In this episode, Tano Santos speaks with Samer Sarraf, Founding Partner and COO 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 

 

 

 

Thanks for Listening! 

 

Be sure to subscribe on Apple, Google, Spotify, or wherever you get your podcasts. And feel free to drop us a line at valueinvesting@gsb.columbia.edu. 

 

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