In this episode, Tano Santos speaks with Samer Sarraf, Founding Partner and CIO of Amwal Capital Partners, about his journey from engineering and construction to Lehman Brothers and ultimately founding a public equities firm focused on the GCC. Samer reflects on lessons from the 2008 financial crisis, why private equity struggled in the region, and how his team applies a private equity mindset to public markets. The conversation examines regulatory change, market structure in Saudi and the UAE, concentrated investing, and a deep dive into Abu Dhabi Ports and much more!

Key Topics:

●Samer's upbringing in Jordan and the role of education and entrepreneurship in his family (3:35)
● Studying civil engineering at McGill and early career in construction in Paris and Tahiti (9:46)
● Transition to Columbia Business School and pivot toward finance (16:16)
● Joining Lehman Brothers' real estate group and structuring CMBS transactions (17:57)
● Early signs of stress in credit markets ahead of the financial crisis (23:28)
● Moving from investment banking to private equity in the GCC (26:48)
● Why the private equity model struggled in the region (35:02)
● Founding Amwal Capital Partners and testing the strategy with personal capital (31:15)
● The structure and liquidity of GCC public markets, including Saudi Arabia and the UAE (37:24)
● Applying a "private equity DNA" approach to public equities (43:23)
● Using regulatory insight and on-the-ground research as a competitive edge (49:45)
● Portfolio construction and concentrated positioning in regional markets (55:18)
● Case study: Abu Dhabi Ports and the long-term logistics and industrialization thesis (56:27)
● And much more!

Mentioned in this Episode:

● Amwal Capital Partners

● Lehman Brothers

● Abu Dhabi Ports

● Dubai Ports World

● McGill University

● Columbia Business School

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Investing in the GCC: Private Equity Discipline in Public Markets

Value Investing with Legends

Investing in the GCC: Private Equity Discipline in Public Markets