Democratic route between turkey and other lands escalated. President erdogan called the dutch fascists. You can stop our Foreign Ministers playing all you want. Plane all you want. About diplomacy. We will evaluate all of these accordingly. Hey do not know politics they are so shaky and cowardly. Erdogans relations with the eu turning for the worst. For more we spoke to alastair campbell. I think it is complicated. Theres lots of stuff going on. Happened, itt has probably explains trump and brexit, the financial crisis happened. A lot of people felt those who caused it are just carrying on regardless, and they have paid a price. The may be some truth in that. What politicians like trump have brexit and ae referendum is the ability to exploit anger and turn it into the reason and fact no longer becomes what drives you. It is anger and emotion. Why do you think the labour party has been unable to tap into that as much . That is a good question. They labour party in a sense is not managed to adapt to the changes that have gone on. Ishave elected a leader who very much about looking backwards rather than looking forward to a different set of politics. It is very difficult to be in politics now. I think that if you look at and trump,ike frexit you look at the arguments, it is hard to work out why did that happen . The answer is,t a lot are about emotion and feeling. People having a sense of something that they want and cant quite get. Things and trump did said things that and most campaigns, for most countries, he would have been finished. He won because he was tapping in to the emotions and anger of a certain section of the population that he needed to get him over the line. This thing about anger is difficult to deal with. That is what hes doing. That is why the dutch made the decision they made, they are trying to counter this populism with welders. It complicates stuff. It is a global thing. Thelso coincides with decline in deference for political leaders anyway. Oft has had the Effect People looking for these strongman leaders. Erdogan is striving on this. A lot of jealousy. Putin has been able to get control of his country. We are going to talk about trump in a second. We cant have you on without asking about scotland. Im talking about the potential for another Scottish Referendum on independence. Be another vote. Whered you see that going . Are all sorts of unintended consequences of brexit. I will put my cards on the table. Im opposed to brexit and i think it should be stopped. Consequences affect the entire makeup of the United Kingdom with scotland and ireland. At the economic case, for independence, it probably has gotten even weaker since the last referendum. That might not be the deciding factor. I was born in england but im scottish. My family is scottish. Passionately in favor of the United Kingdom. Im also passionately in favor of being in the night a kingdom. England has voted to come out. That has changed the dynamics. I think she is right. I think there will be a second referendum. In any big boat you cannot predict what is going to happen. Brexit has put the future of the United Kingdom at risk. The same and ireland. Nobody has explained how can you can have the u. K. , northern ireland, then becomes a land border. Yet they are saying this can be done without bringing back border controls which would be a disaster. Countries to hear your thoughts about trumps relationship with the media specifically. You have plenty of experience. How would you characterize his first relationship with u. S. Journalists . I dont think it is just about the u. S. I thought it was interesting. There was a crackdown in the media in cambodia. Their defense was, trump is attacking the media. The president of america is a global leader. I cant decide whether it is a really thought through strategy, which is designed to undermine every other source of information and opinion so his tweets and him doing his bits with the Media Press Conference become what people listened to and relate to. Ithe has blundered into through the nature of the campaign that he fought. Its an interesting thing. I had some really tough exchanges with parts of our media. He has taken it to a completely different level. If your headline had been the economy is trying tanking, it is fake news. You are not reporting something he doesnt want to hear, you are lying. That is a different game. Steve annan saying the media has to understand were going to hit them every day. That is something people are going to have to get used to. I do think it is dangerous. It is not that far removed from what erdogan has done. What happens to journalists who are far less democratic than here. If you were in downing street what would you advise theresa may in terms of the timing of triggering article 50 . Im not in downing street. Im not advising theresa may. Taking,se that she is which few people voted for is going to be a catastrophe. Any opportunity i have will be to say youve got to think of how you reach a position where you can allow the British Public to have another look at this. Regardless of when she does it, we are setting a train. Two years of the most complicated negotiation any Prime Minister has had to engage in at a time when the rest of the European Union is thinking these guys are messing around so much. Its going to be very tough. She has chosen that path. I dont really know why. Regardless of the cost of the economy. Very quickly, what are the chances the u. K. Does a full brexit . I think the chances are very high. The Prime Minister is determined to get this hard brexit. I think it is going to be terrible. President trump won praise from saudi arabia. More on that next. This is bloomberg. You are watching the best of Bloomberg Markets middle east. President trump one praise from saudi arabia. Went as far advisor as saying the talks could mark and historic turning point. Executive editor for the middle east and north africa. Extremelye is glowing. I think it reflects a sense of relief that you have in saudi onbia and the wider golf having the administration. They understand their concerns a bit more. Points thatthe sore the saudis felt like they had with the obama administration. They reference the muslim brotherhood. Still percolating. They also reference the issue of the muslim ban, they say they do not feel this is a ban on all muslims or attack against islam. More an internal matter of maintaining internal security. Good point. Up a including iran, as you mentioned, what did they say about the nuclear deal . , they thinkted out the nuclear deal as it is now is willomething they think maintain peace in the region. That it is dangerous. They were happy that President Trump agreed with them on irans region. N move in the this meeting of minds between trump and saudi arabia on the iran deal which they never thought was a great deal. Trump may clear that he didnt agree with it. You are staying with us. I want to bring in our guest for this segment. The director and partner at global associates. Thank you for joining us. We have been talking about the language the saudis are using to describe trump, saying he is a true friend and has lent support to his wall idea. What exactly are the saudis hoping to get out of the u. S. . Many people in the region are py to see obama back obamas back. Its too early to say which direction it is going to take that many signs are more positive than negative. There are issues that need to be sorted out but overall the relations are positive. More positive than the obama administration. Trumpsrtant thing is stance on iran. This particular issue as the number one priority as well as dealing with islamist extremists rather than muslims. Going to fight against isis. Affect theshould not overwhelming majority of muslims in the arab world. Things obviously look positive. There has to be a lot of overlap between trump and the u. S. Arab allies. That continuous dialogue is important to ensure the relationships not only stay where they are but hopefully improve. Statemente in the there was only one line about economic policy. That is very much what the crown prince is about. The transformation of the kingdom. Whered you see the opportunities now for American Companies with saudi investment coming into the u. S. Or American Companies investing in saudi arabia that may be before wasnt there . I think it is a key thing that that has to be increasing the attractiveness to get american and foreign investors. The saudi government is working on that. Investments and other fields, the saudi market is a huge market potentially. In terms of industries, other sectors. There would be a lot of opportunities for the americans. O invest the saudis have a lot of investors. Thes Real Investments in u. S. Market. It is potentially a Mutual Benefit for americans and saudis. Still ahead, shares of dubais holdings rose to a sevenyear high on acquisition talks. Youre watching the best of Bloomberg Markets middle east. Shares surged the highest level since november 2009. This bike in the Investment Bank came after the chairman said he was in merger talks with a bigger entity. More from philippe they. This has been the focus of a lot of speculation. Year, they by the major stake, they have been seeing costs, they are going to make it big again as it used to be in the past. Now it is just, it has been a wild. They were saying they would buy assets here. Iny announced two companies negotiations to buy right now. The chairman of the company gave an interview to a local media vehicle saying they are about to merger the company. It could be an acquisition. Its not clear. People are just coming up with all kinds of names that may come next. This is the big thing investors have been looking for. Evidence of more m a deals. Do we expect more on the way . We definitely should. Said lastar when he month they had a press conference to tell investors in the market more of what they were seeing for the company in 2017. ,e mentioned acquisitions egypt, saudi arabia are on the radar for schwab. It would not be surprising to see this Company Coming with news within a few weeks and another rally with these stocks. It was 10 times higher than the 30 day average. It shows people are interested. Projected growth of 7. 5 . Hideo opiate is expected to remain you the opiate is theiopia is expected to remain africas fastestgrowing country. Expert performance is going revenue in a wide terms of foreignexchange. One of therently largest industrial parks. We believe this is a shortterm problem. Lets talk about the Asian Infrastructure investment. This is going to be one of the main ways of getting funding in this part of the world in the future. What role can you play . Aib, jp has requested membership. Be a member and the second round. It is a country that has invested heavily in infrastructure. We use multiple sources with Multilateral International organizations. And also commercial platforms. Willat specific projects they help with . The main forecast is energy and railways, highways and airports. Transportation. It is under construction. Builte commissioned with 12 million. One of the top three largest projects. Energy and transportation are the key. Our vision is to make it the largest manufacturing company. What do you want to manufacture . The prime forecast will create more jobs. Includingectors pharmaceutical. For thebig market pharma industry. The Indian Government has been desperate to curb the countries and during love for gold. Imports have heard the ruby the ruby. The controversial ban on high denomination now seems to have. Explain why the earlier program didnt work . The earlier program had problems in terms of the amount of gold that people had to deposit. Now they have reduced the amount of gold you can deposit with the banks. Another issue was getting the infrastructure in place. That was another challenge the government had to face in their buyingaking purchase. The price could be bigger than the fed hike. That is ahead. You are watching the best of Bloomberg Markets middle east. Borrowers are selling bonds at an unprecedented pace. Bond sales were above 100 billion this year ahead of the Federal Reserve rate hike. We spoke to someone at templeton investments. One has to recognize emerging markets in general are beginning to pursue more orthodox policies. We had a rebounding commodities. You see Growth Numbers improving generally speaking across the board. Most of them many of them have the appropriate policy framework to deal with the risks they are facing. Im not so sure why one has to be persistently negative. Theres a lot going for them. Their policy framework is arguably as compelling if not more compelling than what we are seeing in europe or the u. S. We have had a bumper year for gulf. Sales in th the roadshow just finished last week. We are waiting for pricing. Given the argument you just , where do you think pricing could come in . We should categorize kuwait and saudi arabia as an emerging market. Aa typee highly rated credits which have strong fundamentals from a credit point of view. They have a cumulative reserves north of their gdp. They are not in the same expectation of emerging markets. They are definitely benefiting from the demand for yield globally. From the demand of emerging market papers. Its a unique space often overlooked. Getting that we are this issuance is playing to the further development of the regions financial market. It is good for investors. Weve never really focused on building are fixed income markets here. This pace of issuance continues to be at this magnitude, close to 50 billion this year. It is establishing the region as a serious player. It would betion, very strong. They are likely in the facility of w prices. Because thisppens would be the sixth member of the gcc. It would be for the first time where you have all six members of the gcc with bonds outstanding. Its another important milestone and we are looking forward to it. I want to ask you and pick up on your point, we have the gcc economy. Shortterm,dering, i know this just started, is this the right time to talk about oversupply and what that might do to push up yields . Not for the gcc. Most of the bad news was emerging in the beginning of last year. This time last year, with oil 20s, people not feeling the reform agenda was being announced taken seriously, all of that created a negative environment. When we look at things today oil prices are more stable. Despite the volatility it is safe to say the Downside Risk remains diminished significantly. Then you look at the reform agenda, the structural reform they have been able to put through. The outfit remains very constructive. If you look at it on a relative basis it is attractive. Commoditiest about and oil and gas on emerging markets indices, or global credit and highyield investment, the direct or exposure you get to oil and gas is much higher. Most of the gcc oil and Gas Industries are in government hands. Theres little direct exposure when you invest in the bond market. When they invest here they are not getting direct exposure to oil and gas. There is zero correlation. You are betting on the pharmacy framework, which on a relative basis remain some of the strongest in the world. The debt has doubled but it is still at 22 for the region. There is little argument against buying these credits today. Coming up, oil has been on a wild ride as opec and france cut. We ask where they see prices going. Welcome back to the best of Bloomberg Markets middle east. Oil has had a roller coaster ride on data from the u. S. It raised Oil Production back above 10 Million Barrels. Cots itg a third of the introduced in january. More from anthony. It was differing information coming out. Investors were reading different things. Was thateadline we saw the saudis increased production in february. Opec is looking to cut production as a whole. Those are merely held in the u. S. And europe. The saudi said they went even a day. 0 Million Barrels that was more than they needed to take. So they could get that production off the market. They were up over 10 million. We see saudis increasing. The studies were below the level they had set for themselves. It was the saudis have the lifting that did help opec meet or come close to meeting those targets. Seeing producers looking downstream for alternative revenue. How is it playing out now . As we have seen with a lot of , as oiled Oil Companies fell they were able to look to trading or refining to support profit. The Gulf Oil Producers who were reliant on crude oil sales are looking downstream to refining. To diversify their economies. Weve seen 1. 4 Million Barrels of Refining Capacity added since 2015. There are additional qualities in the next couple of years. Thats going to focus on gasoline and diesel. As they export huge amounts of crude, they were still importing transport fuels. As those economies are getting fuels toey want those supply be National Economies and the export. They are going to be out there competing with asian refiners looking for new markets. That is going to weigh on margins in the coming years. Now, we were just talking about oil. I know you keep an eye on it. Let me ask you the tough question. Was about keeping a floor under the oil price and we have wti, does that mean opec has failed . We dont think opec has failed. I dont think it was a surprise to anyone. Our view is oil will remain lower for longer. This scope performs remain in play. Its not really about oil anymore. Its about the governments ability to diversify away from oil. Unless you get an agreement where they are part of it i dont think supply is going to go anywhere soon. Longer term that will