“Like any business, you have to try things, but in the digital world, you need to fail early, fail fast, and learn, and adopt technology allows you to maneuver very quickly.”
Abdulmohsin Al Omran is the founder and Chief Executive Officer of The Family Office Co. BSC(c) (“The Family Office”), and Chairman of the Board of Petiole Asset Management AG, the investment arm of The Family Office, based in Zurich, Switzerland.
Born into one of the oldest families in Riyadh, Al Omran set out from an early age to gain experience in different areas of finance with an eye on moving his country’s economy into the 21st century. Despite having 25% of the world’s oil reserves, Saudi Arabia is transitioning towards a more diversified economy that sees data as the new oil. “If I wanted to renew my passport or my driving license… I could do all this digitally … the private sector including the banks are trying to catch with what the government has been doing in the last five years.”
The next stage in Middle East development will center on the rapid modernization of the financial technology space and sovereign wealth funds made of diverse and strategic investment portfolios. This new approach is guided by the four C’s: Commitment, Client, Culture and Cost.
LISTEN AND SUBSCRIBE
SPEAKER
Abdulmohsin Al Omran
Founder & Chief Executive Officer
The Family Office
MODERATOR
Anthony Scaramucci
Founder & Managing Partner
SkyBridge
EPISODE TRANSCRIPT
John Darsie: (00:07)
Hello everyone, and welcome back to SALT Talks. My name is John Darsie. I'm the managing director of SALT, which is a global thought leadership forum at the intersection of finance, technology and public policy. SALT Talks are a digital interview series that we launched during this work from home period with leading investors, creators and thinkers.
John Darsie: (00:27)
And what we're really trying to do on these SALT Talks is replicate the experience that we provide at our global SALT conferences which our guest today has been to several of those. And what we're trying to do at those conferences and on these SALT Talks is to provide a window into the mind of subject matter experts, as well as provide a platform for what we think are big ideas that are shaping the future.
John Darsie: (00:49)
And we're very excited today to welcome Abdulmohsin Omran to SALT Talks. Abdulmohsin is the founder and Chief Executive Officer of The Family Office and the Chairman of the Board of Petiole Asset Management, which is the investment arm of The Family Office, which is based in Zurich, Switzerland. And The Family Office is an asset management company that has an increasingly digital focus, which is something that we're going to talk about today.
John Darsie: (01:14)
Prior to founding The Family Office in 2004, Abdulmohsin was part of the private wealth management team at Goldman Sachs in London. He started his career at Gulf International Bank in 1988, after which he worked in reputable financial institutions, such as the Saudi International Bank, Riyadh Bank, and Investcorp. Abdulmohsin holds a degree in Industrial Management with a Finance major from King Fahd University of Petroleum and Minerals, and an MBA from the City University in London.
John Darsie: (01:43)
He's coming to us today from beautiful Manama, Bahrain, somewhere Anthony and I have been several times over the last few years, but Abdulmohsin is also a Saudi national, so we also have great relationships in the kingdom. So looking forward to talking about the growth of industry, and the financial industry in particular, in the region, and also the exciting things that are going on at The Family Office.
John Darsie: (02:05)
Just a reminder, if you have any questions for Abdulmohsin during today's SALT Talk, you can enter them in the Q&A box at the bottom of your video screen. And hosting today's talk is Anthony Scaramucci, who is the founder and managing partner of SkyBridge Capital, a global alternative investment firm. Anthony is also the chairman of SALT. And I will say, Anthony is in a little bit better mood than he was about 10 hours ago. So we're looking forward to seeing his smiling face here this morning. I won't comment further on that, but Anthony, I'll turn it over to you for the interview.
Anthony Scaramucci: (02:33)
First of all, for those of you that are listening, John Darsie has zero political judgment and zero political instincts. But enough about the feud between me and John Darsie, which started about 10:30 last night. I mean, we'll discuss it later on another SALT Talk. Abdulmohsin, where are you beaming in from? Bahrain? Where are you right now?
Abdulmohsin Al Omran: (02:54)
Yes. I'm out of our office in Bahrain.
Anthony Scaramucci: (02:58)
So Abdulmohsin, before we get started on your business and your professional career, I want to talk a little bit about the way you grew up, where you grew up, what got you into this business, why did you come into this business, and tell us something about your personal story.
Abdulmohsin Al Omran: (03:17)
Sure. I'm originally from Saudi Arabia. I grew up there. I did all my education-
Anthony Scaramucci: (03:25)
In Riyadh, Abdulmohsin?
Abdulmohsin Al Omran: (03:27)
Yes. I grew up in Riyadh. Our family is one of the oldest families in Riyadh. We are about 1500 people today, in Riyadh. And I did my high school in Riyadh, and then I moved to the Eastern Province, King Fahd University of Petroleum and Minerals and studied there. Then the bridge was being built to Bahrain and Bahrain, being the financial center in the eighties, and still an important financial center in the region. I took the opportunity to come to Bahrain.
Anthony Scaramucci: (04:01)
[crosstalk 00:04:01] I'm going to stop you there if you don't mind, because you're talking about a bridge being built by rain. So explain that Bahrain is effectively an Island, in the Arabian Gulf, and it is not too far, obviously off the coast of Saudi Arabia. And so this bridge was built to connect the two countries,
Abdulmohsin Al Omran: (04:21)
Correct, 1986.
Anthony Scaramucci: (04:24)
And this unleashed a lot of capital deployment for the Bahrainis. And it helped the Saudis as well. Explain that if you don't mind, because we have a lot of people beaming in from the United States that may not understand that relationship.
Abdulmohsin Al Omran: (04:38)
Sure. Bahrain and Saudi Arabia are part of the GCC, the Gulf council, where they are all one family. Honestly they are very close to [inaudible 00:04:53] into marriage with having two tribal [economic 00:04:57] support each other. So during the times of King Fahd, King Fahd gave the orders to build a bridge with Sheikh Isa who was the father of the current King, Hamad. And that was a very important strategic move to tighten the relationship between the two countries and allow Bahrain to be closer to the most important country in the region, which is Saudi Arabia, as you all know.
Anthony Scaramucci: (05:28)
And so now you're getting your career started. How did you end up in financial services?
Abdulmohsin Al Omran: (05:34)
Well, it's interesting. In 1988, I was sent to a firm. Maybe a lot of people don't know that firm when I mention it, a firm called Manufactures Hanover to New York. So I went to the city and got my training, corporate finance and credit analysis. Then once I got back to Bahrain, I managed to work at the clue department and I was asked to join the bond portfolio investments during the [inaudible 00:06:06] invasion of Kuwait. And from there, I got exposed to the investment world and then I moved to in different positions and different banks. And then I ended up with most important alternatives from that time, which was the pioneer of private equity distribution. And this region that was Investcorp became a partner. And as I was about to start up my own business, I got a call from Goldman Sachs. I joined Goldman Sachs for about three years. And then I said I'll go back and establish a wealth management platform. Lack of creativity, I chose The Family Office as a name.
Anthony Scaramucci: (06:47)
No, it's a great name. And it's obvious you've built an amazing brand in the region. And again, just for the people on the call, Manufacturers Hanover Bank was a great commercial bank in the United States, merged with Chase. Chase, eventually merged with Bank One and J.P. Morgan to create the colossal JP Morgan Chase that we have today. And so-
Abdulmohsin Al Omran: (07:12)
And Chemical.
Anthony Scaramucci: (07:14)
And Chemical. That's correct. And chemical bank. And so I left out one of the other big banks that was consolidated. Interestingly enough, Abdulmohsin, as you know, all of those banks were Goldman Sachs clients back in the day. Guys like John Darsie, of course, don't remember these names, but you and I are old enough to remember these names. So let me ask you this question. You're at Goldman Sachs, Goldman Sachs was still a partnership. And so tell us a little bit about the vintage era of Goldman Sachs prior to its public offer.
Abdulmohsin Al Omran: (07:49)
No, actually I was there during the time, once a post, they went public. So I joined Goldman in 2002 until 2004.
Anthony Scaramucci: (07:59)
Okay. My bad. I thought you got there in '98. So I apologize for that. So let me rephrase the question then. You were there just after the public offering, tell us about what Goldman was like 17 or 18 years ago.
Abdulmohsin Al Omran: (08:12)
Well, Goldman, as you know, it's a big tribe, very competitive, very focused on results. So I've learned a lot. Rubbed my shoulders with the smartest people in the family. Learned to be much more commercial. I've always said Goldman helped me to monetize my career. The thinking, the drive, the creativity setting up higher results oriented really made a big difference for me. And more importantly, as you know, the Goldman and the [XCOR 00:08:51] , the network, is something not to be matched.
Anthony Scaramucci: (08:56)
So let's segue into geo politics for one second.
Abdulmohsin Al Omran: (09:03)
I will ask one to know about geopolitics.
Anthony Scaramucci: (09:06)
Yeah. Well, okay. We can talk about that too, if you want. But I want to talk about the region, the Middle East. MENA. Middle East, North Africa, Saudi, Bahrain. Where you see the future, and what do you think is happening in the region? And I'll give a little bit of an editorial comment I'm having now with your help travel to Saudi Arabia many times now, I see a country that's embarking upon massive reform and massive possibilities for economic growth away from oil. And so I'm wondering if you can comment on that.
Abdulmohsin Al Omran: (09:43)
Sure. For those people who don't know Saudi Arabia, Saudi Arabia in terms of size is about two thirds of Western Europe. So from a geography, it is an important big place in the Middle East. Our neighbors are Iran from one side Iraq, Kuwait and the South Yemen. Across the Red Sea, we have South Sudan, Egypt, Jordan on the North with close proximity to Israel as well. So when you have all those neighbors, you need to make sure that you are friends with everybody and have the stability. So Saudi Arabia had always played the role of the stable leadership have, as we all know, every country experience, external internal issues, but Saudi have always managed to any of these issues very wisely and continue to ensure a very stable country.
Abdulmohsin Al Omran: (10:57)
And with the main focus on developing its own nationals. Saudi Arabia has 70% of its population today below the age of 14. Prince Hamad bin Salman vision of 2030 is spot on. He's addressing what are the needs of those people in 2030 and everything that is happening today is around what will be needed in 2030 by this young population. This young population is very important because they are very tech savvy. I'll give you an example, 500 times have studied in the United States or graduated from United state universities in the last 15 or 16 units.
Anthony Scaramucci: (11:47)
Well, I was going to tag on a question because I just think it's a fascinating thing and more so for the Americans that are listening in. Saudi oil reserves are approximately 25% of the world's oil reserves. Is that fair to say?
Abdulmohsin Al Omran: (12:07)
Sorry.
Anthony Scaramucci: (12:11)
No, I'm saying the Saudi oil reserves are approximately 25% of the world's oil reserves.
Abdulmohsin Al Omran: (12:17)
Correct.
Anthony Scaramucci: (12:17)
Okay. And yet the country is in transition away from oil. And the tech industry, as an example is saying that data is the new oil. And so I would like to get your thoughts on that as it relates to the country, Saudi Arabia, but then also tie it into the family office, your business, some of the things you're doing in terms of a massively changing the landscape for technology interface in financial services.
Abdulmohsin Al Omran: (12:45)
Let me give you an example, how advanced the Saudi government moved in terms of technology. If I wanted to renew my passport or my driving license, or I wanted to give a permit for a friend or drivers to take my car from Saudi Arabia to Bahrain, I could do all this digitally today. The Saudi government is so advanced and I have heard specialists go on and say, Saudi government, is more advanced than even the Singaporean government. And very few people understand that. And this has been a huge initiative by the Saudi government to ensure that [the wilderness 00:13:52] and this is the one of very few times that the government has really leapfrog the private sector and the technology side. Now the private sector, including the banks, are trying to do a catch up with what the government have been doing in the last five years.
Anthony Scaramucci: (13:54)
Well, tell us about the future of financial services in your mind and what your vision is for wealthy individuals in the region and how you plan to help them and how you plan to use technology to help them.
Abdulmohsin Al Omran: (14:08)
So onto me, you remember your days at Goldman, even my days at Goldman, we would never have thought that ETFs would replace algorithm trading would replace a lot of the brokerage business. Who would have ever thought the [Tropin 00:14:26] held over. E-Trade another, almost trading at zero cost. This is something that is happening today. And we will see a huge acceleration in the whole financial services industry in the coming five years. I used to think two years ago, I thought in 10 years. Today, I think it's five years if not three years. The rationalization of the industry is going to take place. We have an important inflection point. Our region is no different. People would like to get financial simplification of their lives. So anyone who would provide that financial simplification of their financial life is going to be a winner.
Abdulmohsin Al Omran: (15:15)
Today, there are a lot of individual FinTech companies that have addressed parts of the financial complexities. But there has to be yet someone to be able to put this together all the way from current account, which is digital banking to our consumer loans, to mortgages, to investments, pledging your investment for further investments for those people who want to do marketing trading and so on. Credit card, producing your taxes, your income statement and balance sheet. Can you imagine just going to one place and all that is done for you? I think we'll see this in less than five years.
Anthony Scaramucci: (16:00)
Well, I think it's amazing, which is why I wanted to bring it up to you. I'm personally blown away by the rapid modernization, if I'm even pronouncing it right. The modernity, if you will. I see Darsie laughing at me pronouncing modernization. Okay.
John Darsie: (16:20)
It's almost like you didn't get much sleep yester night. It's modernization.
Anthony Scaramucci: (16:23)
Okay. Let me, I got a [inaudible 00:16:26] and I just have to fix my eye while I'm talking to you. But the entrepreneurship, the modernity and the country, because I can't pronounce modernization because I'm exhausted. Let's talk a little bit about those two things. And how has the region been successful in creating this new technology ecosystem?
Abdulmohsin Al Omran: (16:47)
Well, as I said, the governments in this region have focused into how do they improve the quality of lives of people in these countries. While other countries around us have spent most of their money on weapons or financing the wrong people, our countries have really invested in its own nation. And we have seen the sovereign wealth funds building very important strategic portfolios that will enable us to continue doing that. In addition, it has taken the lead, as I said, in creating a platform that makes it easier for businesses to do that. So I'll give you an example. By the end of this month, we will be able to onboard clients in Saudi Arabia, all digitally with seven clicks. Can you imagine the whole KYC is done digitally?
Anthony Scaramucci: (17:46)
Well? Yeah. I mean to me, it's fascinating before I turn it over to John, because we've got a ton of questions coming in from the audience participation. I want to ask you about NEOM and what your thoughts are there. And just for our American listeners, NEOM is a brand new project from Prince MBS, talking about building a $600 billion city, sort of in the Northeast quadrant up alongside the red sea in Saudi Arabia. This would be a city of the future. And it would be a city that I think would transform Saudi Arabia for that matter. And I just wondered if you could give us your thoughts and opinion on that and where you see that development going.
Abdulmohsin Al Omran: (18:32)
Yeah. You know, for most people, when they hear these projects, they think it's a [Samanage 00:18:40] for us. It isn't because we do, we did live what happened in this region. I'll give you an example about 70 miles away from where I'm sitting today, there a city called Jubail. So if you went there in the seventies, it's just dessert next to the sea. Today, Jubail is the world largest petrochemical complex in the world with that produces about 8% of the petrochemicals in the world. Okay. [inaudible 00:19:17] which is the largest oil exporter. So no one can imagine what takes place over the 20, 30 years and this future. So NEOM it's a tragic location. The vision of Prince Hamad bin Salman is going to be realized. Are we going to realize it few years earlier? A few years later? I don't know, but it will happen. I assure you. I've seen a lot of visions in this region, I've got executed, and these are going to be a game changer for the region.
Anthony Scaramucci: (19:55)
My last question, before I turn it over to John, the UAE and Bahrain, as well as Saudi Arabia have maintained a very good relation with the United States, but they are also increasingly looking to the East to develop good commercial ties to China. What do you, in the middle East, see the position of the middle East, I should say, what do you see it in terms of the evolving world order and how would you like to see it?
Abdulmohsin Al Omran: (20:24)
Well, in 2005, so it was my first time to go to China. And I visited with our dear friend, David Dusk. In 2007, I took 30 of my investors to China. And then we repeated the stroke twice in 2009, 2010. And all of them said, wow, all this has taken place without us seeing. I remember took them to [10 cents as 00:20:25] an example with [inaudible 00:20:54] as well. And everybody thought it's expensive and they'd missed it.
Abdulmohsin Al Omran: (20:58)
But look where we are today compared to 2010, that the whole Asia, not only China, we all know it's going to be the growing part of the world. That doesn't mean that we are turning our back to the West. We are educated in the West. Most of our nations are educated in the West and understand the West well. So we'll continue those relationships for sure. But if you look at how Saudi Arabia has always been, as I said to you has been always creating stability and everything that does Saudi Arabia is the custodian of the two Holy mosques, which is for Islam. And Islam, our greeting is Asalaam-Alaikum, may peace be on you.
Abdulmohsin Al Omran: (21:45)
So Saudi Arabia tries to always be in peace with itself, with everyone [inaudible 00:21:51] but ensuring that it is not going to be a victim or any nation. For any company, you will never rely on one supplier. You always have to diversify its portfolio, or its relationships, especially given the Asian proximity, the pilgrims bring a lot of Asians for the last thousand 400 years plus to Mecca. So the familiarity of the Asian continent is something that we do understand. We might not understand the language, but most of them speak English. We speak English and understanding the culture and the proximity is very important for us.
Anthony Scaramucci: (22:39)
Okay. Well, I appreciate you coming on Abdulmohsin. I'm looking forward to the pandemic ending so I can get back to Bahrain and eat and cut with you. That was the last time I was there, frankly. I was with your son in that amazing restaurant. I'm going to turn it over to John Darsie so that he can ask some questions from the audience. And I apologize for mispronouncing modernization, but I haven't slept in 24 hours. There's a small thing going on in the U S right now that I happened to have been involved in the last six months. So go ahead, Darcy, start pronouncing the things appropriately. Okay, go ahead.
Abdulmohsin Al Omran: (23:18)
I doubt you'll sleep tonight.
Anthony Scaramucci: (23:20)
Yeah, no, it's going to be another interesting night although I'm very confident in the outcome now for a number of different things that I've learned today. I do believe that the vice-president will be the 46th president by January 20th. And I think that'll be good for the world actually. And it'll also calm things down. And, but that's for another topic that's for another day, Mr. Abdulmohsin. Go ahead, John. I, you got a ton of questions. Go ahead, fire me.
John Darsie: (23:47)
Absolutely. It was great eating at cut and Manama. Also, Riyadh, home to a lot of beautiful restaurants, beautiful Italian restaurants. We have some great meals recently in Riyadh, and I think people would be blown away going to both of those cities, Manama and Riyadh, just to see how quickly things are growing and modernizing as well as Abu Dhabi and Dubai, which obviously we have a great friendship there and had our conference most recently at SALTS, Abu Dhabi. And you spoke at SALTS Abu Dhabi, and you run a great panel with Abdallah Obeikan. And he's a leading thinker in the fields of digitization, digital transformation. You guys had a great conversation. I would encourage people to go on our YouTube channel and check it out if they haven't seen that talk. But one thing you talked about is the importance in this industry of scaling fast and failing fast. What are the benefits of taking a more aggressive approach to digitization and modernization of your systems? Even if it leads to failure in the initial phase?
Abdulmohsin Al Omran: (24:48)
Yeah. Like any business, you have to try things, but in the digital world, you need to fail early, fail fast and learn and adopt technology allows you to maneuver very quickly. The skill sets that are available, whether from design, whether from coding, the data science, et cetera, enables you to adjust and move to the next level. So we are, I wouldn't say we have done, but we have really made the big progress in our, in both [Javanese, 00:25:28] our digitalization, [ Jordan, 00:25:34] and the digital transformation. Both projects are going very well. And I expect that by mid next year, we will be in a very unique position with our offering or our ability to service our clients much more than we do today.
John Darsie: (25:53)
One thing you talked about in that panel at SALTS Abu Dhabi was the importance and the challenge of creating a culture of innovation and a technology forward type of culture within your firm. What are the things that you've done at the Family Office to allow yourself to build that type of culture? And how do you think it's benefited your work?
Abdulmohsin Al Omran: (26:16)
The culture is one of the four Cs. I always say, when you buy a diamond you look at the four Cs. and in order to have a perfect digital transformation, you need to have the four Cs. The first C is you get the commitments from the board and the management. And that is one of the most difficult things to do. [inaudible 00:26:37] Number two, you need to be client focused. Everything you're doing is not anymore about the firm. It's much more about what the client needs. What are the client's pin points? How can I make their life much easier to do things? Number three is the culture, which is the most difficult thing in the whole journey and the culture you need to start early, you need to educate your team. You need to train them in a workshop.
Abdulmohsin Al Omran: (27:08)
You need to get them to take courses. And through this process, which would take an average firm, if they are lucky, they do it properly, two years. And if you do it well, you will know who is in your firm are going to be continuing with you and who are the wise who will decide most likely themselves, that this is not for them. And they would like to go and work in a much more traditional, slower base industries or style of management. So that is really the most difficult from everything that I have read and may have experienced.
Abdulmohsin Al Omran: (27:45)
You need to expect that about 50% of your team are going to make it. And 50%, they're not going to make it over two to three years. So they will be replaced. You will not need to replace the 50% because what digitalization, digital transformation, you would have gained some efficiencies that will enable you to operate at the higher multiples of scale, with lower number of people. The new 25 people that sent, let's say that you would bring in to replace the 50% that went out are going to come with a completely different way of thinking, operating. If you come to our office, you will see that people are putting stickers on the walls or post-its. They are writing on glass windows. It's a different environment.
John Darsie: (28:41)
It's like a mini Google type of environment.
Abdulmohsin Al Omran: (28:43)
Absolutely. So you have to accept that and you need to try to weave the old culture with the new culture. A lot of times make a mistake with developing a separate digital business, not being integrated with the original business, but that's the most difficult thing. The fourth C is going to be the cost. A lot of times, things that through digitization and digital transformation, costs is going to go down. Absolutely not. You will have to invest your costs will actually go up as a dollar amount, but once you really make it, you are going to get much more number of clients, which would make the cost per client, way lower. And very few people understand this.
John Darsie: (29:34)
So I recently got a demo of your wealth management platform. It's fascinating. And I understand you have a new launch coming up potentially early next year. Is that something you guys are talking about publicly and where do you see the firm going in the next five or 10 years? We have an audience question from [mats 00:29:51] talking about that. What you see the firm doing in the next five to 10 years?
Abdulmohsin Al Omran: (29:54)
As I said before, the world is going to be much more connected. There are a lot of great FinTech companies out there that could not scale. They could not have the clients, but they really have unique products. So what we are doing, we are preparing ourselves to plug and play with some of those 10 tech that have an age. So they would generate revenue, but not of the very high cost us and our clients, but adding them together as a puzzle, we'll give you a beautiful picture. If, that is the simplification of it. Another thing is the ability to connect with the bigger firms, whether it's BlackRock, whether it's fidelity or E-Trade and so on. And allowing the clients to access a lot of those funds almost at zero cost. And that's going to be big game changer in the coming five years.
John Darsie: (30:52)
So Anthony talked a little bit earlier about how the kingdom of Saudi Arabia has invested a lot through the public investment fund and other entities to build a technology portfolio, but also build a technology ecosystem in Riyadh, in Jeddah and other places as well. Can you comment on sort of the maturity of the venture capital industry in the kingdom and the access to financing for early stage projects that exists not just in the kingdom and Riyadh, but also in, in Bahrain and the region as well?
Abdulmohsin Al Omran: (31:24)
Yeah, the Saudi government has not only encouraged, but also have been funding, giving all the help to the small startups, setting up funds and encouraging the banks, encouraging investors and this and those startups. If you look at the time, span, things have moved extremely fast in this region. If you look at Kareem, for example, have been acquired by over. So there are a lot of successful... Tuk had been acquired by Amazon. So there have been a lot of great examples that have really motivated a lot of the youth that got educated in computer science and business and finance to really venture and take the risk. We all know that this is not easy. The failure rate is very high, but the fact that there is appetite to take risk supported by the governments creating FinTech hubs. Bahrain recently announced 973 technology hub. [inaudible 00:00:32:35]. So nobody has that.Abu Dhabi is having now another one, Saudi been having it. So this is going to really mushroom. I believe about the coming 10 years.
John Darsie: (32:46)
It's very exciting for us. You know, we've spent an increasing amount of time in the region, in the UAE and Bahrain and in Saudi. And just to reiterate what we talked about earlier, I've been blown away by the amount of entrepreneurial spirit that's emerging among young people in the region. And we think it's going to be an area of growth around the world. You look around Europe, you look around the United States. The world is sort of starved of growth and with the demographics and the amount of entrepreneurship in the region, we think it's going to be a continued area of growth. So we're very excited to work with you and work with others around the region to grow our presence and grow awareness of what's going on in the region. So Abdulmohsin, we're going to leave it there. Thank you so much. Anthony, do you have a final word for Abdulmohsin before we let him go?
Anthony Scaramucci: (33:33)
Well, I know that John wants to wear that head dress someday Abdulmohsin, but you and I have been friends for two decades. And so I'm going to insist that under no circumstances is he allowed to do that. Okay. I want him to continue his life with that hilly billy hair, with that center part that makes him look like Ichabod Crane. Okay. So no head dress for him. Okay. Is that an agreement you and I have before I sign off?
Abdulmohsin Al Omran: (33:58)
Well, the reason I, one of the reasons I have this is I didn't have his hair, so I have to cover it up.
John Darsie: (34:05)
Thank you, Abdulmohsin. Anthony was hurting my feelings and you say cold man.
Anthony Scaramucci: (34:09)
That is too politically correct for me, especially coming from Bahrain. Well, God bless you. Congratulations on this great business that you've built. And John and I are looking forward to the prospect of potentially doing many more SALTS conferences in the region. You were an amazing partner to our event in Abu Dhabi. And so we're looking forward to having you do that for us in the region, in the future, once the pandemic ends.
Abdulmohsin Al Omran: (34:35)
Thank you. [inaudible 00:34:40].
Anthony Scaramucci: (34:38)
See you soon.
Abdulmohsin Al Omran: (34:39)
Thank you. Bye now.