Best of Qatar Economic Forum 2024

Summary

The Qatar Economic Forum, powered by Bloomberg, focused on economic strategies amidst global uncertainty shaped by conflicts and political shifts. The forum highlighted the Gulf region's efforts to diversify economies and enhance international influence. Key discussions included the impact of the Israel-Hamas conflict on global and regional economies, Saudi Arabia's Vision 2050 and its resilience to oil price fluctuations, and the future of investment in AI and sports. The forum also explored the potential for Qatar to host major sporting events like the Olympics, emphasizing the country's growing tourism and aviation sectors.

Takeaways

• 🌐 The Qatar Economic Forum, powered by Bloomberg, focused on navigating global uncertainty shaped by wars and economic divergence.
• 🕵️‍♂️ The Gulf region is using its wealth to enhance global influence, diversify economies, and gain international prominence.
• 🔍 Qatar Prime Minister Sheikh Hamad bin Abdirahman al-Thani emphasized the need for a unified Palestinian government to lead the transition in the West Bank and Gaza.
• 🏗️ Qatar is cautious about contributing to rebuilding efforts without a clear vision and consensus among Palestinians and the Israeli government.
• 💣 The comparison of the situation in Gaza to Fallujah, Ramadi, and Baqouba highlights the complexity of the conflict due to dense infrastructure and population.
• 🤝 Qatar maintains excellent relations with regional allies and consults with the OIC to support the Palestinian cause and contribute to post-war efforts.
• 💼 Citadel founder Ken Griffin warns of potential catastrophic consequences if U.S. deficit spending isn't controlled, drawing parallels to the 1987 market crash.
• 🛑 Griffin suggests that U.S.-China tensions are here to stay and will influence investment strategies, focusing on sectors governed by national security principles.
• 🧩 Investors are encouraged to consider the broader implications of globalization and supply chain resilience when making investment decisions.
• 🏆 Todd Boley discusses the future of sports investment, emphasizing the value of media rights and the importance of delivering great entertainment.
• 🎖️ Qatar's interest in hosting the Olympics and expanding the events industry to support tourism was mentioned, showcasing the country's ambition in the global sports arena.

Q & A

What was the main focus of the fourth annual Qatar Economic Forum?

The fourth annual Qatar Economic Forum focused on navigating the year of uncertainty ahead, considering the impact of wars in Europe and the Middle East, central bank and economic divergence, and consequential elections affecting half of the world's population.

How is the Gulf region deploying wealth according to the forum?

The Gulf region is deploying wealth to enhance global influence, diversify economies, and gain international prominence.

What geopolitical issue was discussed in relation to the global economy?

The war between Israel and Hamas was discussed in relation to the global economy and the Gulf region's response to the conflict.

What is Qatar's stance on the Palestinian government according to Sheikh Hamad bin Abdirahman al-Thani?

Qatar supports the idea of one Palestinian government in charge of the West Bank and Gaza, built on consensus between Palestinians to lead the country's transition.

What challenges does Qatar foresee in contributing to the rebuilding process post-war?

Qatar sees challenges in contributing to the rebuilding process if the war ends with a destroyed country, no vision for it, and no clear role for the Palestinian Authority, making it difficult for Qatar and the world to invest in the unknown.

What is the comparison made between the situation in Gaza and other cities like Fallujah, Ramadi, and Baqouba?

The situation in Gaza is considered more difficult than Fallujah, Ramadi, and Baqouba combined due to the 350 miles of subterranean infrastructure, dense population, and high-rise buildings.

What is the equivalent of Hamas according to the speaker?

According to the speaker, Hamas is equivalent to the Islamic State, an irreconcilable extremist group that needs to be destroyed.

What role does Malaysia see itself playing in Gaza post-war?

Malaysia, being a small emerging economy, maintains excellent relations with regional powers and is prepared to do its part, within its limited capacity, to contribute to the necessary actions.

What is the biggest challenge facing global leaders according to the Qatar Prime Minister?

The biggest challenge facing global leaders, as stated by the Qatar Prime Minister, is the 'insanity' of absurd policies and the need to bring back humanity, compassion, and human dignity.

How does Saudi Arabia plan to respond to potential drops in oil prices?

Saudi Arabia's Vision 2050 aims to diversify revenues and be conservative in oil revenue projections to ensure that plans can proceed even if oil prices drop.

What investment opportunities are arising from the diversification of economies in the Gulf region?

Investment opportunities are arising in various sectors such as technology, cloud computing, and other businesses that can use these technologies to gain a competitive advantage.

What is the current political climate in the US according to Citadel founder Ken Griffin?

Ken Griffin warns of catastrophic consequences if deficit spending isn't controlled and expresses concern over the potential for a debt crisis similar to the crash of '87.

What is the impact of the US-China tension on investment strategies?

The US-China tension is seen as a long-term factor that investors and clients are recognizing and starting to invest with, focusing on sectors like AI, semiconductors, steel, and aluminum.

What mistake are investors making regarding asset classes and risk?

Investors are making the mistake of not acknowledging that risk has fundamentally changed and are not adapting their strategies to the new normal, focusing too much on past trends.

How does Todd Boley view the investment in sports teams and players?

Todd Boley views the investment in sports teams and players as a portfolio where the value of players continues to hold, comparing it to the cost of carrying a valuable asset.

What is the future of media in relation to sports and the value of sports clubs?

The future of media in sports involves expanding the 'glow' that comes out of sports facilities and adapting to the involvement of large tech companies like Amazon, Google, Apple, and Netflix.

What impact has the World Cup had on Qatar's tourism and aviation industry?

The World Cup has helped Qatar build operational knowledge and has led to a significant increase in passengers, with airlines operating in Hamad Airport seeing a 30% increase and high load factors on flights.

Is Qatar considering hosting the Olympics in the future?

Qatar has expressed interest in potentially hosting the Olympics in the future, leveraging the experience and infrastructure built for the World Cup.

Outlines

00:00

🌐 Geopolitical and Economic Discussions at the Qatar Economic Forum

The first paragraph of the video script introduces the Qatar Economic Forum, highlighting the forum's focus on navigating global uncertainty shaped by wars in Europe and the Middle East, central bank divergences, and significant elections. The forum aims to explore the Gulf region's efforts to enhance global influence and diversify economies. A key discussion point is the geopolitical impact of the Israel-Hamas conflict and the Gulf region's response. The Qatar Prime Minister, Sheikh Hamad bin Abdirahman al-Thani, addresses the forum, emphasizing the need for a unified Palestinian government and the challenges of rebuilding post-conflict. The conversation also touches on the complexity of the situation in Gaza and the comparison of Hamas to the Islamic State, suggesting a need for the group's destruction while considering the humanitarian impact.

05:03

💼 Economic Challenges and Vision 2050: A Conversation with Saudi Representatives

In the second paragraph, the script delves into an interview with an unnamed Saudi representative discussing the challenges faced by global leaders, particularly the 'insanity' of absurd policies. The discussion pivots to the Saudi economy, with a focus on Vision 2050, a plan designed to address economic sustainability and diversification. The representative expresses confidence in Saudi Arabia's ability to deliver on ambitious economic projects, even with fluctuating oil prices, by emphasizing conservative revenue projections and diversified revenue streams. The conversation also hints at investment opportunities arising from economic diversification and the importance of aligning with global trends.

10:03

📉 US Debt Crisis and Market Stability: Citadel Founder's Perspective

The third paragraph features Citadel founder Ken Griffin's insights on the potential catalyst for an American debt crisis, emphasizing the unpredictability of financial market disruptions. Griffin draws parallels to historical market crashes, such as the 1987 event, to illustrate how quickly markets can unravel without warning. He expresses concern over the possibility of a failed Treasury auction triggering a panic in the market and the subsequent challenges for the Federal Reserve to intervene effectively. Griffin also touches on the ongoing US-China tensions and their implications for investors, suggesting that these geopolitical strains will persist and shape investment strategies.

15:06

🤖 Investing in AI and the Broader Tech Landscape

In this paragraph, the conversation shifts to the topic of artificial intelligence (AI) and its transformative impact on business and society. The speaker discusses various investment strategies related to AI, such as investing in the 'tools and shovels' that support AI development, including software and hardware. Additionally, there's a focus on infrastructure investments that support digitization and the increasing demand for data, such as fiber, broadband, data centers, and towers. The speaker also contemplates the valuation of AI companies, drawing historical comparisons to Google's early days and the potential for future growth.

20:08

🏟 The Future of Sports Investment and Media Rights

The final paragraph of the script centers on sports investment and media rights, with Todd Boley of Eldridge Industries sharing his views. Boley discusses the concept of investing in sports teams as a portfolio of players, emphasizing that these investments hold value over time. He also addresses the evolving media landscape, with tech giants like Amazon, Google, and Apple becoming increasingly involved in sports broadcasting. Boley highlights the importance of innovation in delivering sports content and the potential impact on traditional broadcasting rights. The conversation concludes with a discussion on Qatar's potential to host major sporting events like the Olympics, reflecting on the country's interest and its growing tourism and aviation sectors.

Keywords

💡Qatar Economic Forum

The Qatar Economic Forum is a significant event focused on economic discussions and strategies, particularly concerning the Gulf region. It is a platform where global leaders, economists, and business professionals gather to discuss and explore economic opportunities and challenges. In the script, the forum serves as the backdrop for various discussions, including geopolitical issues, economic strategies, and investment opportunities.

💡Geopolitics

Geopolitics refers to the study of the effects of geography and global politics on international relations. In the context of the video, geopolitics is highlighted through discussions on the war between Israel and Hamas, and its implications on the global economy. The script mentions how the Gulf region, including Qatar, is responding to conflicts in their vicinity and the importance of resolving these issues for regional stability and economic growth.

💡Doha

Doha is the capital city of Qatar and serves as the location for the annual Qatar Economic Forum. The city is becoming increasingly recognized for its role in global economic discussions and as a hub for international diplomacy and business. In the script, Doha is the setting where key interviews and discussions take place, emphasizing its significance in the global economic landscape.

💡Economic Divergence

Economic divergence refers to the differences in economic development, growth, and policies among various countries or regions. The script discusses this concept in the context of central banks and their impact on global economies, especially in times of uncertainty and conflict. Economic divergence can affect investment decisions, trade relations, and the overall economic stability of different regions.

💡Global Influence

Global influence is the ability of a country or region to affect political, economic, and social issues worldwide. In the script, the Gulf region, particularly Qatar, is highlighted for using its wealth to enhance its global influence. This is achieved through diversifying economies, gaining international prominence, and engaging in geopolitical discussions and resolutions.

💡Palestinian Government

The Palestinian Government, as mentioned in the script, refers to the political authority that is believed to be necessary for leading and managing the Palestinian territories, including the West Bank and Gaza. The script discusses the need for a unified Palestinian government built on consensus to effectively transition and rebuild after conflicts.

💡Infrastructure

Infrastructure refers to the fundamental systems and facilities, such as transportation, communication networks, and buildings, that serve a country or region. The script uses the term in the context of the challenges faced in areas like Fallujah, Ramadi, and Baqouba due to extensive subterranean infrastructure, which complicates recovery and rebuilding efforts after conflicts.

💡Humanitarian Assistance

Humanitarian assistance is aid provided to individuals or communities in need, often in response to crises or disasters. In the script, the concept is discussed in relation to the post-war rebuilding efforts in Gaza, emphasizing the importance of providing support to civilians affected by the conflict, including the restoration of basic services and rebuilding of damaged areas.

💡Vision 2050

Vision 2050 is a long-term strategic plan aimed at diversifying Saudi Arabia's economy and reducing its dependence on oil revenues. The script mentions this plan in the context of Saudi Arabia's ability to deliver on ambitious economic projects, even if oil prices drop. The plan is designed to ensure economic sustainability and growth through conservative revenue projections and diversified revenue streams.

💡Investment Opportunities

Investment opportunities refer to areas or sectors where investors can potentially gain profits or achieve financial growth. The script discusses various investment opportunities, such as those arising from the diversification of economies in the Gulf region, the potential of AI and technology, and the growth in the sports industry. These opportunities are identified as areas where investors can strategically allocate their resources for potential returns.

💡Sports Betting

Sports betting is the activity of predicting sports results and placing a wager on the outcome. In the script, Todd Boley, who owns a stake in DraftKings, a sports betting company, discusses the future of investing in sports. The conversation highlights the growing interest and potential profitability in the sports betting industry, especially with the involvement of major tech companies and changing consumer behaviors.

Highlights

Qatar Economic Forum's focus on navigating uncertainty with global conflicts and economic divergence.

Spotlight on Gulf region's wealth deployment for global influence and economic diversification.

Discussion on geopolitics and the impact of the Israel-Hamas war on the global economy.

Qatar's Prime Minister views on Palestinian government and the challenges of rebuilding post-war.

The comparison of the situation in Gaza to Fallujah, Ramadi, and Baqouba due to complex infrastructure.

Views on Hamas as an irreconcilable extremist group and the strategy for dealing with it.

Humanitarian plans for Gaza including biometric ID cards and restoration of basic services.

Malaysia's role and commitment to Gaza post-war as discussed by an unnamed speaker.

Qatar Prime Minister's thoughts on the biggest global challenge being 'insanity' in policies.

Saudi Arabia's Vision 2050 and its conservative approach to oil revenue projections.

Diversification of revenue and sustainability in economic policies as discussed by Saudi representative.

Investment opportunities in the current market according to Franklin Templeton.

Citadel founder Ken Griffin's views on the potential for a U.S. debt crisis.

Griffin's outlook on the political climate in the U.S. and the Biden-Trump rematch.

Discussion on the new tariff regime and its implications for U.S.-China relations.

Investment strategies in AI and related sectors without directly investing in AI companies.

Todd Boley's perspective on sports investment and the future of sports media.

The potential for Qatar to host the Olympics and the impact on tourism and sports events industry.

Growth in Qatar's airline industry and the high demand for travel post-World Cup.

Transcripts

Welcome to the Qatar Economic Forum. Powered by Bloomberg.

I'm Gianni Versace. Over the next half hour, we'll be

showing you highlights from the fourth annual forum that took place in Doha.

This year's event focused on navigating the year of uncertainty that lies ahead

with a world remade by wars in Europe and the Middle East.

Central bank and economic divergence and consequential elections affecting half

of the world's population. We looked beyond the headlines, putting

a spotlight on the Gulf region and how it is deploying wealth to enhance global

influence, diversify economies and gain international prominence.

Let's begin with geopolitics and the war between Israel and Hamas, what it means

for the global economy and how the Gulf region is responding to a war in their

backyard. Bloomberg's Francine Lacqua spoke with

Qatar Prime Minister His Excellency Sheikh Hamad bin Abdirahman al-Thani

about that and more. Right now, everyone is focused on the

current mediation. Everyone is focused on how to get to a

resolve to end the war and to get the hostages back.

So on the rebuilding, under what circumstances would would Qatar

contribute to the rebuilding of this? This is actually it's still a pretty

mature question because no one is talking about the day after.

And from our perspective, in a realistic manner.

There are multiple of views you are hearing here on there.

We believe in one Palestinian government that should be in charge of West Bank

and Gaza. And this Palestinian government should

be built on consensus between the Palestinians and to lead the transition

of the country. Whether this will be, you know, allowed

by the Israelis and we have seen the statements by the Israeli government

that they don't want the P.A. even

to be there. And I think that

if we will end the war in a state where the country is destroyed, no vision for

it, no vision for the P.A.

to go in, it will be very difficult not only for Qatar, but for the rest of the

world to step in and to do to invest in unknown.

That's that's would remain a challenge. So we always encourage and we are

working together with our Arab partner,

what we call the Committee of Six Arabs and the US, in order to try to think

about what's the best way to transition to the day after in a way that will not

will not actually affect the Palestinian people, will not affect the Palestinian

cause, and will not undermine the Palestinian Authority.

Israel. The situation they face is more

difficult than Fallujah, Ramadi and Baqouba all put together because of the

350 miles of subterranean infrastructure that they have.

It makes it very, very difficult because of the density of the population, the

high rises, not small buildings and so on.

But the principle is still the same. You have to clear and hold and keep the

enemy out of the people. And I do believe, by the way, that that

Hamas is the equivalent of the Islamic State.

This is an irreconcilable extremist group that I believe does need to be

destroyed. But how you do that matters a great

deal. And I would welcome seeing a commitment

that we are going to make your lives better.

Civilians in Gaza. The way we're going to do that is we're

going to clear the enemy out of your neighborhoods and we're then going to

seal off those neighborhoods and give you biometric I.D.

cards. We're going to flood them full of

humanitarian assistance. We're going to restore basic services,

and we're going to aggressively rebuild all the damage that has been done in the

course of this particular war. What role do you see Malaysia playing in

Gaza post war? We are a small country literally

struggling to survive as emerging economy.

That's why I maintain excellent relations with Qatar, Saudi Arabia, UAE,

Turkey. And get this sense, what needs to be

done. Of course, it is our duty then to do

whatever is necessary, give it the limited of

whatever capacity that we have. But we will.

We will. And I think for Melissa in the distant

land, we do then ascribe to the thinking and the views of

most of the Arab neighbors. This why even the OIC, normally we do

consult them first to get the understanding.

Then we support the position. Prime Minister, we're running out of

time, as always, to show it when we have a conversation together.

Just one final question. I mean, global leaders nowadays are

grappling with a lot of challenges and uncertainties.

What's the biggest challenge for you? Well, I think the insanity.

Because sometimes you have policies. That's totally absurd.

I think what we need to do, other than focusing on the economy and development,

is to bring back some humanity, compassion and human dignity.

That, to my mind, Scott, looking this way in the Madani framework, I put the

economic policies some sustainability, but I do consider the issue of values

and compassion. When I look at the total value of the

Google projects that we have in the pipeline, I've seen estimates ranging

from 850 billion to 1 and a half trillion dollars.

These are very big numbers. And the question people always ask is,

can Saudi actually deliver on those plans if the oil price drops?

What happens if the price of oil drops? I think that the the whole idea of

Vision 2050 is actually to respond to this question.

We have been actually very conservative in our assumptions when it comes to our

oil revenues. I'll give you just one

basic example. In the year 23, we closed the year 23.

With oil revenues that are more than what we have projected in the budget at

the beginning of 23, despite the fact that prices were down by about 20% and

oil production was down by 17%, which basically tells you that we are not

optimists when it comes to projecting and therefore committing our spend to

what the revenue is. We are very conservative.

So I'm quite comfortable with for two reasons.

One is we diversified our revenues. As I said, the first seven are coming

from non-oil and we are very conservative in our

projections and therefore our plans on how the oil revenue will cover that that

expenditure. And where are you finding that?

So how do you want to grow? Franklin Templeton.

Well, first of all, you asked the question earlier about is it a good time

to invest in the market and what is His Excellency doing with this cash?

And John Templeton said the best time to be in the market is when you have money.

So and it's because you can find opportunities.

I think. So whether it's I and I agree with you,

I mean, I think the initial eight types of things are picks and shovels are it's

the chip makers, it's the Microsofts, you know, who are running cloud

computing. But the next phase is going to be as

companies, and they'll start to differentiate within their own

businesses, those who are actually using it to a competitive advantage.

And it's hard to see that today, and it takes a while to do that.

But I think based on the trends, you know, it's always easier to swim with it

with the current, right. So if you're trends and we talked about

the days of globalization, so it's figuring out who are going to be the

beneficiaries of that, you know, in this region.

I mean, one of the things that I think is so impressive, obviously, as oil

stays high and it doesn't look like there's any quick resolution to Russia

and Ukraine, so it's likely to stay high.

You know, there's a mentality of multiple generations, which is something

I very much appreciate and a desire to diversify the economy.

And so the various economies. And so you find investment opportunities

as there's you know, as there's diversification.

So making sure that you're close. And part of those conversations is where

you find investment opportunities. Coming up, more from Doha, including

Citadel founder Ken Griffin. This is Bloomberg.

Welcome back to the Qatar Economic Forum on day one of the forum.

Bloomberg's Erik Schatzker spoke with Citadel founder Ken Griffin.

The always outspoken Griffin had a lot to say about the current political

climate in the US and the rematch between Joe Biden and Donald Trump.

Take a look. And you have warned can of

some catastrophic consequences. If deficit spending isn't brought under

control, what is the catalyst for an American debt crisis going to be?

So I don't know what that moment will be when there is an auction that goes awry

or when the markets become dislocated. Financial markets, generally speaking,

work very well until they catastrophically come off the rails.

You don't necessarily get a lot of warning that there's about to be a big

event. The crash of 87 is a great case study.

You know, that day I woke up. I was I was out in my dorm room trading

then. And the stories on the other day were

about a small skirmish in the Middle East of of, frankly, no consequence and

the health of first Lady Nancy Reagan. And yet we ended that day with the stock

market down 20 some percent and a number of American institutions literally on

life support or near death happened in one day.

One day. There was no big story that morning that

would make you think that that day might have been the end of the U.S.

capital markets as we knew them. There was no warning.

And so I worry that the debt crisis may have a similar construct, that they'll

simply be a day where a major auction fails.

And then you see a panic start to brew in the Treasury market.

And the question will be, will be how fast will the Fed intervene?

What panic will that and do is because government intervention under duress

often just creates more panic. And then do we see a flood of treasuries

coming back into the market from holders around the world?

Obviously, there's a U.S. election coming up and there's going to

be, in some ways a lot of change, possibly or not.

And I think this morning, one of the interesting things that happened when

the Biden administration announced the new tariff regime is that it's just

putting kind of another affirmation on what will be tension between the U.S.

and China. So I think as much as things are

changing, there's a few things that I think you can count on probably being

the same right now. And in particular, they may have

different approaches. But the same sense, it's very

politically potent right now for both sides to talk about this issue.

I thought it was interesting that the Biden administration didn't do the broad

sweeping tariff approach that Trump is proposing.

They really focused $18 billion of imported goods in the sectors that are

most governed by the national security principles, whether it's AI, the

semiconductor, steel, aluminum. And so I think the headline is,

this is here to stay. And this is something that I actually

see our investors and clients starting to recognize that the US-China tension

is going to remain and they're going to have to start investing with that lens.

Now, when you talk about a new normal, we end user implied investors are out

there that's they still haven't moved enough to that idea that risk is

fundamentally change. What is the classic mistake that

investors are making in terms of asset classes or whatever?

What is what is the thing? When you sit down with an investor,

obviously you may have some here. What is the classic sort of error

they're making? Obviously, all your investors are

brilliant, but allowing for that cracks about.

So it's kind of it kind of builds on what Venus said.

I think humility and knowing that you're most likely going to be wrong about

these big things, because I agree with everything I said.

I mean, the world we were in, we were globalizing people optimized for supply

chain. How can I cut 1% off of the.

Now, people are talking about resiliency.

Now people talk about assuring. People talk about, hey, how could I how

can I defend myself against. And we have this tendency to look at

things like, by the way, I could be a force in the other direction where scale

matters and can actually bring people together.

We tend to look at these things and think that we have a clue about how

they're going to play out. And if if any of you or any of us look

back ten years and say, how close were we?

We were pretty far. Yeah.

You look at that gap before the how close where we were pretty far.

Christian, is there any value left in A.I.?

This is a great question. I think the big speculation these days

is, you know, for the companies that are doing a like open I mean, how do you

value those companies? You know,

there's so much future potential. And but but we don't yet know what the

future will look like. So that is extremely complicated,

actually. But I feel that this is history

repeating itself a bit. If you think back to when Google was a

tiny company and it went public at a wild valuation, everybody thought it

felt like the same. Who would have known that was a

multitrillion dollar company today? So.

So if I look away from from the valuation question, I think there's no

doubt that A.I. is changing the world, the world of

business, the society in many ways, and that there are lots of other angles into

investing into the AI space without having to deal with that particular

question. So let's talk about that.

How do you play AI without playing AI? Yeah.

So across Ekiti we have a venture capital and private equity

infrastructure, etc. and and we do on the ventures and growth

side, we're investing in called the tools and the shovels, you know,

software that's serving AI hardware, that's serving A.I.

companies that are using apps, that are using AI and all kinds of different

features around that network.

And in infrastructure, we're going a totally different path.

Of course, there were part of digitising society, so there it's fibre, broadband,

it's data centers, towers, etc. because the need for data is massively

increasing. So there are a lot of other areas of

investment that support this whole AI wave that's out there.

Coming up, more from the Qatar Economic Forum, including Todd Boley, Eldridge

Industries CEO on the future of investing in Sports.

This is Bloomberg.

Welcome back to Doha, Qatar Economic Forum, powered by Bloomberg.

I'm Jim Versace with ownership stakes in Chelsea, the Los Angeles Dodgers and

Lakers alongside owning the sports betting company DraftKings.

Todd Boley is redefining what it means to be an investor in sports.

He spoke with Bloomberg's Jason Kelly about the future opportunities in sports

ownership. When people talk about spending, I mean,

the way I think about it is we're investing.

Mm hmm. And we have, you know, a collection of

players. And really, those players continue to

hold their value. Right.

Right. So it's not as if we're, you know, kind

of writing off the money. Right?

The investment. Right.

So what we're thinking about is what does it really cost to finance that

portfolio of players? Yeah.

Right. So, you know, because, of course, you

know, some players will go up in value and some players will go down in value.

But, you know, I would argue that, you know, the investments that we've made,

you know, have continued to as a balance, continue to hold their value.

And really, therefore, you know, we're not spending the money, you know, we're

investing the money and really we're just thinking about the cost of carry.

Yeah. You know, what's the cost to to carry

that portfolio of players that are obviously so valuable?

What happens next with media as it relates to sports and the value of

sports? So if you think about how you break

apart the value of a club or a team, right, you have everything that goes on

site, right? You've got the tickets, the merch, the

hospitality, you know, the food and beverage, the sponsorship inside of the

actual facility. And then, you know, the media value is

the glow, right, that comes out of the facility, whether it's an arena or a

stadium or whatever it is. And then you think about, okay, well,

how do I expand, expand and extend that glow?

Right? And, you know, I think obviously, you

know, the thing that really is driving these is that there's now trillion

dollar balance sheets or trillion dollar in market value companies that have

gotten involved. Right.

So it used to be you would have kind of, you know, the broadcasters thinking

about it. Now you've got, you know, Amazon, Google

and Apple that are all playing in the game and you look at them and together

they're probably worth, I don't know, $6 trillion or something, $5 trillion.

And that's to Netflix who's probably around the hoop.

Yeah. And and Netflix is you know it's a big

company Yeah but compared to those guys it's it's really not so big right Right

But it's I think probably a $300 billion market cap.

Right. Right.

And yeah, now they're throwing their their hat in the ring, you know, because

they understand, you know, that people want to watch this stuff.

And, you know, there's very few things that people will adjust their calendar

for. Right.

So and sports are probably it. I think we mustn't be complacent.

I think as far as rights owners live, sport is the most valuable asset.

But we've got to make sure we deliver great entertainment.

And so I think as I know from my own personal experience, we try to do

everything we can when we get a live game to make sure that we create as much

artistry and magic around those games and whether you're in any different

things. The the the competition for those live

rights is going to increase. So I think the more innovative we can

get them, then the rights will continue to increase.

But I think we have to understand how we going to deliver those rights in the

next ten years. What's the Premier what's the Premier

League and that guy look like? For instance, we've just finished an

international round. We've got, you know, other leagues going

through their broadcasting rights and there's going to be a massive step

change from the way we deliver and consume rights traditionally now.

And how are we going to do that in the next six, seven years?

And that's going to take that might take a dip in valuation over a period when we

get the infrastructure in place to make sure we can deliver a kind of direct to

consumer model. And at some point that will happen and

we will. But I think what we understand, what I

love about, you know, what everybody said today, it's the excitement of sport

and live sport is just so is unique. And we got to make sure that we deliver

it correctly. When we talk about celebratory, the

Olympics is is a global celebratory event for many people.

I mean, do you think Qatar could potentially host the Olympics one day?

Can we? Absolutely.

I think we can. Would we?

That's I'll leave that to two other people who are,

you know, the officials who are considering this matter.

But I think, if I'm not mistaken, we've expressed our interest in this matter in

terms of hosting the Olympics. But I think it's not just limited to

major sporting events. I mean, I think what we're looking at

today is expanding beyond major sporting events and how do we create the sport,

the events industry, if you will, to kind of support the tourism in terms of

attracting tourists from from from outside to within.

But at the same time, it's also how do we create how do we build on the

operational knowledge and the know how that we had from the World Cup?

Our numbers continue to grow when it comes to passengers, when it comes to 2

to 2 other airlines operating in Hamad Airport,

we continue last year we closed at an increase of 30%.

And the number of passengers this year so far from the numbers I saw, for

example, this morning from first January till yesterday, we see 27% increase in

the number of passengers. Our air, we are our the load factor is

the highest. And the major airline we saw, we see our

flights, for example, to the US, it's 95, 96% load factor.

Our flights to Australia, to India to basically all of our our network, our

our load factor is averaging between 85 to 88%, which is very high, which shows

which proves that the people want to travel, want to fly.

Does that indicate then there's been no impact, no real significant impact, No

on what we see now? What about you?

We haven't seen an impact of very similar to what Italy is experiencing.

We are seeing very high demand, very, very little difference between our

peak season and the season. And demand has really grown.

There's the strong desire for for people to travel.

So it really hasn't impacted us. We do have a lot of geopolitical issues

as well within the African continent, and even with that, demand is still

remains strong. That's all from the Qatar Economic

Forum. Complete interviews from the forum are

available at Bloomberg.com and the Bloomberg terminal.

I'm zoom on at Versace. This is Bloomberg.