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Saudi Arabia and other oil rich states in the region are in a race to rebrand themselves before their oil revenue dries up.
沙特阿拉伯和该地区其他石油资源丰富的国家正在竞相重塑自己的品牌，以防石油收入枯竭。
The UAE as well as Saudi Arabia, Qatar and Bahrain are all trying to establish themselves as international business hubs akin to the Singapore of the Middle East.
阿联酋、沙特阿拉伯、卡塔尔和巴林都在努力将自己打造成类似中东“新加坡”的国际商业中心。
The Harvard International Review dubbed this the rise of the Singapore-Dubai model.
《哈佛国际评论》将此称为新加坡-迪拜模式的崛起。
Singapore has made itself very rich by being a financial center that bridges the gap between the laws and customs of Asia with investors from around the world.
新加坡通过成为金融中心，弥合亚洲法律和习俗与来自世界各地的投资者之间的差距，从而使自己变得非常富有。
The Gulf States are in a race to do the same with the Middle East and Africa. Unfortunately, there isn't the same level of investment demand in these regions yet.
海湾国家正在竞相与中东和非洲做同样的事情。不幸的是，这些地区的投资需求还没有达到同样的水平。
So the countries are effectively buying business activity in the hope that eventually real business activity will catch up.
因此，这些国家实际上是在购买商业活动，希望最终真正的商业活动能够赶上。
The Saudi Arabian Stock Exchange is one of the largest in the world by total market capitalization.
沙特阿拉伯证券交易所是全球总市值最大的证券交易所之一。
But that's only because it lists Saudi Aramco, the state-owned petroleum and natural gas company with exclusive rights to the most productive oil fields in the world.
但这只是因为它列出了沙特阿美，这家国有石油和天然气公司拥有世界上产量最高的油田的独家权利。
This technically makes their stock market one of the largest in the world but aramco is worth more than every other company listed on the exchange combined twice over.
从技术上讲，这让他们的股票市场成为世界上最大的股票市场之一，但沙特阿美的市值是该交易所上市的其他所有公司市值的两倍多。
It would be like putting the rock on a middle school wrestling team. Yes, they may have won the championship but there was one person doing a fair bit of heavy lifting.
这就像给一支中学摔跤队打气。是的，他们可能赢得了冠军，但有一个人做了相当多的重活。
Anyway, Saudi Aramco barely meets the definition of a public company anyway.
无论如何，沙特阿美几乎不符合上市公司的定义。
Because according to the company's own filing, less than 2.4% of the company shares are listed at all and the Kingdom of Saudi Arabia owns the remaining 97.6%.
因为根据该公司自己的文件，该公司上市的股份不到2.4%，沙特阿拉伯王国拥有剩余的97.6%。
This gives the local financial sector the appearance of being a major market when the reality is that it is a lot smaller and more restrictive than other exchanges with the same market capitalization.
这使得当地金融业看起来像是一个主要市场，而事实上，它比其他市值相同的交易所小得多，限制也更多。
It also brings the country back to square one, because when the oil runs out, Aramco won't be worth anything. So this is where BlackRock comes in.
这也让这个国家回到原点，因为当石油耗尽时，沙特阿美将一文不值。这就是贝莱德的用武之地。
According to a report by Bloomberg, Saudi Arabia has taken to co-investing in projects with outside partners to try and create enough market activity to kick-start a self sustaining financial sector.
据彭博社报道，沙特阿拉伯已开始与外部合作伙伴共同投资项目，试图创造足够的市场活动来启动一个自给自足的金融部门。
It's not just the finance industry either. The same report detailed that the country wanted to build an automotive industry.
不仅仅是金融业。同一篇报道详细说明了该国希望建立汽车工业。
So it gave billions of dollars to the EV company Lucid to construct cars in Jetta.
因此，它向电动汽车公司Lucid提供了数十亿美元的资金来制造捷达汽车。
The company wouldn't last without constant cash injections from the Saudi government because it loses money on every car it sells.
如果没有沙特政府的持续现金注入，Lucid公司将无法维持下去，因为它每卖出一辆汽车都会亏本。
But it does make it look like the kingdom has become a cutting-edge automaker. They are basically doing the same thing with finance.
但这确实让沙特王国看起来已经成为一个尖端的汽车制造商。他们基本上在金融方面做同样的事情。
They are funding a well-known name to create activity in the hope that it will create more activity. But what does BlackRock get from this?
他们资助一个知名品牌来创造活动，希望它能创造更多的活动。但贝莱德从中得到了什么？
Beyond the $5 billion investment, the Saudi government granted the company to develop the investment platform.
除了50亿美元的投资外，沙特政府还批准该公司开发投资平台。
The company is clearly motivated by the potential of future business with the oil rich state.
该公司显然是受到与石油资源丰富的国家未来业务潜力的激励。
Even before the company set up a permanent office in the Kingdom, Bloomberg reported that the CEO of BlackRock, Larry Fink's private Gulfstream travels to Riyadh several times a year
甚至在该公司在沙特设立永久办事处之前，彭博社就报道称，贝莱德首席执行官拉里·芬克的私人湾流飞机每年都会前往利雅得数次，
and that he has had several private dinners with the country's de facto ruler Crown Prince Muhammad bin Salman.
他还曾与沙特事实上的统治者王储穆罕默德·本·萨勒曼共进过几次私人晚餐。
In return, the CEO of Sauidi Aramco also sits on the board of BlackRock. Board positions in such a large and influential company are not given out lightly.
作为回报，沙特阿美首席执行官也是贝莱德董事会成员。在如此庞大而有影响力的公司中，董事会职位不会轻易给出。
And giving the position to a politically sensitive foreign national is not a small decision for any company, let alone one under as much scrutiny as BlackRock.
对于任何公司来说，将董事会这个职位交给一个政治敏感的外国人都不是一个小决定，更不用说像贝莱德这样受到严格审查的公司了。
The real reason that the controversial company and the controversial country have developed such a close relationship is that BlackRock wants to manage the almost $1 trillion in assets held by the country's sovereign wealth fund.
这家备受争议的公司和这个备受争议的国家发展如此密切关系的真正原因是，贝莱德希望管理沙特主权财富基金持有的近1万亿美元的资产。
Setting up domestic operations as an option for their existing investors is a small perk when compared to the potential of managing that much money.
与管理如此多资金的潜力相比，为现有投资者设立国内业务只是小菜一碟。
So it's not really about helping money flow into the country so much as it is managing the money coming out of it.
因此，这实际上并不是帮助资金流入该国，而是管理从中流出的资金。
The country and its billions of dollars in oil money could not only invest through the company, they could also invest into the company.
该国及其数十亿美元的石油资金不仅可以通过该公司进行投资，还可以投资该公司。
BlackRock is a business that owns other businesses on behalf of their investors but they also have shareholders that own parts of BlackRock itself.
贝莱德是一家代表其投资者拥有其他业务的企业，但他们也有股东拥有贝莱德的部分股权。
Even though the company manages more than 10 trillion in assets, BlackRock, the company is only worth $130 billion at the time of making this video.
尽管该公司管理着超过10万亿美元的资产，但在制作这段视频时，贝莱德的市值仅为1300亿美元。
Because its business model is only making a small fee off the money it manages. Larry Fink's job as CEO of BlackRock is to make these shareholders as much money as possible.
因为它的商业模式只是从它管理的资金中赚取少量费用。作为贝莱德首席执行官，拉里·芬克的工作是让这些股东赚到尽可能多的钱。
And he can do that in two ways. The first way is by managing more money and making more fees, which means more revenue for the company itself.
他可以通过两种方式做到这一点。第一种方式是管理更多的资金并收取更多的费用，这意味着公司本身的收入会更多。
If Fink could manage even 10% of the Saudi wealth fund and charge a 5% management fee on that money, he would be bringing in hundreds of millions of dollars every year for his company.
如果芬克能够管理沙特财富基金的10%并从中收取5%的管理费，那么他每年就能为公司带来数亿美元收入。
The second way he can increase returns to shareholders is just to get more people to buy the stock.
他增加股东回报的第二种方式就是让更多人购买股票。
According to the company's most recent investment disclosure, the sovereign state of Kuwait is the company's third largest shareholder.
根据该公司最新的投资披露，主权国家科威特是该公司的第三大股东。
The only investor that owns more of BlackRock is the Vanguard Group, which is another asset manager that operates very similarly.
唯一拥有贝莱德更多股份的投资者是先锋领航集团，这是另一家经营方式非常相似的资产管理公司。
And BlackRock itself through BlackRock investment funds that include BlackRock in the asset spread in what can only be described as investment deception.
而贝莱德本身则通过贝莱德投资基金将贝莱德纳入资产配置，这只能被描述为投资欺骗。
Anyway, BlackRock's ambition in Saudi Arabia are clearly not righteous but they aren't exactly covert either. They are just courting a massive potential client and investor.
无论如何，贝莱德在沙特阿拉伯的野心显然不是正义的，但他们也并非完全隐蔽。他们只是在争取大量潜在客户和投资者。
Now if you are invested in a BlackRock fund or even into BlackRock itself because of its very public ESG efforts,
现在，如果你因为贝莱德非常公开的环境、社会和公司治理举措而投资了贝莱德基金，甚至投资了贝莱德本身，
you might be rightfully pissed off about the close relationship the company is forming with a massive oil producer, which let's just say isn't famous for its humanitarian efforts.
你可能会对该公司与一家大型石油生产商建立的密切关系感到愤怒，而这家石油生产商并不以人道主义努力而闻名。
Now the company has already responded to these criticisms but it really comes down to a calculation they have made.
现在该公司已经对这些批评作出了回应，但这实际上归结为他们所做的盘算。
They are more likely to get more money coming in from one of the best funded sovereign wealth funds in the world than money going out from ethical investors moving their money elsewhere.
相较于将资金转移到其他地方的富有道德的投资者，他们更有可能从世界上资金雄厚的主权财富基金获得更多的资金。
