Majlis & Markets

Over the last two decades, sovereign wealth funds (SWFs), particularly those from the Gulf, have emerged as significant economic players.

With Gulf SWFs holding nearly $4 trillion in assets, they wield considerable influence on both local and global economies, investing across sectors like finance, infrastructure, and even sports teams! But what hurdles do they encounter?

In our 17th episode, we're joined by Diego Lopez, Founder and Managing Director of Global SWF, an advisory firm specialising in SWFs and Public Pension Funds.

With over 18 years of experience advising sovereign wealth funds worldwide, Diego shares his insights.

In this episode, we spoke about several topics including:

• Defining what an SWF is
• Why they are important economic actors
• The current landscape of Gulf SWFs (strategies and challenges)

Intro theme song-'Tales of the Arabian Nights' composed by StudioKolomna via Pixabay

In recent decades, the global venture capital industry has experienced a significant surge, propelling ground-breaking start-ups like Uber and Airbnb into mainstream recognition.

Despite the promising emergence of venture capital hubs in OIC countries like Dubai, Pakistan, and Malaysia, challenges persist, including regulatory hurdles and restricted access to funding.

In our 16th episode, we're joined by Hussein Kanji, Partner at Hoxton Ventures, a leading VC firm in London. 

In this episode we cover several topics, including:

• Hussein's previous investments
• What he looks for in companies before investing
• His thoughts on Islamic orientated start-ups
• The challenges facing tech ecosystems in the OIC

Intro theme song-'Tales of the Arabian Nights' composed by StudioKolomna via Pixabay

The shift from the US dollar to non-dollar currencies in trade, known as de-dollarization, impacts capital markets, global trade, and geopolitics.

Moreover, the influence of BRICS, a coalition of major emerging economies, is reshaping the global economic landscape.

With more nations exploring alternative currencies and key Islamic countries like Saudi Arabia, the UAE, Iran, and Egypt joining BRICS in 2023, the Islamic world's global role gains significance.

In our 15th episode, we spoke to Rachel Ziemba. Rachel is an expert in geo-economics and country risk, specializing in global economic statecraft policies, particularly within the energy sector. 

She is Senior Advisor, Sanctions at Horizon Engage,  Adjunct Senior Fellow at the Center for New American Security (CNAS) and Founder of Ziemba Insights, a strategic advisory firm.  

She is also an Adjunct Lecturer at New York University’s Center for Global Affairs, set to teach economic statecraft in the Fall of 2024.

In this episode, we talked about several topics including:

• The drivers behind de-dollarization, 
• Alternative assets like gold and cryptocurrency
• The rise of BRICS and the potential for a common currency.

Intro theme song-'Tales of the Arabian Nights' composed by StudioKolomna via Pixabay

The Arab monarchies of the Arabian Peninsula have become key players globally in politics, economics, and security, largely due to their extensive oil and gas reserves. 

With their substantial wealth, these Gulf states exert significant influence in energy markets and global investments.  Furthermore, the hosting of major events like the 2022 World Cup in Qatar and COP 28 in Dubai has garnered worldwide attention.

In our 14th episode, we spoke to Kristian Coates Ulrichsen, an expert in Gulf affairs.

Kristian, a Fellow for the Middle East at Rice University's Baker Institute for Public Policy, focuses on the history, political economy, and international relations of the Gulf States. With a wealth of expertise, including eight books, including his recent book "Centers of Power in the Arab Gulf States."  He is currently working on a book about football in Saudi Arabia.

In this episode, we spoke about topics including:

• The historical rise of Gulf states
• The changing political economies in the region
• The broader economic challenges facing each of the Gulf monarchies

Intro theme song-'Tales of the Arabian Nights' composed by StudioKolomna via Pixabay

Since 2011, Egypt has faced political and economic challenges, worsened by a surge in foreign debt and unfavourable policies. COVID-19 in 2020 and the Russia-Ukraine conflict in 2022 hit hard, especially as Egypt is the world's largest wheat importer.

Today, Egypt is dealing with soaring inflation, a weakened currency, and heightened climate and geopolitical risks. Yet, recent aid, like an IMF bailout and a major investment by the UAE in February 2024, brings hope.

In our 13th episode, we spoke  to Angus Blair, an expert in MENA markets renowned for his work in investment banking and asset management. 

Recognised as an "Emerging Markets Superstar" by Global Finance magazine, Angus's insights are sought after by the likes of Bloomberg and the BBC.

In this episode, we spoke about several topics including:

• An overview of Egypt's since 2011
• The country's mounting debt burden
• Challenges facing the business environment
• Emerging climate risks

Intro theme song-'Tales of the Arabian Nights' composed by StudioKolomna via Pixabay

Foreign direct investment or FDI is a vital driver of economic growth for many nations. This can be through job creation, tax revenue, and technology exchange.

FDI also faces challenges including data collection accuracy, regulatory hurdles, and domestic economic policies.

Despite its importance, the Organization of Islamic Cooperation (OIC), representing nations like the UAE, KSA, and Malaysia, contributes less than 8% to global FDI inflows.

To shed more light on this, in our 12th episode we’re joined by Courtney Fingar.

Courtney is a leading expert on FDI and a business editor with more than 20 years of media experience. 

In this topic, we spoke about several topics including:

• Defining what FDI is and why it is important
• The challenges surrounding data collection
• Why OIC economies struggle to attract FDI
• The outlook for FDI for the rest of 2024 and beyond

Intro theme song-'Tales of the Arabian Nights' composed by StudioKolomna via Pixabay

Since the Presidential elections in May 2023, Turkey has shifted back to orthodox economic policymaking. This included the appointment of Mehmet Şimşek, a well-respected figure, as finance minister, and adopting more conventional economic policies.

With a renewed focus on containing inflation, stabilising the currency, and attracting foreign investors, Turkey is slowly recovering from years of economic strain. 

Notably, diplomatic relations with the UAE and Saudi Arabia have improved, leading to increased investment and trade.

 In our 11th episode, we spoke to Atilla Yesilada, a respected economist and political commentator.

In this episode we spoke about several topics including:

• Turkey's political economy dynamics
• The current political and economic environment 
• Ankara's rapprochement with Gulf states

Intro theme song-'Tales of the Arabian Nights' composed by StudioKolomna via Pixabay

In our 10th episode, we spoke to Matteo Mantovani, co-founder of Baly, an Iraq-based ride-hailing and super app.

 Matteo has dedicated a significant portion of his career to Iraq's advancement, managing multimillion-dollar projects in Basra and overseeing critical infrastructure initiatives.

As a co-founder of Baly, Matteo has observed first-hand Iraq’s thriving entrepreneurial spirit.

In 2022, Baly secured $10.5 million in funding from a consortium of investors including Kingsway Capital and Majid Al Futtaim. This funding catapulted the start-up into prominence and marking a significant moment in Iraq's tech history, showcasing the potential of its emerging start-up ecosystem.

Topic discussed in this episode include:

• Matteo's background
• His journey to and work experience in Iraq
• Matteo's account (opportunities and challenges) of running a start-up in Iraq

Intro theme song-'Tales of the Arabian Nights' composed by StudioKolomna via Pixabay

In recent years, Tanzania's venture capital scene has been flourishing.

In just 2022, the East African country reached a significant milestone, raising $24 million across 6 deals, according to Magnitt, a Dubai-based VC data platform. 

Industries like FinTech, Agriculture, and E-commerce have been driving this growth with numerous successful funding rounds.

In tandem, Tanzania's Islamic finance sector is also progressing, despite the absence of specific regulations. Activities such as sukuk and takaful are gaining momentum.

In our ninth episode, we spoke to Salum Awadh, CEO of SSC Capital, an investment banking firm in Tanzania. 

In this episode, we touched on topics, including:

• Opportunities and challenges facing Tanzania's VC ecosystem
• The development of Islamic banking & finance in Tanzania
• Tanzania's trade relations with Islamic countries

Intro theme song-'Tales of the Arabian Nights' composed by StudioKolomna via Pixabay

Over the past decade, Middle Eastern bond markets have experienced significant growth. With governments and corporates tapping into these markets, bonds have become an essential tool.

In parallel, the emergence of private credit has added a new dimension to the region’s financial landscape. Furthermore, Islamic finance and sukuk in particular continue to thrive as a distinct and influential segment of the MENA's financial ecosystem.

In our eighth episode we spoke to Sharif Eid. Sharif is a Partner and Co-Head of Fixed Income at Amwal Capital Partners, a MENA-focused investment manager. He has been an investor in MENA debt markets for the past 15 years, covering public and private markets.

Topics discussed in this episode include:

• Sharif's thoughts and outlook on EM and macro-risks
• His outlook on MENA fixed income for 2024
• Looking at the emergence of private credit in the MENA and globally
• The challenges in the sukuk market from an investor's perspective

Intro theme song-'Tales of the Arabian Nights' composed by StudioKolomna via Pixabay