00:00So there's a lot to talk about, maybe just in terms of expectations for the week, but also
00:04the setup going into the forum this week and the fact that we are actually in a backdrop of
00:11extreme uncertainty. Geoeconomic confrontation was one of the big risks that came up in the
00:16global risk report. Over the weekend, we had President Trump, again, once again,
00:21threatening European countries with extra tariffs. And I just wonder, as a long-term investor,
00:26how do you think about deploying capital over the long term where there's so much short-term
00:31uncertainty? Jabara, thank you. It's really great to be with you here. Well, I think we look
00:38globally that the baseline is constructive because wherever you look, whether in the U.S.,
00:48whether in Europe, whether in the Gulf, whether in India or Asia, people are, or governments and
00:55economies are really concerned about bringing costs down, ensuring productivity is up, making sure
01:06that these environments continue to, you know, to improve. Now, obviously, uncertainty is there,
01:19but I think we look at value everywhere and there is value everywhere in pockets. So, you know, in the
01:29United States, for instance, I think what's going on in terms of the stimulus, in terms of the focus
01:37on technology and AI, some of the things that made tax codes permanent, is really helpful for business. But also the
01:47approach about looking at affordability. All these things are to make good business and investment environment. So,
01:58basically, we see value everywhere in pockets. Do you think private capital is going to play even more
02:05of a stabilizing force over the next couple of years as countries have to deal with the rise of
02:11protectionism and look inwards? I believe so. I mean, as you know, InvestCorp has always really been a bridge
02:18for private capital from the Gulf outside and from outside the Gulf inside. And it is, it's a patient. It's, I think,
02:28capital, it's something that really reduces volatility, especially in times when you do need patience with
02:38capital. You do need thoughtful processes in ensuring that you invest through a crisis and cycles.
02:51Yeah. So, you're a homegrown Middle East investment fund. And I'm curious to hear how you see the
02:58opportunity set right now in the Gulf. And you have countries like Kuwait also looking to open up as
03:04well. I mean, how are you seeing the opportunity set specifically in the Gulf? You've been there a
03:07really long time. So, we look at the Gulf as really an ecosystem for us. It is definitely a very
03:16compelling long-term investment market in this global economy. I mean, you have clear policies. You have sovereign
03:29balance sheet that is really strong. You have capital. You have huge economic transformation agenda. And so, we, in the GCC,
03:44we focus on a couple of things. We focus on companies and private equity. There is a maturing private equity
03:53coming along in the Gulf. Strong partnership in there. We also focus on infrastructure. And you've probably seen
04:03some of our, you know, talk in the media about partnering with the likes of Adnok, Ramco, and the Docomport on things around the
04:15infrastructure for these big projects. What about the potential for listings in the region this year and the potential
04:22exits on some of your portfolio companies? Again, always a big question.
04:26Well, we, I think the IPO market is improving in the Gulf for sure. I mean, Oman, for instance, was one of the high
04:39growth markets last year. But I think even globally, we see an improvement in IPO's markets. We were in Hong Kong, for
04:53instance, just a few days ago. And there, you know, it was the number one IPO market in the world. There's a backlog of
05:02something like 400 companies. That market had an injection of something like 700 billion of AUM in the last 12 months.
05:11Yeah.
05:12So I think things are moving in the IPO market.
05:16Yeah. At the same time, do you think that the industry as a whole has had to undergo a period of
05:22transformation in terms of what's realistic, in terms of holding periods, in terms of
05:28realization, monetization of the portfolio, simply because it has been slower the last couple of years?
05:33Yeah. I mean, I think now, for sure, I think it has seen a change, obviously, with high interest rate, with
05:44investors being cautious. I think the value now is really in value creation in private equity, is really in ensuring that
05:54that strengthening the investment teams, ensuring that you go through the quality that you know, and align with those
06:03drivers of growth everywhere.
06:06Yeah. In terms of sources of capital, there's been a lot of chatter about potentially opening up private equity to
06:11new sources of investors, even retail. How do you feel about that? Do you think it would be a constructive step for the industry?
06:19We believe so. I mean, I think there's a lot of talk about credit. There's a lot of questions about credit.
06:28But what we, you know, we have a big credit business. We have mainly in CLOs, over $23 billion.
06:37And I think you have, in the credit, you have these, you know, big companies that we don't see any problems with,
06:45because there's a lot of diversification. I think in the bottom, you see also SMEs, where there is a lot of,
06:52obviously, due diligence and clarity in there. I think the bit in the middle, where one needs to be careful.
07:02But again, I think the drivers of the economies and the growth that we see should make this a good business.
07:10Okay. Well, if you rewind back to exactly a year ago, I believe you and I were talking and you mentioned the possibility of perhaps a liquidity event.
07:18Can you give us an update on potential IPO or strategic investor?
07:23Well, for Invescorp holding, we continue to think about these things. As you know, like any other investment firm thinks about liquidity.
07:35But there is really nothing concrete at the moment because we are really happy just doing what we're doing and growing the way we're growing.
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