Speaker 1: It's the big take from Bloomberg News and iHeart Radio.
Speaker 1: I'm West Gsova today. The richest family in the world
Speaker 1: that you've maybe never heard of. For the children of
Speaker 1: Sam Walton, who of course started Walmart's, each of them
Speaker 1: gained three point nine billion dollars each totally twelve billion dollars.
Speaker 1: Just Walton will be the new owner of the Denver
Speaker 1: bronc Art World witnessed history this week when the Peggy
Speaker 1: and David Rockefeller collections scored a record sum at auction,
Speaker 1: the final total eight hundred and thirty two million dollars.
Speaker 1: Charles and David Coke may not be running for president,
Speaker 1: but they are certainly poised to decide who will, and
Speaker 1: making plans to spend nearly a billion dollars on the
Speaker 1: two thousand and sixteen election, outstripping both made. Now, those names,
Speaker 1: they're probably familiar, the Rockefellers, of course, from the old
Speaker 1: school of vastly wealthy American families. These days, though the
Speaker 1: rock Fellers don't even register among the likes of the
Speaker 1: crazy Ridge like the Walton's you heard in that clip.
Speaker 1: Founders of course of Walmart. Members of the Walton family
Speaker 1: occupy three of the top twenty spots on Bloomberg's Billionaire
Speaker 1: Index with a combined net worth topping two hundred billion dollars.
Speaker 1: The Coke family they take up two spots in the
Speaker 1: top twenty with a hundred thirty six billion Today, though,
Speaker 1: we're talking about a family in the United Arab Emirates
Speaker 1: that's likely as rich or richer than both of them,
Speaker 1: and is possibly the wealthiest family on Earth. It's the
Speaker 1: al Nion family. And if that name isn't ringing a bell,
Speaker 1: you probably are familiar with some of the companies the
Speaker 1: al Nions are invested in, because depending on where you live,
Speaker 1: the family might own the grocery store you shopping apartments
Speaker 1: in your neighborhood, some of your favorite brand names, or
Speaker 1: the Teenia root for New York City FC, the football club,
Speaker 1: and of course SpaceX, as well as as Rihanna's lingerie business.
Speaker 1: They've were worked on a variety of VC deals with
Speaker 1: prominent folks in Silicon Valley as well. To learn more
Speaker 1: about this family and it's global reach, I'm joined by
Speaker 1: Bloomberg reporters Ben barton Stein, who you heard just a
Speaker 1: moment ago, and Nico Parasi. They're both in Dubai and
Speaker 1: Wealth reporter Devon Pendleton joins from New York. They in
Speaker 1: our colleague Fara elba Rawi have put together a big
Speaker 1: story about the al Nayon family. Thanks so much everyone
Speaker 1: for coming on the show. Thanks for having us. So
Speaker 1: you have uncovered the vast wealth and long reach of
Speaker 1: this family, the young family. Devin, maybe we can just
Speaker 1: start with you. Can you tell us about the family?
Speaker 1: Who are they? Sure? Um? So? The family is the
Speaker 1: El Nayans and they are the ruling family of Abu Dhabi,
Speaker 1: which is the capital of the United Air Emirates. The
Speaker 1: family have have been in a very very prominent position
Speaker 1: for decades centuries in this region. And the U a
Speaker 1: E is a very small country. It is made up
Speaker 1: of um seven emirates which banded together, believe, in the
Speaker 1: early nineteen seventies to officially become a country called the
Speaker 1: United airb Emirates in a sort of a union not
Speaker 1: too dissimilar to the USA. So they are separate, but
Speaker 1: they are one country. And Abu Dhabi, of which the
Speaker 1: l Nyans are the rulers, happens to be especially powerful
Speaker 1: in this little country because they're little teeny emirate happens
Speaker 1: to sit on the vast majority of the oil reserves
Speaker 1: in the area, so they are tremendously wealthy that the
Speaker 1: actual emirate just kind of by dint of the geography
Speaker 1: where they are. So when oil was discovered decades ago,
Speaker 1: they went from being quite powerful to extremely powerful because
Speaker 1: all of a sudden they had this these huge economic
Speaker 1: flow kind of coming into their their region that they
Speaker 1: ruled um, so that really put them on the map
Speaker 1: there power has only grown and grown and grown since
Speaker 1: since that happened. The structure of the family is sort
Speaker 1: of important, So tell us how the family is structured,
Speaker 1: who leads it, and what are the roles of different
Speaker 1: members of the family and what do they play. Yeah,
Speaker 1: so we've really seen a new generation of leadership now
Speaker 1: since the passing of Ship Khalifa back in in May
Speaker 1: mb Z. The president Muhammad bin Zayed Um is President
Speaker 1: of the u A E. His brother Shike tof Noon
Speaker 1: is the u A National Security Advisor Shaik Monsieur. Another
Speaker 1: brother is the Deputy Prime Minister. So there in three
Speaker 1: of the highest political posts, but also controlling bast sums
Speaker 1: of private capital, which is what we delve into in
Speaker 1: our reporting but Khalifa has as many more children. It's
Speaker 1: just the brothers who are in these really prominent positions
Speaker 1: right now, a top opera dab So they're sort of
Speaker 1: the third generation you could say, of Abidabi leadership. Do
Speaker 1: these brothers kind a big public profile or the private
Speaker 1: are they out in about? Are they sort of CNB
Speaker 1: seeing kind of people, very private, very discreet. They don't
Speaker 1: give interviews. Um. They really appear in in the media
Speaker 1: occasionally pictures when they go abroad and meet with um
Speaker 1: the counterparts in places like Turkey or or Egypt. But yeah,
Speaker 1: rarely seen here in the in public, and they definitely
Speaker 1: do not talk or boast about their wealth. I should
Speaker 1: say that representatives of the al Nayans didn't respond to
Speaker 1: your requests seeking comment. So we have this very old,
Speaker 1: very wealthy, prominent family. People listening to this might be
Speaker 1: thinking what I'm thinking, which is, when you just assumed
Speaker 1: that they're incredibly rich, what did you find, Devin, that
Speaker 1: was so surprising when you started really looking into their wealth. Yeah,
Speaker 1: that's that's a good question. I mean, it's kind of
Speaker 1: like a very unsurprising revelation that this family is extremely rich.
Speaker 1: But what makes this story. Sort of exciting to us
Speaker 1: was that we were actually able to really kind of
Speaker 1: put a number on it, because if you think about
Speaker 1: these these families in the Petro States that have ruled
Speaker 1: and have sort of benefited in some ways from energy
Speaker 1: flows for decades, and it's a lot of kind of
Speaker 1: rumor and conjecture over how rich they are, and like
Speaker 1: where do you draw that line between state money and
Speaker 1: royal money? Because I think another important thing to point
Speaker 1: out is that these families are very big. Like we're
Speaker 1: not just talking about like grandparents and their kids and
Speaker 1: their kids, Like it's not just sort of a straight
Speaker 1: multigenerational line. We're talking in some cases thousands of people,
Speaker 1: like the Saudi royal family. The numbers are nobody even
Speaker 1: knows for sure, but it could be like fifteen thousand people.
Speaker 1: The l Ninan's clan is not that big, but it's
Speaker 1: still is quite large. And that's partly because you have
Speaker 1: multiple wives in many cases, so there were different lines
Speaker 1: of children from different wives, and those different lines of
Speaker 1: children work sometimes more important depending on how close you
Speaker 1: were genetically, like how how close in the tree to
Speaker 1: the to the trunk to the ultimate kind of patriarch
Speaker 1: of this um emirate, so the family is very big.
Speaker 1: And then also where exactly is that sort of distinctive
Speaker 1: line between Okay, this is state money, this is the treasury,
Speaker 1: and this is for the family, this is what they
Speaker 1: can dip into to buy yachts or to buy palaces
Speaker 1: or or whatever they want, and that, like so many states,
Speaker 1: you know, in the in the early times, was very loose,
Speaker 1: like who knew really where that line was, and there's
Speaker 1: just not a lot of visibility. I mean these states too,
Speaker 1: because they were so wealthy, they weren't really going to
Speaker 1: the bond markets. They didn't have to really have a
Speaker 1: great deal of visibility um into their finances to that degree.
Speaker 1: So we didn't really know, but we assumed. We saw
Speaker 1: royal families um buying racehorses and nice places in London
Speaker 1: and sort of thought, gosh, they're wealthy. But what we
Speaker 1: do can see here is it because the off Ninons
Speaker 1: very kind of recently have become very active in investing,
Speaker 1: very active in business kind of on their own, like
Speaker 1: in their own personal capacity, we can really look at
Speaker 1: their businesses and value them, and it's pretty fascinating to
Speaker 1: see them kind of stepping out as individuals in this way,
Speaker 1: all right, So let's get to the question just how
Speaker 1: rich are they? So we came up with an at
Speaker 1: least number of about three d billion if you take
Speaker 1: that as kind of the the floor of their wealth.
Speaker 1: I mean, that alone would put them on the top
Speaker 1: of our of what we track as the world's richest families,
Speaker 1: which the published list published last week, and then it
Speaker 1: came out with the waltons Um who you mentioned earlier,
Speaker 1: West is number one with two billions. This is on
Speaker 1: the Bomberg's list of the wealthiest people. Yes, Bloomberg's list.
Speaker 1: This would put them way above that. So it's a
Speaker 1: point of comparison. I mean, I think that's another the
Speaker 1: thing that's distinctive too, as we say, oh, like these
Speaker 1: families are rich. Of course they're rich, but this is
Speaker 1: quantifying our it's our best effort to quantify just how
Speaker 1: much more rich they are. And this is the family's
Speaker 1: wealth as separate from official wealth having to do with
Speaker 1: abu da itself. Yes, to the best of our ability
Speaker 1: to tread that line to kind of discern where that
Speaker 1: line is, which again is really hard. I mean, there
Speaker 1: is some intermingling. Probably, it's really tough to tell. On
Speaker 1: our list of riches families, the Saudi family, the Alcads
Speaker 1: are on there as well, at about a hundred and
Speaker 1: five billion dollars almost three times, yes, almost three times.
Speaker 1: But you know, anybody could say, well, Saudi Arabia, I
Speaker 1: mean that they are far bigger than Abu Dhabi in
Speaker 1: terms of oil reserves, why would they be us rich?
Speaker 1: And that's I mean a great question. A lot of
Speaker 1: that is kind of what we're able to to value,
Speaker 1: like what we're able to assess, because Saudi Arabia is
Speaker 1: more opaque in this way. The family has not gone out,
Speaker 1: the family members, the princes and princesses haven't gone out
Speaker 1: in the same way as the al Ninon family members
Speaker 1: and invested in their own names. With a couple exceptions,
Speaker 1: they haven't done it to this scale. So it's much
Speaker 1: harder to value, it's much harder to to tell. And
Speaker 1: there's also you know, you could also argue that you know,
Speaker 1: the country there's far bigger, there's far more people in
Speaker 1: Saudi Arabia. Um the demands on the budget are much higher,
Speaker 1: so the kind of spoils that's left over for the
Speaker 1: royal family could could arguably be smaller, And that's kind
Speaker 1: of one of the assumptions we make in our analysis.
Speaker 1: So as you said that money sort of is spread
Speaker 1: across a very large family, dozens and dozens of people
Speaker 1: have a piece of it. It was just some big
Speaker 1: pile of money, everyone can go grab at it. Are
Speaker 1: there some who have far more than others? Probably? Yes.
Speaker 1: Like I said, there's going to be certain lines of
Speaker 1: the family that depending on kind of how they rank
Speaker 1: in the family. I mean, this is kind of an
Speaker 1: amorphous concept, but some families branches outranked others depending on
Speaker 1: how close they are, how powerful. Um Shake taw Noon
Speaker 1: and Shake Mansour and Shaike Mohammed are all their full brothers,
Speaker 1: and their mother was very savvy politically and she made
Speaker 1: sure that her six sons were well positioned in the family.
Speaker 1: Um So, thanks to their mom's kind of smart networking
Speaker 1: basically or whatever you need to do within the family,
Speaker 1: their sons were lined up to kind of like have
Speaker 1: some of the primo positions and possibly access to great deals.
Speaker 1: Then and you come interested in here, how do people
Speaker 1: in Abu Dhabi regard uh the A nine family and
Speaker 1: their wealth. What do they think of them? Well, like
Speaker 1: I guess as a starting point. For most people in
Speaker 1: Abu Dhabi, these are their employee years, whether they work
Speaker 1: for the state oil giant where the brothers sit at
Speaker 1: the top of the board, whether they work for one
Speaker 1: of these private investment vehicles managing the money on behalf
Speaker 1: of the brothers. Practically everyone can trace their job there,
Speaker 1: the building in which they're living, the building in which
Speaker 1: they're working to one of the companies controlled by this family.
Speaker 1: So I think in you know, from that standpoint, as
Speaker 1: long as their their standard of living personally is good,
Speaker 1: then they would put the family in high regard, particularly
Speaker 1: in the in the boom times which Abbud Aabi is
Speaker 1: in right now, given the white oil prices are trading. Yeah.
Speaker 1: And and to add to that, I mean the United Emirates, Um,
Speaker 1: the indigenous populations, I mean raity. These nationals are minority
Speaker 1: in their own country. So most of the workforce here
Speaker 1: is internationals, are immigrants are coming here, so they are
Speaker 1: all here as guests, here to improve their their livelihoods,
Speaker 1: to earn their livelihoods, to improve their lives. So and
Speaker 1: I think in general, the off of the ruling family
Speaker 1: is not it's not a daily topic. Um, it's not
Speaker 1: It's not something you you second guests or or speculate
Speaker 1: about it. It's just effective of life and being here
Speaker 1: in Duine. My conversation with Devin, Nico and Ben continues
Speaker 1: after the break. So you spelled out there well, and
Speaker 1: you also talked about how difficult it is to find it.
Speaker 1: How do you go about finding their well? Like, how
Speaker 1: did you determine how rich they are? Well? One thing
Speaker 1: that helped us a lot kind of established like a
Speaker 1: very high floor for their for their wealth is um.
Speaker 1: We spoke about how they have some unusually big publicly
Speaker 1: traded companies and shake tow noon is Um. He founded
Speaker 1: a conglomerate which is grown and grown in recent years
Speaker 1: called Royal Group, and one of Royal Group's biggest divisions
Speaker 1: is as a company called International Holding Company. So that's
Speaker 1: a kind of an investment conglomerate within this investment conglomerate,
Speaker 1: and International Holding which is also called HC shortened version
Speaker 1: is publicly traded on the Abadabi Stock Exchange, and it
Speaker 1: has grown into just a really vast company in a
Speaker 1: very short amount of time. I was looking at the
Speaker 1: stock prices and it looks like in the past three
Speaker 1: years this price has gone up almost eight thousand percent.
Speaker 1: Does that sound right, Ben? Yeah, I know. It's more
Speaker 1: than more than twenty percent over the past five years,
Speaker 1: which I believe is number one globally for any company
Speaker 1: with more than one billion dollars in market cap. Wait,
Speaker 1: meant this company grew twenty thousand percent in five years.
Speaker 1: You heard that? Correct? Is there any company that's grown
Speaker 1: that fast? Not not in recent times? Yeah. So it's
Speaker 1: market cap it's around it's sitting right around two. Yeah.
Speaker 1: So that's in the same league as McDonald's, slightly more
Speaker 1: than Nike, Disney, other household names in the US. So
Speaker 1: it's marketing up of the value of all of its
Speaker 1: shares exceed the value of those companies. Correct. And so
Speaker 1: that h C is majority owned by Royal Group, which
Speaker 1: is owned by shake Ton noon Um. So that is
Speaker 1: a really interesting example of powerful Royal striking out in
Speaker 1: business and a lot of you know, and this is
Speaker 1: something you see kind of across the Gulf to a degree,
Speaker 1: but they are a lot of the investments. I mean
Speaker 1: this this company doesn't have like one thesis like it's
Speaker 1: not there to do oil pipelines, it's not there to
Speaker 1: make vials or widgets, I mean they invest in all
Speaker 1: sorts of different areas. I mean a dozen probably close
Speaker 1: to different categories healthcare, in UM, energy, entertainment, UM. So
Speaker 1: they own publicly trade companies as well as privately have
Speaker 1: steakes in private companies as well, and not just in
Speaker 1: the Middle East, but in Europe and in the United States,
Speaker 1: other places all over all over the world. I mean,
Speaker 1: just right now they are They've offered a stake of
Speaker 1: almost two billion dollars UM for a huge steak and
Speaker 1: a Colombian food producer, I mean one of the biggest
Speaker 1: food manufacturers in Colombia. They own a steake in Rihanna's
Speaker 1: lingerie line in fenty So hugely diversified. And part of
Speaker 1: this is strategic that this region. And it's not too
Speaker 1: different than the basic idea behind a sovereign wealth fund
Speaker 1: is to diversify. It's a rainy day fund, and they
Speaker 1: want to diversify the wealth that it's accumulated over time
Speaker 1: from energy into non energy UM industries. It's like, you know,
Speaker 1: the thesis that any investor would try to take to
Speaker 1: kind of, you know, build a good long term portfolio
Speaker 1: for long term growth. They're just doing it in a
Speaker 1: really aggressive timeframe. Um, this is ramped up very quickly
Speaker 1: and they have a tremendous amount of money that they
Speaker 1: can deploy and right now, I mean this is probably
Speaker 1: coming into just like a really exciting time for them
Speaker 1: because they're seeing valuations come down so much. I mean
Speaker 1: they can just go on a bargain shopping spray and
Speaker 1: have they been doing that, buying up a whole lot
Speaker 1: of stuff. It's tough to have visibility on the non
Speaker 1: listed entities within Roller Group, for instance, but what we
Speaker 1: do know is that, to Devon's point, there's been a
Speaker 1: focus in the past on emerging markets assets in India,
Speaker 1: for instance. More recently there's been more of a focus
Speaker 1: on some of the beaten down assets in the US
Speaker 1: and Europe. Just because the valuations have become more attractive.
Speaker 1: They're looking more to deploy billions of dollars into these
Speaker 1: markets as well, so not just em but also developed markets.
Speaker 1: And what sort of things are they purchasing in emerging
Speaker 1: markets in India and other uh sort of cheaper securities
Speaker 1: now in the US well, a lot of the investment
Speaker 1: decisions come down to close personal relationships. This is a
Speaker 1: place that a lot of dealmakers are flying into Abu Dhabi,
Speaker 1: but they find it takes some time to build the
Speaker 1: trust of del Nayan family UM. So these investment decisions
Speaker 1: aren't usually quick decisions, but things that come from long
Speaker 1: cultivated relationships with dealmakers. For instance, Sam Zel, the prominent
Speaker 1: US real estate titan, he has a long standing relationship
Speaker 1: with Shike tot Noon. Same goes for the Colombian billionaire
Speaker 1: him Maklinski, who Devon was referring to. Same goes for
Speaker 1: got some Adani, the wealthiest man in Asia. He has
Speaker 1: a longstanding relationship with the Abu Dhabi royals as well.
Speaker 1: So a lot of these investment decisions stem from long
Speaker 1: cultivated relationships and then capitalizing on a perceived attractive opportunity
Speaker 1: based on valuations at any any particular moment. They're also
Speaker 1: often made on the back of due political developments. So
Speaker 1: when Dui or Abu Dhabi UM restores or improves diploma
Speaker 1: relationships with UM, let's say Turkey or Israel or Egypt
Speaker 1: or what wants to UM support Egypt's economy, then these
Speaker 1: vehicles UM linked to SEA often come in and buy
Speaker 1: some of the companies there. So you're able to track
Speaker 1: a lot of these public companies just because there are disclosures,
Speaker 1: were you able to dig into some of the more
Speaker 1: private dealings, uh and and discover wealth that wasn't known
Speaker 1: before I could I could just briefly say, I guess
Speaker 1: like one of the newer entities under shake tot Now's
Speaker 1: umbrella is this interesting artificial intelligence firm called Group forty two.
Speaker 1: Now they were close partners with the Chinese government in
Speaker 1: manufacturing COVID vaccines. More recently they worked on driverless cars
Speaker 1: and launched a national genome sequencing project. So this is
Speaker 1: another one of these private entities in their instance, in
Speaker 1: their case private, although they have now recently list did
Speaker 1: a subsidiary. But through some of the investment partnerships they
Speaker 1: have with international firms, we've been able to arrive at
Speaker 1: least an estimated valuation for the company. So again, as
Speaker 1: these private Abu Dhabi entities partner with international investors, that
Speaker 1: can at least give us some glimpse of how much
Speaker 1: money they truly are worth. More with our reporters when
Speaker 1: we come back, Devin, you found that the all Nayan
Speaker 1: family has a lot of real estate around the world.
Speaker 1: They do, which is which is very you know, that's
Speaker 1: kind of right out of them. The royal families playbook
Speaker 1: Royal families everywhere, especially in the Gulf. They love real estate.
Speaker 1: They've have always a long time loved London, in particular
Speaker 1: some of the most beautiful and fancy neighborhoods in London,
Speaker 1: like Knightsbridge and Berkeley Square and Kensington. There's always like
Speaker 1: lots of properties they're owned by royal families in the
Speaker 1: Gulf who often would spend significant amounts of time there
Speaker 1: in the summer. And uh on this show the other day,
Speaker 1: we're just talking about Russian billionaires buying super yachts, and
Speaker 1: I think the l Ninon family also has a super
Speaker 1: yaout of their realm oh yes, in fact, they have
Speaker 1: at least three. I was actually speaking to one of
Speaker 1: the biggest yacht brokers in the world the other day
Speaker 1: and he was telling me how I was asking about,
Speaker 1: you know, growth across the world and where are you seeing,
Speaker 1: you know, especially with the Russian sort of cut out
Speaker 1: of the market largely for for their business. Where where
Speaker 1: you're seeing growth is in the UA, And he was saying,
Speaker 1: to some extent, were saturated because they've sold a yacht.
Speaker 1: Pretty much everybody who cares to have a yacht um
Speaker 1: in the country, and certainly the royal family mean having
Speaker 1: a yachts a lot of upkeep and how much time
Speaker 1: do you even spend on it, especially when you're really
Speaker 1: actively investing. So he was saying pretty much the at
Speaker 1: the markets reached peak Saturay and until they're ready to
Speaker 1: trade up. I was just gonna say, in fact, that
Speaker 1: the dealmakers who work most closely with all Nyon brothers
Speaker 1: typically don't need to book a hotel room when they
Speaker 1: travel to Abu Dhabi, Uh. They find that there's an
Speaker 1: extra space waiting for them on one of the brother's yachts. Well,
Speaker 1: that's where visitors stay when they do business deals. They
Speaker 1: just stay in those those big ships exactly. So if
Speaker 1: I'm sitting in the U s which I am, or
Speaker 1: in London or uh Beijing, why should I care that
Speaker 1: this family has so much money? How does that actually
Speaker 1: affect me? Ben, you had mentioned a little bit about
Speaker 1: how oil prices um can rise or fall depending on
Speaker 1: decisions made by this family. Um, can you describe a
Speaker 1: little bit more about that? In other ways in which
Speaker 1: this family's wealth has reached around the world beyond them
Speaker 1: just being a bunch of rich people, right. Well, I
Speaker 1: mean particularly at a moment like this where a lot
Speaker 1: of consumers around the world are worried about prices at
Speaker 1: the pump. Uh, you know, just making ends meet. The
Speaker 1: decisions that this family makes, both in terms of energy policy,
Speaker 1: but also the investment decisions they make, which can significantly
Speaker 1: swing assets that a lot of people you know might
Speaker 1: hold in their pension funds uh or just you know,
Speaker 1: their personal investments. These brothers can really move markets in
Speaker 1: significant ways, and not just again energy prices, but stock prices,
Speaker 1: et cetera. Where they where they put their money has
Speaker 1: a dramatic impact. Shakemans are also but a very important
Speaker 1: French sise uh. In the UK. Can you talk about
Speaker 1: that a little bit. Yeah. So in two thousand and eight,
Speaker 1: Um Monsieurs it was a vehicle owned by Monsur but
Speaker 1: the UK UM Premier League club Manchester City, which was
Speaker 1: at the time really underperforming team. It was it was
Speaker 1: always eclipsed by it's much more famous neighbor Manchester United. UM.
Speaker 1: But since they bought it in two thousand and eight,
Speaker 1: the club has gone from from success to success. They
Speaker 1: they want six Premier League tiles since then UM, compared
Speaker 1: to two in in the more than hundred years before
Speaker 1: um And and they've grown this this investment into kind
Speaker 1: of sports imperium m a global sports empire consisting of
Speaker 1: other clubs. So they now own clubs in in France,
Speaker 1: in in Australia, in the US as well, and they've
Speaker 1: gradually increased revenue, so it's it's been a fincial success.
Speaker 1: They sold ten percent in it to US private equity
Speaker 1: fund called silver Lake UM so both on on the
Speaker 1: business side but also on on the sports side, many
Speaker 1: many considered great success. It's kind of enabled them to
Speaker 1: project a far more benign image on the world stage.
Speaker 1: UM you know, linked to football, um and and is
Speaker 1: being viewed by by everyone globally as one of the
Speaker 1: most watched sports. So we have sports teams around Europe,
Speaker 1: in the U S whever. Some of the companies say
Speaker 1: are involved in that people would be familiar with and
Speaker 1: maybe not even know that the family has a stake
Speaker 1: in it. Well, Nico had just hinted at um at
Speaker 1: New York City FC, the football club soccer for US listeners,
Speaker 1: UM Club and of course SpaceX as well as as
Speaker 1: Brianna's lingerie business. UM They've partnered on a variety of
Speaker 1: venture capital deals with a longstanding partner of Jared Kushner's.
Speaker 1: They've were worked on a variety of VC deals with
Speaker 1: prominent folks in Silicon Valley as well. When you look
Speaker 1: at the future of this family, where do you see
Speaker 1: where do they go from here? Well, I think this
Speaker 1: like this this moment where valuations are coming down, like
Speaker 1: I was saying, they have a real opportunity where stocks
Speaker 1: are just cheaper because the markets are so valiable, stocks
Speaker 1: are cheaper. There's a lot of people looking for for
Speaker 1: cash right now, um to help them out through surging inflation,
Speaker 1: difficult times. And they've got it, and they've got it,
Speaker 1: and I think that they have a huge opportunity to
Speaker 1: increase their footprint here. What's interesting about the Anon family
Speaker 1: investments is the role that they can play with some
Speaker 1: struggling states in the Middle East. I guess that we
Speaker 1: think historically about the role that I m F might
Speaker 1: play as a lender of last resort or in other
Speaker 1: instances China, how China could be the lender of last resort.
Speaker 1: But at a time right now of high oil prices,
Speaker 1: it's actually some of the Gulf states that are playing
Speaker 1: this role helping prop up countries such as an Egypt,
Speaker 1: for instance, that might be struggling due to its reliance
Speaker 1: on imports. So again back to sort of the daily
Speaker 1: livelihoods of people in countries, especially in the Middle East,
Speaker 1: their investment decisions can really have a significant impact. Dead
Speaker 1: and Pendleton, Nico Policy and Ben barton Stein. Thanks so
Speaker 1: much for taking the time to talk to me. Thanks,
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