 00:25:57,520 --> 00:26:00,560 Speaker 1: difficult times. And they've got it, and they've got it, 438 00:26:00,720 --> 00:26:03,879 Speaker 1: and I think that they have a huge opportunity to 439 00:26:03,920 --> 00:26:07,600 Speaker 1: increase their footprint here. What's interesting about the Anon family 440 00:26:07,640 --> 00:26:11,640 Speaker 1: investments is the role that they can play with some 441 00:26:11,800 --> 00:26:14,240 Speaker 1: struggling states in the Middle East. I guess that we 442 00:26:14,280 --> 00:26:16,199 Speaker 1: think historically about the role that I m F might 443 00:26:16,240 --> 00:26:18,800 Speaker 1: play as a lender of last resort or in other 444 00:26:18,840 --> 00:26:21,879 Speaker 1: instances China, how China could be the lender of last resort. 445 00:26:22,080 --> 00:26:24,000 Speaker 1: But at a time right now of high oil prices, 446 00:26:24,240 --> 00:26:26,320 Speaker 1: it's actually some of the Gulf states that are playing 447 00:26:26,359 --> 00:26:29,439 Speaker 1: this role helping prop up countries such as an Egypt, 448 00:26:29,520 --> 00:26:32,800 Speaker 1: for instance, that might be struggling due to its reliance 449 00:26:32,800 --> 00:26:35,560 Speaker 1: on imports. So again back to sort of the daily 450 00:26:35,640 --> 00:26:40,040 Speaker 1: livelihoods of people in countries, especially in the Middle East, 451 00:26:40,680 --> 00:26:44,160 Speaker 1: their investment decisions can really have a significant impact. Dead 452 00:26:44,240 --> 00:26:47,679 Speaker 1: and Pendleton, Nico Policy and Ben barton Stein. Thanks so 453 00:26:47,760 --> 00:26:50,400 Speaker 1: much for taking the time to talk to me. Thanks, 454 00:26:50,640 --> 00:26:53,560 Speaker 1: it's fun. Thanks so much, Thank you. Cheers. You can 455 00:26:53,600 --> 00:26:56,400 Speaker 1: find this story on the All Nayan Family at Bloomberg 456 00:26:56,480 --> 00:26:59,600 Speaker 1: dot com. 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