“We are very keen on engaging the world’s best thinkers and innovators to be based in Abu Dhabi.“
His Excellency Dr. Tariq Bin Hendi is the Director General of the Abu Dhabi Investment Office (ADIO), the central government hub supporting investment in the Emirate of Abu Dhabi. Prior to joining ADIO, His Excellency held leadership roles at Emirates NBD, Mubadala and Citibank.
“Our leadership values international experience and international exposure.” While the COVID-19 may have thwarted growth plans in other industries and countries, it was a boon for ADIO and attracting new business. The robust response of the Abu Dhabi government to the pandemic was a key factor in international companies’ continued activity and expansion in the Emirate.
AgTech has long been a focus of the Abu Dhabi government. With the pandemic requiring countries to refocus on basics like food and pharmaceuticals, the Emirate has leaned even further into the burgeoning industry, attracting companies like US-based AeroFarms to set up local operations. “If anything, in core sectors that are fundamental to the stability of an economy, we’ve been very active.”
LISTEN AND SUBSCRIBE
SPEAKER
Dr. Tariq Bin Hendi
Director General
Abu Dhabi Investment Office (ADIO)
MODERATOR
Anthony Scaramucci
Founder & Managing Partner
SkyBridge
EPISODE TRANSCRIPT
Rachel Pether: (00:08)
Hi everyone, and welcome back to SALT Talks. My name is Rachel Pether. I'm a senior advisor to SkyBridge Capital, which is a global alternative investments firm, as well as being the MC for SALT, a thought leadership forum and networking platform, encompassing business, finance and politics. For those of you that aren't regular viewers, SALT Talks is a series of digital interviews with the world's foremost investors, creators and thinkers. And just as we do at our global SALT Conference series, we aim to empower really big ideas and give our audience a window into the mind of subject matter experts.
Rachel Pether: (00:44)
We're very excited today to welcome His Excellency Dr. Tariq Bin Hendi to SALT Talks. Dr. Tariq is the director general of the Abu Dhabi Investment Office, and he has more than 18 years experience in asset management, private equity and investment banking. Prior to his current position, Tariq held various roles at Emirates NBD, Commercial Bank of Dubai, Mubadala, Citigroup, Dubai Holding, Delta Airlines and UPS. He currently sits on multiple boards, including [EnBD Reach 00:00:01:13], DGCX, AXA GCIC and Emirates Post. Tariq holds a PhD in economics from Imperial College London, as well as graduate degrees from Columbia and London Business School, and an undergraduate degree from Clayton State in the USA.
Rachel Pether: (01:31)
Hosting today's talk will be Anthony Scaramucci, the founder and managing partner of SkyBridge Capital, and also the chairman of SALT. Just a reminder, if you have any questions during today's session, please just enter them in the Q&A box at the bottom of your screen. And with that, I'll turn it over to you, Anthony, for the interview.
Anthony Scaramucci: (01:49)
Well, Rachel, thank you. Tariq, it's great to see you again. Unfortunately, we're seeing each other virtually. I'm sorry my head is coming in the size of a jack-o-lantern, but it is fall, so you have to forgive me for that. But let's get started with your career. You and I have met several times, but I want people in the United States who are Zooming into this, to hear a little bit about your background, how you got started, how you ended up where you are today, and it's great to have you on by the way.
H.E. Dr. Tariq Bin Hendi: (02:22)
And it's great to see you as well, Anthony, it's been a while, and I'm looking forward to actually hosting you guys here in Abu Dhabi again, and then hopefully seeing you guys in the States when we do get a chance to come stateside.
H.E. Dr. Tariq Bin Hendi: (02:33)
So my background, I suppose the key driver in my background was my mom, right? My mom was always pushing us to keep getting that education, keep getting that experience and make sure that you don't stop. So it wasn't good enough to get a bachelor's degree, I needed a graduate degree, I needed a PhD. And so I think what that did was it allowed me to build a bridge with that East and West, in terms of my exposure in the US, my exposure in the UK and how it is that I was able to translate that into a proper business acumen here in the UAE. So I really take a lot of pride from the fact that I was pushed to excel, but that our leadership here really does value that international experience, they value the fact that we have international exposure and they value the fact that we're trying to change things. I think that's helped me quite a bit in terms of how does have gotten to where I am today.
Anthony Scaramucci: (03:31)
So if I had to describe in a nutshell your current job, what are the components of your current job?
H.E. Dr. Tariq Bin Hendi: (03:41)
So in 2019, the Abu Dhabi government decided that they needed a central hub to kind of direct FDI, as well as some of the domestic development activities that we are looking to launch here. And that includes public private partnerships, and land leases for agriculture and education. And so the core drivers of what it is that we do today really come down to promoting, facilitating and attracting companies to Abu Dhabi. So we have financial and nonfinancial instruments that we use, but it's all grounded in this core drive to expand innovation, to try to put all the right components in place so that we can create ecosystems. I don't think you can invest into creating an ecosystem without putting the right components in place.
H.E. Dr. Tariq Bin Hendi: (04:22)
And so ADIO was set up to help drive some of those components and help really sort of launch a lot of these various sectors and clusters that we're looking to grow.
Anthony Scaramucci: (04:33)
And so I know you've had a lot of success, so give us an example of something that you've done that you guys are very proud of.
H.E. Dr. Tariq Bin Hendi: (04:42)
So actually, it's interesting. As we started to go into the lockdown mode on a global level, starting in February, March and April this year, we were actually concluding a lot of transactions with some international parties. One of those being AeroFarms, for example, in the US, a big ag-tech startup, that was looking at launching here in the UAE and how it is that we could get that over the line. And not just get it over the line in terms of contractual agreement, but actually get people out here, get them set up, get them to start actually building and moving forward with their plans.
H.E. Dr. Tariq Bin Hendi: (05:11)
And we've started to see that a lot of entities, especially over the last few months, continue to engage with us to drive things forward. And I did want to emphasize this point, Anthony, because it's important. One of the things that we take a lot of pride from is the fact that the Abu Dhabi government moved really quick to secure the health and safety of every citizen in this country, whether they be national or non-national. And what that did was that triggered a lot of people who were looking at, "Okay, how do we expand? How do we move our distribution away from just one geography and have it diversified across geographies?" And this was one of the key drivers for them. When we started talking to folks, they were like, "Well, yeah, we saw what Abu Dhabi was doing. We saw how it is that they really kind of were willing to put in a lot of effort to help the economy stay afloat, but also protect people." And so that's been something that's been driving a lot of the activity. And I have to say, I have not been as busy in the last six months... I mean, this is the busiest period I've ever had in my career, the last six months.
Anthony Scaramucci: (06:10)
And so let's talk about the pandemic for a second. So the pandemic has made you more busy? Or is that just a coincidence? Or if the pandemic has made you more busy, how has the pandemic made you more busy, Tariq?
H.E. Dr. Tariq Bin Hendi: (06:26)
So I think the important part there is that we've started to focus on the basics, Anthony. And I was talking about this last night at another conference that I was attending, was when was the last time that people focused on nurses, doctors, educators, farmers, so on and so forth? So we've gone back to basics. And what that means is we've had to really focus on national security [inaudible 00:00:06:51]. Whether that be food pharmaceuticals, the overall health industry. And so why it's gotten busy, is that one, we've been able to pivot our programs to be able to cater to that food security, health security requirement that we have. But also a lot of the international partners that we work with have been looking at this going, "Hey, by the way, these guys are serious, they haven't slowed down, they haven't stopped. They're looking at how it is that they can expand."
H.E. Dr. Tariq Bin Hendi: (07:15)
I mean we deployed a hundred million dollars in terms of contracts in April, and hopefully in the next couple of months we'll be able to announce another quite sizable investment in ag-tech. So nothing's slowed us down, if anything, in core sectors that are key, fundamental to the sustainability and growth of an economy, we've been very active.
Anthony Scaramucci: (07:34)
I want to step back for a second because I asked Nabyl at Al Maskari this question yesterday, I'd be interested to hear your take on this. We have a lot of Americans on the line, some of which have never been to Abu Dhabi. And so let's step back for a second. And I want you to describe your country to someone that's never been there before.
H.E. Dr. Tariq Bin Hendi: (08:00)
The easiest word that I can use to describe the country is simple. It's actually really simple to get things done here. And we've tried to make it even more simple than it already was. Now, that's not to say that every single process was easy. But what has happened over the past six to nine months is from a policy setting perspective, as well as from an economic contribution perspective, leadership has said, "We've got to make changes." I can tell you, the last six months have seen more changes to the way that it is that we operate, not only as a government, but also as an investment platform, as an economy, than you've probably seen over the last few years. And this has been really telling to how agile and how quick to respond the government is.
H.E. Dr. Tariq Bin Hendi: (08:43)
So I suppose the easiest answer to that is that it's a flat system here in terms of, if you have ideas, if you've got criticism, if you've got any kind of contribution that you want to offer us that we can take up leadership, it's pretty quick to execute. The other thing that I will say is that this is probably one of the most diverse countries in the world in terms of nationalities. We have over 200 nationalities, people from everywhere. You cannot go a day without interacting with at least five or six people from different places around the world, and that's quite unique. So we take a lot of pride from how welcoming we are. We take a lot of pride from how it is that we're trying to grow. And we are very, very keen on engaging the world's best thinkers, the best innovators, to come and be based in Abu Dhabi, so we can help really drive that narrative forward.
Anthony Scaramucci: (09:33)
Well, listen, I not only agree with everything you said, first time I got to Abu Dhabi was in 2005. I landed at the old airport, and I was just in wonder, because it had that whole Arabian feel to it. And then I visited Dubai, and obviously Dubai was growing in 2005, but it's six times larger perhaps today. And the thing I would say about your country is not only is it forward thinking and having an amazing vision, but it also is looking to be embracing to the rest of the world. So I love the Abraham Initiative, normalizing relationships. I love the commercial activity there. But something I brought up yesterday that I want to emphasize is the legal system. I think your legal system is second to none in the region. And in fact, it's a place where people can go and actually have a platform for commercial opportunity. And then all of a sudden, when you look at the entire world, you guys have reach into the MESA space, if you will, but all the way out to Australia, if necessary.
Anthony Scaramucci: (10:41)
But talk to me a little bit more about the ag-tech space. A lot of people are not that familiar with it, and so give us a primer on ag-tech and tell us what you guys are doing in that space.
H.E. Dr. Tariq Bin Hendi: (10:55)
So I'll give you an interesting stat. When we were looking at farms, all the farms in the UAE. There are 24,000 farms in Abu Dhabi, there are about 35,000 farms in the UAE. When you look at a country like Australia, they've got about 35,000 farms as well. Now, there's a difference in scale and size. But all of this comes down to efficiency. So what we've been trying to do as it relates to agriculture, and this has been a core pillar of our growth and development over the last almost 50 years now, because we're celebrating our 50th national day next December, has really been this focus on agriculture. So ag-tech has not been a response to the last nine months. This has been a steady strategy of how it is that you can turn the desert green.
H.E. Dr. Tariq Bin Hendi: (11:38)
And so what we've done is we've looked at, okay, we've got traditional farmers, how is it in an arid climate that we can reduce our reliance on water and make it more efficient? So what we've done is we've partnered with these great international institutions, RNZ, RDI, AeroFarms, Madar Farms, and there's a few more in the pipeline that we've just signed with, that I can't announce just yet. But what we're trying to do is we're trying to address every part of that food supply stream that we need to take care of. So we have our sister companies in Abu Dhabi, that are looking at how it is they can build a logistics component out. But we're looking at how it is that we can test new genetic coding in plants. How it is that we can improve water efficiency? How it is that we can utilize humidity to water agriculture? How it is that we can use sunlight to be able to power different things on a farm?
H.E. Dr. Tariq Bin Hendi: (12:27)
So what we want to do is be able to produce locally, we want to be able to produce more efficiently, and we want to work with partners around the world. And I'll say this, Anthony, and this is related to ag-tech and beyond. We look at this as it relates to the medical industry now as well. We will not, and no one will be able to function properly in any of these spaces without having this collaborative approach to getting things done. I look at what it is we're doing in agriculture now, we've got companies from around the world, and now with the Abraham Accords, we've got companies from Israel that are looking at how it is they can show us the best of what they've created, and how it is that we can transfer that knowledge to and from each other, so I think it's been really important.
H.E. Dr. Tariq Bin Hendi: (13:09)
If anything, this lockdown over the last... Various types of lockdowns, over the last seven to nine months has just proven that globalization is a necessity. We're only going to get out of these problems if we work together. And I think that's an important pillar of what it is that Abu Dhabi does. We are not going to be able to create this on our own, but we will be able to enable this through the resources that we have and bring in all these countries and companies to help us do this.
Anthony Scaramucci: (13:33)
And I think it's fascinating because you're literally doing something that we would have considered to be impossible two decades ago. You're now making the impossible possible. And we're all obviously concerned about the environment, so tell us a little bit about initiatives there in terms of where the UAE is going and where you're going with your investment initiatives, related to the ecosystem, if you will.
H.E. Dr. Tariq Bin Hendi: (14:02)
Yeah. So we take ESG very seriously. We're also looking at these sustainable development goals that were set five years ago. It's the five-year anniversary of when those global class SDGs were set. And so it makes it really easy for firms that are focused on ESG to come slot into what it is that we're trying to do. What I mean by that is, we're looking at the ocean, we're looking at the desert, we're looking at the air, we're looking at pollution. We're looking at how it is that we can make sure that we're able to help the average consumer at home be able to be more environmentally-friendly, from waste management to water utilization, to how it is that we transport people around the city, and how it is that we are looking at greener ways of traveling, like cross-country traveling.
H.E. Dr. Tariq Bin Hendi: (14:46)
Etihad Airways recently flew a very environmentally-friendly Boeing aircraft, and we're looking at... Again, this is just one example of the many things that we're doing, but to us, the Environment Agency in Abu Dhabi is a core pillar and a core partner in everything that it is that we are doing. When we go out and we're looking at how it is that we can expand certain sectors and industries, they're involved in the conversation. We need to get their okay on things that we're doing. So Abu Dhabi has really built that into the foundation of how it is that we function. A lot of our programs today are built around eco tourism, we're looking at, again, ag-tech, we're looking at health-tech. And all of this stuff is about efficiency, how you utilize your resources effectively and how it is that you're then able to export this so other countries can benefit from what it is that we've been able to generate.
Anthony Scaramucci: (15:36)
So I love your vision. So let's talk to all the pessimists out there, okay? And so let me give you the pessimist narrative, ready? The Earth is overheating as a result of the environmental destruction. There's a lack of water in the MESA area. Obviously in the Arabian Peninsula, there's a lack of water. There's a political strife, and there could be, potentially, at some point, food shortages. So I'm trying to give you the apocalypse, and I want you to paint the picture to get us out of there, because obviously you and I are both great optimists and I want people to hear that narrative.
H.E. Dr. Tariq Bin Hendi: (16:18)
So personally, I refuse to get bogged down in the fact that things can go really wrong, and I think that there are potentials for one or two of those scenarios to go wrong. I think if they all go wrong, it's only going to re-emphasize the fact that we have to work together to get out of this. I think if we look at things like water, and I can take that as an example. If there's one thing we have a lot of here, it's humidity, but we have very little fresh drinking water. So we want to invest in technologies, and we've started this already, we're working with partners that are sticking these massive machines out in the desert, and they're converting humidity into water, drinkable water, potable water, that we can use for agriculture.
H.E. Dr. Tariq Bin Hendi: (16:55)
So I do agree that there are a lot of things that we need to face together. And this was a point that I made recently as well, is that on a national level, on a policy and investment program I think we can accomplish a lot of things. But if we're not working together on a global stage and working together hand-in-hand in wealthy countries, supporting those that are not as wealthy to come out of where it is that they might be struggling, then this just isn't going to work. And I think that's why if I bring it back to what it is that we're doing in Abu Dhabi, we want to test every type of technology. We want to make sure that we're able to innovate and de-risk people's exposure and experiences here, so that when they come try out a technology, if it doesn't work, that's okay, just pivot and we'll support you with that pivot. We want to make sure that we're testing that.
H.E. Dr. Tariq Bin Hendi: (17:43)
Because today I think if you look at solar technology and Abu Dhabi has done a phenomenal job on this, we have the second largest or the largest solar park in the world in Abu Dhabi. We've got a lot of these areas that we're working on, from water, from desalination programs, so on and so forth. So I could go on and on about the different things that we're doing, but it's only when we start working together in partnerships, which is what we are really keen on doing, is where we're going to be successful and we take that really seriously. And a final point on that, Anthony, is that if you look at what Abu Dhabi's done over the past seven months, the UAE has exported thousands of tons of support, whether it be medical, nonmedical, to countries, both advanced, and those that are advancing, to be able to help them during this COVID epidemic. And that is a testament to the fact that not only do we want them to develop our economy, we want to export everything that we do well elsewhere, sometimes very generously, for nothing. We just want to make sure that this works for everybody. So sorry. I'm not sure I actually address the pessimistic side there, Anthony, but I'm just-
Anthony Scaramucci: (18:49)
No, no. I actually think you did, because what you're basically saying to people, and this is what Thomas Malthus ultimately got wrong in his dissertation about us having population explosion and running out of food. He left out irrigation, he left out ag-tech. I don't think he was thinking about ag-tech. And so I think the point that you're making, which I want to reemphasize, is that we're in a constant search for technological innovation. And whether you're spiritual, like perhaps you or I, and believe in God, I accept that the Earth is this wonderful creation, and there's enough natural resources here on this planet to feed and take care of everybody, we just have to build the right political system and the right innovation, right technology, to make it work. And I think that's what you're saying and I love the message.
Anthony Scaramucci: (19:38)
So I have to turn it over to Rachel because we've got a ton of audience questions coming in. And so Rachel, will fire in some of these audience questions. Now, you're very lucky because John Dorsey's not on the call. Because him and I are sparring. Rachel and I actually get along with each other. And so I'm always afraid to tease Rachel, because she's a lot smarter than me, Tariq. So go ahead, Rachel.
Rachel Pether: (20:09)
I am smarter and stronger than you, Anthony. Don't forget about that.
Anthony Scaramucci: (20:11)
Yeah. Well, we know that. You're a Kiwi. He knows. He knows, and I know, and all the other people know. Go ahead, Rachel.
H.E. Dr. Tariq Bin Hendi: (20:17)
I used to work with Rachel, so me and Rachel go way back.
Anthony Scaramucci: (20:20)
Yeah. Exactly. If Dorsey was on the call, I would be teasing away. But with Rachel on the call, I'm in a defensive position, managing my jack-o-lantern head, I'm getting a very bad room rater on this Zoom, but that's fine. Go ahead, Rachel.
H.E. Dr. Tariq Bin Hendi: (20:36)
To your point that you were asking earlier, I'm sorry, Rachel, I'm going to jump in here, but Rachel is a long-term Abu Dhabi resident. She's been here for years, right?
Anthony Scaramucci: (20:44)
Yep.
H.E. Dr. Tariq Bin Hendi: (20:45)
There's a reason why people move here. They want figure out what this place is about. And people like Rachel stay. They stay, they contribute, they help us grow, they help everything become more successful for everyone. And that's what we want to continue to grow on, and I think it's important.
Anthony Scaramucci: (20:58)
Well listen, I'm a huge fan, I love the place and I want more Americans... And I'm actually surprised always by this in America, that our travel schedules take us to Europe, and they take us to parts of North America, and perhaps Mexico, to some of the great resorts, but they don't take us to places like Abu Dhabi. And so one of my missions over the next 10 years is to have a continuation of our live conferences there, and bring more people from North America, so they can understand what's going on in your part of the world, which will give them great reasons to be optimistic. But go ahead, Rachel, I'm sorry that we jumped in.
Rachel Pether: (21:37)
No, not at all. And thank you so much for that really interesting discussion. And Tariq, without stroking your ego too much, working with people like you is one of the reasons that I've stayed here so long. So thank you for the great memories that we have from our time at Mubadala as well. We have had a lot of audience questions come in and broadly across policy, investment and personal. So I'll start with some of the policy related questions first. In the opening remarks, you spoke about how you're trying to build foreign direct investment and also local innovation simultaneously. Do you see one more as a catalyst for the other?
H.E. Dr. Tariq Bin Hendi: (22:16)
So it's an interesting question, I think it depends on the sector. So we have sectors that are very developed in Abu Dhabi. And what we're trying to do is we're trying to work with partners and see how it is that we can export that. A good example of that is recently ADNOC, which is the national oil company here, signed a $20 billion transaction, with $10.1 billion of that being direct FDI into Abu Dhabi, into infrastructure that exists and that is going to be developed. Now, that's important because that is very solid, hard assets, long-term experience, long-term knowledge that's been created, that everyone will benefit from.
H.E. Dr. Tariq Bin Hendi: (22:52)
And then we've got sectors like ag-tech. And again, I know I'm talking about ag-tech a lot, but it's only because we've seen the momentum in that space. So we've identified multiple sectors, and then we're trying to focus on the ones where we're seeing a lot of demand for them for different reasons. So ag-tech's been one of those. Another one is on health-tech and biotech, and they're not as developed here. So what we're trying to do is we're trying to use financial instruments and non-financial instruments, such as how it is that we can connect you to the wider Abu Dhabi ecosystem and the state-owned enterprises, and try to get those technologies, those companies to come over to Abu Dhabi, be based here. We help facilitate that through, again, these financial instruments that we have. But really it's a partnership.
H.E. Dr. Tariq Bin Hendi: (23:32)
Every discussion that we have with an entity or an investor that wants to come to Abu Dhabi starts with, we want to build a long-term partnership. If you're coming here just for the capital, I don't think that the relationship is going to build out in manner that you want it to build out. So for us, Rachel, it's actually really important that we focus on that relationship building, that long-term partnership model, and how it is that we can then help those entities that set up in Abu Dhabi export to the wider region.
Rachel Pether: (23:59)
Great. And I'd love to talk a bit more about some of those other sectors, but you also mentioned that you're working closely with the Environment Agency here. How do you actually work with the other Abu Dhabi entities? Is it all quite a collaborative approach?
H.E. Dr. Tariq Bin Hendi: (24:16)
It is. I think if you look at how it is that the government's been set up, where you have these nine departments, and I won't go into too much detail there, but effectively what happened is you go from the Department of Energy, all the way to the Department of Health, and every department in between. And what we've done is we've created these very, very close knit committees where we sit together, we talk about the interest of companies that are looking to come in and set up in Abu Dhabi, and how it is that we can facilitate everything for them on an end-to-end basis.
H.E. Dr. Tariq Bin Hendi: (24:43)
So licensing, to visas for the people that they want to move over here, to financing, to investment, to land plots. And so I'll go back to the Environment Agency. When we're looking at building out any type of physical infrastructure, they are involved with us from start to finish. From materials that we're using, from the location, from what kind of habitat might be in that area. They're very, very core to the success of building a sustainable long-term hard infrastructure. What we're trying to do now across the departments in Abu Dhabi, is really build that soft infrastructure, that knowledge, innovation, R&D.
H.E. Dr. Tariq Bin Hendi: (25:21)
It's interesting for people to come build the sales and distribution here in Abu Dhabi, but it's really interesting if you come and test your technology and start working with our universities and some of our major entities. These are massive entities in Abu Dhabi, to try to help solve for some of the problems that we face and that other countries face. And so that's really how it is that we work together. It's really by committee. It's all very quick. It's very, very fast approvals from leadership here. And the key point is everyone coming in now has a seat at the table to not only help with the development of our economy, but to help shape policy. And to Anthony's point, law. We know that we have a good legal system, we want to make it better. There are always ways that we can improve that. And we're only going to do that through support from the private sector.
Rachel Pether: (26:10)
And it's interesting, you touched on universities as well, and there was a question coming in from the audience on that. Do you have plans in education and STEM subjects within universities and schools, or is that something that you're looking to also progress with?
H.E. Dr. Tariq Bin Hendi: (26:28)
So at a base level we've got every curriculum covered here at an education level in Abu Dhabi. You want IB, you want the American system, the British system, the Indian system, French, German, we've got it, it's all covered. I think when you start looking at graduate schools and postgraduate, what we're trying to do now is we're trying to make sure that we build that innovative culture into education. And the way that we want to do that is through exposure. Now, what I mean by that is we can try to fund as many programs as we want, but if we're doing it, again, in isolation of major Fortune 500 entities, other universities around the world that can partner with us, then we're going to be starting from the bottom. And we want to make sure that we start with each other on the research that's already been developed and how it is that we grow.
H.E. Dr. Tariq Bin Hendi: (27:16)
We're not going to be able to create an entrepreneurial ecosystem if students are not exposed to that work ethic, to that type of thought process and to the people that are very successful in that space. We want to make sure they have that exposure, so they keep growing. So our universities are going to be core to this. And recently we launched Mohamed bin Zayed University of Artificial Intelligence, the first in the world. And we've been recruiting professors, some of the preeminent professors in that space to come in and help educate our youth, but also youth from around the world that want to participate in that, which is what we've done with NYU, with Paris-Sorbonne, and with other universities that we've built in Abu Dhabi.
Rachel Pether: (27:56)
Yeah. I think that sort of learn by doing aspect is really important. And I know this topic comes up again and again, but because you're so close to the ecosystem, have you seen a change within the sort of fear of failure within the entrepreneurs in the region? Because I know that has been kind of a hindrance in the past for people that might've wanted to go out and try and start up their own company.
H.E. Dr. Tariq Bin Hendi: (28:20)
Yeah. So there's always the perception versus reality issue, Rachel, that we have to address. And I think that there's been a fear component to people wanting to set up. But then you look at the success stories here, but people don't talk about the failures. And what we're trying to do as the Abu Dhabi Investment Office, and what Abu Dhabi leadership is trying to do in general here, is take the most serious components of where it is an entrepreneur may fail and de-risk that for them. So whether it's financial, whether it's licensing, whether it's the legal component, whether it's access to contracts, revenue streams, developers, talent, so on and so forth. We're trying to de-risk that, so that if they do fail, the entrepreneur can start all over again really quickly.
H.E. Dr. Tariq Bin Hendi: (29:04)
And so that's the ecosystem... And this was my point earlier. You can't create an ecosystem without having the right components in place. You have capital, you have willingness, you have a very agile and forward-thinking leadership structure in Abu Dhabi. And I have to say, a lot of this is top down. So our leadership, His Highness, and all the other leaders that we have in Abu Dhabi are really driving this narrative down and putting pressure on people to deliver. And if the government is operating under that type of pressure, you know that we're trying to feed that into the private sector so they can benefit from what it is that we're trying to do.
H.E. Dr. Tariq Bin Hendi: (29:39)
So I have to say, this has been probably one of the most fascinating roles that I have ever held, just to be able to witness the transformation that has happened from a policy-making perspective, and how quickly that is mandated to feed into the private sector. Does that mean that everything we're doing is going to translate into instant success? No, but we understand that some things are quick and other things require long-term building blocks and foundations to be set, we're trying to build both of those at the same time.
Rachel Pether: (30:12)
That's definitely one thing that's impressed me during my tenure here as well, is just how fast things move when a decision is made to do so. We have a couple of more sector specific questions. You have mentioned ag-tech and also the health care space. How do you decide which sectors you want to focus on? Is it more of a top down approach? You've sort of mentioned that. Or is it bottom up as well? So if you have a company coming to you, that's in a certain sector, you then can go to the leadership and say, "Oh, this looks interesting. Should we build an ecosystem around this?"
H.E. Dr. Tariq Bin Hendi: (30:48)
So I can actually give you a really short answer to that, or a very long answer to that. So I'm going to try and do something in the middle. Recently, the Abu Dhabi government launched the Economic Collaboration Committee. What that was, was that was an initiative to bring in four members of the government, which is the chairman of the department of economic development, myself, and two other chairpeople from very [inaudible 00:31:09] DMT and DCT, which are the municipalities and transport, and culture and tourism.
H.E. Dr. Tariq Bin Hendi: (31:14)
To sit with a very large group of prominent private sector individuals, as well as entrepreneurs, people that have been successful here that are looking at growing. What we've done is, we've built this really nice platform to be able to receive that feedback and look at each and every sector and what it requires. As I mentioned earlier, some sectors are already very developed in Abu Dhabi. And what we're trying to do is we're trying to figure out how do we constructively disrupt those sectors by making them more efficient?
H.E. Dr. Tariq Bin Hendi: (31:45)
There are other sectors, again, biotech in the ICT space, we're looking at how it is that we grow there. I won't mention the same ones that I've mentioned already. But we're looking at some of the other sectors that are very core and critical to what we're doing. But anything where there's an innovation component, the financial services side, where there is a chance to look at existing infrastructure and make it better, we're willing to participate and willing to support those initiatives and those ideas. So we look at this across sectors, but really what it is that we're focused on is bringing it back to basics. What is core to a happy lifestyle and a solid resilient economy? And build around that. And that's the way that we're looking at this, and it changes. It changes with time. It changes as certain sectors ebb and flow. But the support for growth and the support for actually driving that growth is constantly there.
Rachel Pether: (32:41)
I really like that phrase, you said constructively destruct. And that was a good length, medium answer, so thank you for that as well. A couple of questions coming in on the Israel relationship as well. You mentioned that you have been looking at companies there already. What fields of economic and business cooperation with Israel do you see as most beneficial or most strategic for the UAE going forward?
H.E. Dr. Tariq Bin Hendi: (33:07)
So we welcomed an Israeli delegation to the UAE recently. And the one word that kept coming up was curiosity. And then the phrase that kept coming up was, "Wow, we didn't know you did that," and that was on both sides. So we sat across from the table, we were talking to each other. And again, I bring up the table example, I know I mentioned it earlier, but when you're sitting at the table, you can get things done, but you've got to be sitting at the same table. And this is a bold step that the leadership of both countries, with support from the US, have taken in terms of making sure we're sitting at that table.
H.E. Dr. Tariq Bin Hendi: (33:43)
Now, to answer the question, we are looking at the sectors that we have very advanced knowledge in and looking at how is it that we can work with them on that. Oil and gas, petrochemicals, downstream, oil and gas again, and infrastructure, transportation, aviation, and how it is that we can help support them. And then they're looking at sectors that we have, that we want to develop. Again, agriculture, healthcare, AI, ICT and some of those other... Education, financial services, so on and so forth. And we're looking at how it is that we can build a very collaborative approach with one another, so that we can help trade and transfer information. And that's the name of the game at the end of the day.
H.E. Dr. Tariq Bin Hendi: (34:24)
We want to transfer information between nations. We want to make sure that we're working with the right partners there, they have the right access to the right people here and vice versa, and that we help grow this. So right now we're in that exploration phase, we're very excited. We're talking to everyone across every sector and we're looking at... Let me answer it this way, Rachel. There are known unknowns, and then there are unknown unknowns. And right now, we've been working in those two spaces, and we're finding out a lot about each other and how it is that there's so many similarities in terms of ambitions and what we're trying to create, that right now we're focused on just learning as much as we can, and then building the right type of system to benefit each other.
Rachel Pether: (35:09)
Great. Thanks Tariq. We're almost out of time and we have so many unanswered questions from the audience. So I apologize to all of you that have submitted questions. I do just want to read out a comment though from [inaudible 00:35:22], from Innovation Without Borders. He said, "I've been working with a lot of governmental entities around the world, and I have to emphasize that I've never experienced such an amazing, responsive and practical work ethic like I had with the team of ADIO and His Excellency Tariq Bin Hendi. They work as if they are lean, small startup." So I just thought I would pass on that compliment from Innovation Without Borders.
H.E. Dr. Tariq Bin Hendi: (35:46)
Very kind. Thank you.
Rachel Pether: (35:46)
And then a slightly softer question to finish on. We've actually had a couple of people ask what inspires you every day?
H.E. Dr. Tariq Bin Hendi: (36:00)
I think what inspires me every day is that I want to leave a better planet than what I found, than what I've been able to enjoy. I look at both of my boys, I think about what kind of economy, ecosystem, environment, are we going to leave for them? And for me every day, waking up and talking to all these people with fantastic ideas, and how it is that we can help support those ideas is as invigorating as anything else I've ever experienced. And so for me, that's what drives me. It drives me to make sure that I create enough opportunities for the next generation and the generation after that, to be able to not just have a steady job, but to be able to be creative, to be able to think outside the box and have policies and an economy that's supportive of that.
H.E. Dr. Tariq Bin Hendi: (36:51)
So for me, that's absolutely critical to what it is I do and what it is that drives me. And I'm not trying to be cliche there, I genuinely mean that. This is a really tough ask that we have, how it is that you can pivot an economy to be focused on innovation and knowledge, and watch everyone in the government sector, come in and try to drive that narrative, and we're just a small part of that. And we want to make sure that we're pushing that forward, but we want you to come help us be able to deliver on that. Any of your ideas. And when I say ideas, I mean, criticisms, comment, feedback, whatever it is, please share it with us. Let us help change things. Let us help make things better. And let us welcome you to Abu Dhabi. Please come visit us. When the time's right, please come visit us. We want to make sure that we host you all here. Like we've done with Anthony before. And like we do with Rachel, and we hope she stays here another 10 or 20 years. So thank you.
Rachel Pether: (37:48)
Thanks so much, Tariq. I think that's a very optimistic note to end on. And from my side, I just wanted to thank you so much for your time today. It's been a pleasure talking to you as always, and great to see you again. Hope that we can meet up in person again soon.
H.E. Dr. Tariq Bin Hendi: (38:04)
Thank you very much.
Rachel Pether: (38:05)
Anthony, I'll-
Anthony Scaramucci: (38:06)
Tariq, be well. Be well. Unfortunately, we won't be able to do the live SALT Conference this year in December, but as soon as we get the government's approval, we'll be back and we're super excited about it, Tariq. So thank you, and we'll see you soon I hope. Inshallah.
H.E. Dr. Tariq Bin Hendi: (38:21)
Thank you, sir. Thank you. Inshallah, and God bless everyone on this call. Thank you.