Trump Signs 'Board of Peace'; US Military in Greenland | Horizons Middle East & Africa 1/23/2026

Watch on YouTube ↗ | January 23, 2026 at 09:43 | 45:50 | Bloomberg Markets

Speakers

Sree Kochugovindan — Senior Research Economist, Aberdeen Investments

Joumanna Bercetche — Anchor, Bloomberg

Rania Al-Mashat — Egyptian International Cooperation Minister

Faisal Alibrahim — Saudi Arabia's Economy Minister

Mary Vilakazi — CEO, FirstRand Bank

Arthur Mensch — Co-founder & CEO, Mistral AI

Jennifer Zabasajja — Chief Africa Correspondent, Bloomberg

Summary

The program covers Trump's launch of the Board of Peace in Davos and U.S. defense discussions with Denmark over Greenland, alongside market reactions to the BOJ decision, Intel's outlook, and a weaker dollar. Guests discuss the outlook for Japan's bonds, Egypt's reforms, Saudi Arabia's shift to non-oil growth and future industries, South Africa's cyclical improvement, and AI competition between China, Europe, and the U.S. Main investment implications include long-end bond volatility, European strategic autonomy, and country/sector themes in Egypt, Saudi Arabia, South Africa, China AI, and European AI.

Trump launched the Board of Peace in Davos with a mixed international response.
The U.S. seeks to expand military presence in Greenland, raising transatlantic defense concerns.
The BOJ held rates but raised its inflation forecast, keeping JGB volatility in focus.
Intel's weak outlook dampened the AI-tech rally while U.S. equity futures edged higher.
Egypt's minister highlighted reforms, resilience, and private-investment appeal.
Saudi officials projected non-oil growth and a shift to future industries.
FirstRand's CEO said South Africa's economy is improving cyclically.
Mistral AI's CEO said China is not behind in AI and Europe needs sovereign models.

Ideas

Joumanna Bercetche Anchor, Bloomberg 11:19

Europe must build defense and strategic autonomy.

A transatlantic rift has opened up, and Europe cannot remain so dependent on the U.S. for defense. European leaders are being pushed toward greater cooperation, strategic autonomy, and building up Europe as an economic and defense powerhouse, which supports increased European defense spending.

Sree Kochugovindan Senior Research Economist, Aberdeen Investments 18:04

Long-end bond volatility likely remains elevated.

Long-end government bond yields may hold near current levels, but the bond market is fragile. Persistent news flow, structural supply/demand changes, regulatory shifts like European life insurer rules, and fiscal concerns across Japan, Europe, and the U.S. are driving long-end volatility. Spillovers from one country, such as Japan's 26bp yield move this week, mean bond volatility is likely to remain for some time.

Rania Al-Mashat Egyptian International Cooperation Minister 20:22

Egypt reforms support growth and investment.

Egypt has shown resilience despite a volatile region, growing 4-5% with tourism at an all-time high. Reforms since March 2024 on fiscal policy, industry, business environment, and green transition have improved investor credibility and private investment. The next phase focuses on high-value products, productivity, tradeables, and social spending, supporting the investment case for Egypt.

Faisal Alibrahim Saudi Arabia's Economy Minister 29:45

Saudi non-oil growth and targeted spending.

Saudi Arabia projects non-oil growth of 4.5% next year rising toward 6% in the following two years. The kingdom is adding growth drivers to decouple the economy from oil, improve complexity and resilience, and shift Vision 2030 from full-throttle megaprojects to fine-tuning and prioritizing sectors, with 38 activities already growing 10%+.

Joumanna Bercetche Anchor, Bloomberg 35:13

Saudi capital shifts to future industries.

Saudi Arabia's capital allocation is shifting away from past megaprojects, real estate, and infrastructure toward future industries such as tourism, semiconductors, artificial intelligence, and advanced manufacturing, which are the sectors where the kingdom plans to devote most capital.

Mary Vilakazi CEO, FirstRand Bank 37:23

South Africa cyclical improvement, reforms continue.

South Africa is seeing cyclical improvements, with a strong Q3 GDP print, a good medium-term budget, and cooperation between monetary and fiscal policy. A lower inflation target around 2028 should bring lower inflation and rates, while structural reforms in energy, transport, and logistics should lift GDP. The 3.5% growth target by 2030 is achievable, though U.S. tariff uncertainty remains a risk.

Arthur Mensch Co-founder & CEO, Mistral AI 42:36

China AI is not behind the West.

China is not behind the West in AI; the idea that it lags is a fairy tale. China has done very well without Nvidia chips and has risen as a leader in open-source models, so investors should not dismiss Chinese AI capabilities.

Arthur Mensch Co-founder & CEO, Mistral AI 43:03

Europe needs sovereign AI models.

Europe must maintain its position in AI and create its own models rather than relying on Chinese open-source models for critical applications. This need for sovereign European AI capability supports the European AI theme.

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This Bloomberg Markets video, published January 23, 2026, features Joumanna Bercetche, Sree Kochugovindan, Rania Al-Mashat, Faisal Alibrahim, Mary Vilakazi, Arthur Mensch discussing European Defense, Japanese government bonds, Global long-end bonds, EGPT, KSA, Saudi tourism, Saudi semiconductors, Saudi AI, Saudi advanced manufacturing, EZA, China AI, European AI. 8 trade ideas extracted by AI with direction and confidence scoring.

Speakers: Joumanna Bercetche, Sree Kochugovindan, Rania Al-Mashat, Faisal Alibrahim, Mary Vilakazi, Arthur Mensch · Tickers: European Defense, Japanese government bonds, Global long-end bonds, EGPT, KSA, Saudi tourism, Saudi semiconductors, Saudi AI, Saudi advanced manufacturing, EZA, China AI, European AI