It’s looking like the cost of equity may become cheaper than the cost of debt, especially in the region. Perhaps it’s fairer to say that equity is the only means of raising capital, at this stage. How do you see this?
At this point, there has been a lot of anxiety about debt and the provision of debt. And as a result, we see in many instances that debt markets have really seized up, have really frozen. So essentially the only option in many cases is to raise equity for firms. It’s obviously costly to do that, and it’s dilutive to the firms. But there isn’t really much in terms of choices.

So the current situation is actually exacerbating the problem?
I guess I would say that. In some sense there is not much in terms of alternatives. If you need to raise money and debt financing is shut, tapping equity markets is at least good news because it gives some degree of options there.

Is this why we are seeing more instances of the local equity markets being tapped with local currency issuances?
Yes. This is something that governments around the world are doing, is to try to stimulate the economy, and one of the ways to do it is through monetary policy.

We are now seeing a greater focus on fiscal stimulus from Gulf countries that are supposedly cash-rich. Does this reflect the significant levels of debt these countries are exposed to?
I think that debt is a global problem, and I’d like to say that this region was exempt from it and sort of managed to avoid it. But it’s clear that it didn’t really. And we find ourselves around the world with too much leverage and the financial system and financial institutions under a lot of pressure as a result.

Considering your love of horses, do you view any advantages in equestrian rather than financial investment opportunities?
Well, if you count personal well-being and enjoyment as part of your objective function, yes. If you’re looking for financial returns, I wouldn’t rush into it right away.

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