Conference Presentation, Panel, Fireside Chat
Global Capital Markets | Global Conference 2026
Milken InstituteDavid Faber, Waleed Al Mokarrab Al Muhairi, Jon Gray, Jenny Johnson, Robin Vince, James Zelter, Robin Wright
- UAE and Abu Dhabi markets are projected to undergo a "v-shaped recovery" mirroring post-GFC and pandemic periods over the "next couple of years," driven by decades of regional stability.
- The US economy is expected to maintain "double-digit" private equity revenue growth and "power through" current conflicts, supported by strong consumer spending and a favorable regulatory environment.
- Global capital needs are forecast to expand from current $750 billion annual spending to "many trillions" over several years, with US investment-grade net issuance anticipated to exceed $1 trillion this year.
- Private credit is anticipated to experience "inexorable" growth, while real estate is expected to see a pickup in fundamentals and capital flow over the "next couple of years" as the public REIT market potentially corrects its underperformance.
- AI deployment is predicted to create positive operating leverage and a "productivity step function" increase via massive CapEx, though uncertainty remains regarding the economic viability of these models by 2028–2030.
- Demographic and policy tailwinds are identified in India, with 56% of its population under age 25, and in China's robotics and EV sectors, though concerns regarding AI sovereignty and fragmentation are expected to require policy intervention within 3 to 10 years.
- US real estate allocation for Mubadala remains stable between 40% and 45%, while Europe offers opportunities in renewable energy and healthcare with AI acting as a force multiplier for UK and French startups.
- Capital market structures are shifting toward "evergreen and perpetual" vehicles over the next 3 to 5 years, with increasing efforts to allow 401(k) access to private markets and potential growth in IPO activity for major private entities.
- The US economy must achieve growth sufficient to service rising debt levels, transitioning from a $60 trillion to a $230 trillion household net worth since the GFC, with entitlement reform likely to be a critical focus for policymakers in the next 3 to 10 years.
- Labor markets may face a shortage of office buildings due to a shift from white-collar to blue-collar demand driven by automation, while energy infrastructure projects will require significant investment in nuclear capacity and efficiency innovations over 20-year horizons.
- Investors seeking returns in a $1 trillion+ market should focus on jurisdictions with correct monetary, fiscal, and industrial policies, while active equity managers are expected to maintain concentrated portfolios to facilitate rapid strategy adjustments.