EPISODE 19:
The Kedungu Fund’s $10M Milestone: A Look Ahead

00:32
All right, so here we are. Omri, once again, and we’re in a different studio today. Yeah. Why? Why are we here? We are Explain to our curious audience. We are in Dubai, UAE. So we’re not in our Voxpop studio in Bali. This is the first. It’s been a while since we have done a video. This week we’re both in Dubai. Yeah. Interesting place. It is. Yeah. We’re gonna talk about Dubai. A couple of other things. The Kedungu Fund Kedungu, Bali What’s happening? This is an update video on

00:59

The Kedungu Fund really. So this is the main topic and then we’ll probably stray left and right as always. Like we usually do. Off topic. Yeah. Okay. All right. Yeah, let’s go. See you now. All right, welcome back. So here we are Bali Business Club but today it’s Dubai. So it should be Dubai Business Club Dubai Business Club, yeah. And there is some talk of changing the name, really. Yeah. Maybe. Possibly. There is some talk. So we are here in Dubai today in Upod studio, which was recommended

01:32
by my friend, Amandine Million. We are scouting I would say, the place. Yeah. So the big news is that I’m going to move from Bali to Dubai. I’ve been decades in Bali and I’m going to move to Dubai in August with my nine year old daughter. The reason behind that is that it seems like the right strategic choice for The Kedungu Fund in terms of fundraising. I mean, everyone knows the money is here, right? It sure is. It grows on trees here. It grows on trees. Pull it down. So in terms of, in the last

02:14
two months, I would say, we’ve managed to raise $4 million, around $4 million. Yeah, by far the best two months we’ve ever had. By far, yeah. And it was raised out of Dubai, really. It was raised out of Dubai, most of it, yeah. Because you had a trip here, what, two months ago? Yeah, months and a half ago, yeah. So the decision for me to move here is a very strategic reason for fundraising only. So basically the idea if I, if we simplify this, is raise money in Dubai, spend it in Kedungu. That’s basically it.

02:48
And as the team is completely autonomous in Kedungu. Self sufficient. Yeah, self sufficient. I’m still running the show from here, but all the team will be doing their thing and they don’t need me for that, yeah. Okay. So yeah, this is why we’re here. Okay, so let’s just run through what we’re gonna talk about today, Fund updates, a little bit of Kedungu, what’s going on. Where do you want kick off? Just talked about Dubai, so. How are you finding it? How do you, what do you think

03:15
of the standard of life? What do you think of the property market here? Anything that’s jumped out at you? Dubai, it’s funny because there are some similarities to Bali. The fact that it’s an ever evolving demographic population. It’s, you know, in Bali how we have this thing where the government pushing for more more tourists, more expat, more people coming to the island and it generates new markets, new opportunities and such. And in Dubai is exactly the same thing. Just not on the tourism side.

03:48
I would say it’s more on the workers, expat side. Well, both, I mean, Dubai is a huge touristy place. Huge, huge, huge. Yeah, it is, absolutely. I don’t know that. People coming here for shopping. Yeah, I suppose there is a whole lot of that. You think of tourists as like surfers in Bali, but there’s a whole. Yeah, it’s different tourist. Completely different type, yeah. Some numbers, right now it’s like 3.5 million inhabitants in Dubai, I think something around that, those numbers.

04:16
And they’re expecting to double that in the next 15 years. So by 2040, it will be 7 million people, yeah, inhabitants, yeah. Which is crazy it’s like 300,000 new arrivals per year, including me, I’m one. That’s 299, 999 people more than me. Yeah, that’s a lot. It’s huge. So the, I mean, you’ve seen, we’ve drove around, we drove around quite a bit here. And they building they building cities, yeah. So there’s an interesting metric. There is one, one development, I’m talking high rise, you

04:57
know, sizable development, not like some shady dude in the desert making his own villa, yeah. There’s one development starting every 18 hours. Yeah, Olivier told me, told us that, yeah. It’s crazy. So more than every day, there is one new, couple of high rise building with lifestyle and gardens and waterways and whatever starting. And it’s a gigantic construction site actually, yeah. Yeah, it is in many ways similar to Bali. Dominated by certain developers, obviously bigger high rises,

05:34
a huge thing, yeah. Very interesting, I’ve had a couple conversations with some brokers. I would say Bali is still performing better as far as ROI, occupancy, those kinds of things. I think you still get more value for your buck and a better return. Yeah, yeah, yeah. I mean, so far from, I mean, we know a lot of people here that have bought a bunch of units, so there’s no villas here. I mean, there are villas, but the market really is in the units, the apartments. Off plan. So they buy off plan

06:05
and they sell either before the tower is finished so like three years or just after. And they have an interesting structured way of installment plan and such. They make great money, there’s no question. We think Bali is a better investment in terms of returns but not everywhere in Bali far from it. Yeah, sure. We know Kedungu, which is, you know, the El Dorado. But. Creme de la creme, yeah. Yeah but there are some amazing deals to make here, really. So it’s a very, it’s a different type of market.

06:40
There are some similarities. I will probably diversify my investment portfolio in Dubai. I will probably buy a couple of units here. I’d say Dubai is a little bit safer, more mature, more stringently regulated. Yeah. A little bit easier, like there’s not so much flexible, as in, you know, the main developers you can trust. You know, you don’t have to do all the due diligence that you have to do in Bali, you know, all those kinds of things. Yeah, well, it’s a different due diligence, yeah.

07:08
Yeah, but I guess when Emaar is Yeah, but I guess when Emaar is selling you a unit. You believe that the land is owned by them. You don’t have to go to the notary and check. There’s none of that kind of bullshit. Is the zoning okay? Is it on the green zone? It’s called a yellow zone, he has sand. Orange zone, I mean. So anyway, so there’s none of that kind of stuff. So yeah, it’s very different. Same kind of investor I would say, you know, a lot of our investors, The Kedungu Fund,

07:35
definitely know the Dubai market. And it’s something they look at. So it’d be interesting to cross over between these kinds of environments for us. Yeah, yeah, yeah, absolutely. So exciting times for the Fund. For the Fund is great. And for you, really. Possibly for me. It’s a new chapter. It is a new chapter. If it’s on all fronts, it’s gonna be interesting. All right, so let’s talk about the Fund, yeah? Fund, yeah. Okay. Go for it. What do you wanna talk about? Okay, so two and a half years left.

08:01
Almost halfway. Give or take, yeah? So what does that mean for new investors wanting to onboard now? Not much change. I mean, anyone can onboard now. But I mean, as far as returns go, was it done? I don’t really like to say, to give a prediction or projections or whatever. But our, okay, not prediction, but we don’t have crystal ball, but our projections. No financial advice, yeah. No financial advice, yeah. Our projections show that anyone onboarding now, we, in The Kedungu Fund will do,

08:31
the return will be between 2x and 3x in three years horizon more or less, yeah. Until we liquidate on March, 2028. Maybe for new listeners, why don’t you do the quick three minutes nutshell spiel of Kedungu Fund. My God, you wanna ask questions? Ask specific questions. What is The Kedungu Fund? How do I invest? Okay, so The Kedungu Fund is investment vehicle in Bali. It’s incorporated in Singapore, but the company is in Indonesia. We are investing heavily in a region of Bali called Kedungu, which is

09:11
right for those who know Bali, right next to Tanah Lot, okay, right behind Tanah Lot. Next to Canggu, not many people know Tanah Lot. Yeah, it’s not far, it’s 15 minutes from Canggu basically by scooter 20 minutes, let’s say, by scooter. Yeah, 15 from Pererenan. And we believe, and it’s now. Proven. Proven, yeah. That it’s gonna be, I don’t like to say the next Canggu but it’s the next place to be, the next trendy place where the next trendy place where everyone wants to be.

09:39
The thing is, as you know, in Indonesia, government is always pushing for more people to come to the island, and you have to put these people somewhere. There’s the golden rule, the coconut tree law that you cannot build upwards, so expansion is horizontal. So no Dubai high rise in Bali. No Dubai high rise in Bali, yeah. So because expansion is horizontal, the next place to be is going to be westward, where the next surf spot is, and where is that surf spot? In Kedungu. This is like, you know, in a

10:07
nutshell, why Kedungu is. There’s more to it, but you can watch one of our older podcasts to get the real cracks of that thesis. We talk about that very often. We’ve talked about it once or twice, yeah. So yeah, Kedungu is, I mean, if you go there now, anyone that haven’t been there for a while, would see much more restaurants, much more constructions, a lot of villas, our school, of course. Tell us about that, yeah. Good transition. Yeah, like a pro. Yeah. Let’s go backward in time a little bit,

10:38
and talk about the genesis of why we’re doing this. The core thesis of The Fund was acquire land, lease or buy, acquire land, wait until market price escalates, goes up, and then liquidate the land a few years later. And we had a little calculation, everything was perfect and working well. This is still working, and we’ve done it, and we keep doing it. We now have 23 plots, so there will be more plots that we will acquire. Maybe like two, three months after the inception of The Fund, we were thinking,

11:15
why don’t we develop something? We know how to make business in Bali. We have an architecture company, we have a construction company, we have an interior design company, we know how to do this. So, we have a bunch of other businesses that we’ve operated, we are operating, and that are fairly successful. So, there’s no reason why we should just land bank. And so, by thinking that, we thought okay, it’s great, but what are we going to develop? And the one thing I didn’t want to do is go into the

11:47
residential markets and go head to head against the Oxo’s, the Mira’s all the developers. They’re doing an amazing job. I never liked to steal some market share from competitors. I like to create new things, yeah? And so, we thought, okay, if we develop in Bali, we’re not gonna do villas, we’re not gonna do apartment buildings, whatever, everyone does that. I’m not interested in. I like niche market, I don’t like to be like, you know, one fish in a bigger pond of fish, yeah?

12:17
So, we said, okay, let’s create project, let’s create developments that are going to actually bring value to the region, to the neighborhood, the village, and to The Fund. And so, we thought, okay, what’s, and so, these are more like commercial projects. And all, not all, 80% of the land we acquired are on the main streets of Kedungu. We have, I forgot exactly the number, probably like 17, 16 or 17 or 18 plots on the main street of Kedungu, yeah? When you drive there, you see our sign everywhere, yeah?

12:53
So, we thought, okay, let’s develop something that will really bring value to the region. And the first thing that came to mind is the international school. There’s no school. Talking to other expats and asking them, would you move to Kedungu and say, no, we’ll not move to Kedungu because I have a kid and I don’t want to drive so many, so much time And morning traffic, yeah. I have a daughter, nine year old, and that was one of the reasons that helped, that made me want to do that school.

13:24
So, I wouldn’t have also to drive. Yeah, yeah, and I remember you want to get a tutor in Kedungu and you’re like, oh, let’s do a school instead. Yeah, it all started with me wanting to build like a tiny, tiny little school for my daughter and some friends. Yeah, some friends, yeah. The school business, for example the school is 20 are, so 2,000 square meters. We could do probably decent sized villas, probably like five or six, right? Like 4-5 are villas. So those five or six villas would be,

13:55
I mean, we would make money, sure, okay, but that would bring to the region only five or six families. So, we’re talking like 30 people or something like that, yeah. Whereas with the school, the school has a maximum capacity of 120 kids. So, 120 kids. A lot of families. That’s a lot of people, yeah. You have the mother, the father, the brothers and sisters, siblings, and then the staff, and then the friends coming. So, it’s a real emulation for the whole region because these people need to

14:26
sleep somewhere, to eat somewhere, to entertain themselves, to shop, you know, whatever. Brings out the tourists, keeps the restaurants busy. Exactly. Yeah, I mean, residents of Kedungu should be extremely happy about the school. Yeah, absolutely. So, the idea was to, instead of like thinking short term and okay, let’s make a bunch of cash with like five villas or six villas, whatever, let’s build Something that’s helping the future of Kedungu, and as far as the fund is concerned, that’s helping The Fund make

14:56
more money indirectly. So, our investors are happy. Well, it just gets the engines of the area running faster. Exactly, exactly. The school is now almost finished. It’s almost finished, 95 or 96% completion or something. The opening of the school is August 11, the first, the year start. We probably, we won’t have 120 kids year one, of course. No, I think any school does, any new school does. We’ll have probably like 30 kids, something like that. They’re gonna have a ball, the first year’s

15:27
gonna be amazing. There’s a lot of space to run around. And there’s like farm animals and goats and all that kind of stuffs. We had our first baby goat born yesterday. Yes, I saw that, yeah. Yeah, yeah, yeah. Oh, wow, okay. It’s funny, it’s cute. Ducks and chickens and everything. Tell us a bit about the principal and the key staff and like the kind of educational model. Maybe just touch on that. So, okay, so let’s make something clear first. The Kedungu Fund is not running the school.

15:53
The Kedungu Fund lease the land and build the building, it’s a give or take $1.5 million project. So The Kedungu Fund is renting the box to the operator. So we have an operator the curriculum is IB okay. So this operator is comprised of three parties. There’s two ladies that have an educational background. And my group, which has some equity as well, in the operator. Yeah, and also follow them and ask on Grow School on So it’s called Grow, like to Grow, Grow in Kedungu. Really good Instagram

16:34
account, check it out. If you’re looking for kids to go somewhere in Bali, yeah? Yeah. Get in touch. Okay, so that’s the school. Anything else you wanna touch on there? We can talk about the next project. Is that the sign done and dusted, yeah? What is the next project? I kind of know. But I didn’t think it was signed off. No, so we have a couple of big developments in mind. One is a medical center, but that’s a bit early for Kedungu. And the other one is a shopping plaza. So we’ve done two concepts.

17:12
We’ve done a decent sized one and a humongous one. Not 100% sure if we can go ahead. I think we’ll probably start with the smaller one. That you can fit on a 10 are plot maybe, or something like that. It was originally designed on the land that we own next to where Little Ripper is. That forest after Little Ripper on the right, yeah. After our agency, Kedungu Real Estate. We also have in front of the school a 3,000 square meter plot. And we thought maybe we can take that first concept and extend it a little bit.

17:45
Make it more shops, more green space. So we haven’t worked on the 30 are plot but we have, if you see the renders now, you can see the all wooden. And it was a smaller plot. So this will probably come next year, I would say. Okay, so that’s on the development side. On the land acquisition side, there’s been a couple of, it was like last time we had this was 17 properties or 16 properties, now it’s 23. What’s been acquired recently? We’re going more into residential plots.

18:20
The reason is that there’s not enough commercial plots. So when I say commercial, I mean high street retail. So land that, where you could have a restaurant or a shop that’s on the street, whichever it is, whatever street it is. So we acquired, since the last podcast, we acquired probably like four new commercial spots, plots, sorry and a bunch of residential. And then what is gonna be the push for the development? Do you think shopping center, medical center? Yeah, so medical center is

18:54
too early, I think. I don’t think Kedungu is ready for it. The idea of the medical center would be, you have like a apotek pharmacy and then a clinic, you know, like those 24 hour clinic thing. And in the back, the idea we had was to, build bunch of doctor’s offices and give extremely good conditions, terms, and bring doctors from left and right in Indonesia, like very, very good one, so that place will have a pool of very good doctors. Like a wellness house. Yeah, exactly. Medical house.

19:27
You know in Bali, the national sports is like, okay do you know a pediatrician? Do you know a dentist? In Singapore. Yeah, maybe. No, but there are some in Bali, but they’re all super far. There is one in Sanur and one on Sunset Road. So if we bring all of them on the same place, that would create a If you got the school, you got the cute shopping center, and then you got the medical, you’ll never have to leave, You’ll never have to leave. which is ideal in Bali these days. The less time on

19:58
your bike. Exactly. Or your car, the better. Because of the traffic problem. So the more you stay in your village, the better. I mean, we hardly ever leave Pererenan, you know. And now Pererenan is too busy, so head out to Kedungu. Yeah, absolutely. What else was on our list? I forgot. Well, we only 20 minutes into 45 minutes, so we don’t have to think of something to talk about. Actually, do I, from when the Fund first started, I think this is always a nice story that I tell a lot of people.

20:32
What you were buying land at, the residential land was at, and what is that now? And then also, I was speaking to the developer the other week, they were looking for 20 are in Kedungu, and he was like, so difficult to buy. Like there is not much stock especially you want something even closed to the. Yeah, there are some stocks, I mean, our agency have plenty of land. But it’s not, it’s more difficult these days. It’s not, to be honest, it’s not more difficult. It would be hard to

21:01
find a large plot, like half a hectare or one hectare. That would be very hard. A lot of it has been already bought by Ciputra and these guys in Hong Kong, LimeTree Capital, and Ombak, PT Ombak, and Well, let’s talk about that, actually. Also, so I found, I was there, Kedungu, maybe three, four weeks ago, I found there’s recently a noticeable change in how busy and how developed, and the buzz of the place. So new businesses, what’s going on? Who else has moved in? Any big operators?

21:36
Yeah, maybe since we were starting on the price thing, maybe let’s finish this. Good point. And then we move to this, yeah. So yeah, we have things to say. So, okay, so when we started this adventure, two years ago, a bit over two years ago, the price of the land was 5 million, between 4 and 6 million, rupiah per are, so per hundreds square meters per year, on the Leasehold side. The same land today is over 15 million. So it’s already a 3x in the last two years plus, yeah. I remember the first plot

22:18
that I purchased was 7.9 million, and that was a street front plot, in front of Downtown, the restaurant. Oh, is that the first one you bought? Yeah. Yeah, you were gonna build on it, I remember, yeah. Yeah. Was that the first, 7.9 for that? 7.9. It’s crazy. It means like, if that one was 7.9, the rest of the plot, like Cheaper. Yeah, because. That was the most prime. Commercial is always more expensive than. But that’s prime commercial. That’s super prime commercial, yeah. So the rest was probably like

22:48
4 or 5 million, back then, yeah. That land today is Yeah, it’s great. It’s a great piece of land, yeah. The second plot I purchased was the plot after our agency, after Little Ripper, my good friend, you know. And that was 9 million, I remember, 9 or 9.5, I forgot. So two to three years, that kind of 3x, yeah. That’s crazy. I mean, you won’t do that in Dubai, that’s for sure. You won’t do that anywhere. I mean, to do 3x in France, you gotta wait 50 years. That’s a couple

23:22
of generations. Your great grandchildren. You can die twice. And that’s the only way you’ll get that escalation is actually through currency devaluation, through inflation. And then there’s tax. And then they take half of it. Take half of it. No, it’s unique. I don’t know, I really, I mean, I’m looking at other markets all the time, anywhere, everywhere in the world. I have never seen that. I’ve never seen a market that’s so, that grows so fast. I have never seen it.

23:58
So anyway, that’s for the price. Today, like average leaseholds price in Kedungu will be around 15 million, 16 million. More like 16 million, I would say. We just purchased one at 20 million. There’s one, I’m in negotiation now at 23 million. No. 26 million, sorry. Oh wow. Yeah. Where’s that? At street front. Yeah, I’m sure. Whereabouts, how far down? I can’t say. Oh, okay. It’s a big secret. NDA. NDA, NDA. Please all sign NDA. Okay. It’s in the center. The one at 20

24:34
million is street front and it was very, very good deal. It’s cheap. Okay, so what do you wanna talk about now? I wanna talk about the area. I wanna talk about what’s going on. It’s really buzzy. There’s beer gardens, bars, restaurants. It’s a cool place to go and hang out. Not like two years ago, we would like, wonder around a rice paddy. Yeah. There was nothing to eat. You’d starve in Kedungu. You have like Nasi Goreng You have lots of options. And that’s it. Yeah. Lot of options, lot

25:00
of new restaurants. Some restaurants are getting bigger. I’m thinking Simon at Beer and Pickle. Pizza and Pickle, sorry. There’s a Pretty Poison that turned into like beer garden. Oh, the Tap House. Yeah, the Tap House, yeah, yeah. That whole Pigstone area, I love that area. Yeah, it’s very cool. I think it’s great. Very cool. I think that main road is gonna be almost as popular as the main main road, yeah. And big projects also happening. I can touch on that. Yeah, well touch on it.

25:30
So in the Ciputra area, there is, I won’t say the name because the deal is not 100% closed yet, I know. But there’s a very, very, very large hotel group coming in. Then something that is close is there’s a beach club. Building is gonna start very soon. When you say beach club a lot of people get anxiety. Yeah, so it’s not a boom, boom, beach club, Finn’s like or Atlas like, it’s a family beach club. I see Finns is changing their whole, it’s crazy. Becoming more family, not club.

26:04
Super smart. I mean, they have to. So it’s right next to the Bali Beach Glamping. So Bali Beach Glamping is involved as well. Ciputra is involved, we’re trying to get involved. Yeah, so this I know of Yeah, so this I know of other big names of the islands moving into Kedungu. moving to, expanding into Kedungu. Some tennis dudes, won’t say the name. Tennis. Oh, tennis courts. Yeah, tennis courts, like big ones. Developers, there’s another shopping plaza. There’s talk about Pepito as well.

26:40
Oh wow, okay. Yeah, I mean that’s inevitable. A bit more towards the top, main road I’d say. It will be on the Ciputra area. I know the land, I know where, but it still talks, yeah. And yeah, there’s a few like convenience stores, like a Circle K, whatever, you know, coming in. And there’s a lot of new restaurants, like on the main road, I mean, main road is busy, yeah. It’s quite busy. It’s busy, it’s nice place to go for dinner and just chill out. You can see when you drive now,

27:07
before it was a bit quiet, now there’s a buzz, yeah. There’s a new gym, our friend Eiger is building a gym right next to where Alive Whole Foods is. So that will open, I think the building started, so that will open in a few months. There is our friend Paul from Los Hobos, he’s gonna have a gym that’s on the Ciputra Road next to Joshua’s District. I’m not saying for you, I’m saying for people watching. So he found an operator for that gym, it’s done? So yeah, he’s talking to a

27:42
couple of dudes, you know. He already bought all the equipment, blah, blah, blah. So all in all, yeah, a busy time for Kedungu and it’s just gonna get busier. There’s a huge difference between now and before. Yeah, hit a tipping point. Three months ago, I’d say. Every time I go there, every month, or I go there once a month, maybe something like that maybe three weeks, it has something new, you know. Sizable new. Noticeable. Not a Circle K, you know, something big, yeah. It’s definitely noticeable.

28:08
Yeah, yeah. Okay, so yeah, we touched on what’s happening, what’s new. AUM, 10.7 million now on the Fund. 10.7 million, but actually that’s the last valuation, so the share price, 114, we made it from 110 a few months ago, so we’re very happy that we weathered the Trump tariffs, as well as we could. Yeah, we did, and that came back, but we’re sitting in Dubai now in a pretty much a war zone, just across the road, so the world is still very interesting at this time. Yeah, let’s see what the

28:47
impact of the war with Iran has on the Fund. I was talking to a friend yesterday who said that whatever happens in the region, Dubai always profits. You know. Yeah, I remember they said, since there was kind of a conflict, property value, or the property investment value shot up because people were trying to get money out of, all the country’s affected into Dubai, which is a safe haven, really. Yeah, exactly. I mean Abu Dhabi is going crazy, Disney World is coming, I just read this morning that

29:20
Harry Potter’s theme park coming, and a bunch of things. So let’s see, I mean, we don’t care about here, Our thing is Kedungu in Bali, yeah. Well, the more in here, the more money we can take out into Bali. But let’s see also the impact of that war on the Fund. I think it settles kind of what is the date today, 20th 24th of June Settled a little bit, it seems to have settled, but the last few days was a bit stressful. For you. It was an interesting time. Omri pretends these things

29:50
don’t affect him, but late at night he’s scrolling at like 4 a.m. reading Fox News or whatever. I’m not. I’m not. Yeah, so I think that’s pretty much it. We’re back, well, I’m back in Bali tomorrow morning, you’re back in Bali in a week still. You’re gonna spend another month or so there, and then back out here. So yeah, I think that’s interesting time. Yeah. I’ll be in Dubai from August, let’s say September, yeah. If you’re in Bali, give me a buzz. If you’re in Dubai,

30:23
give Omri a buzz. Yeah, absolutely. And we’ll set up some meetings. Happy to have a coffee with anyone. Yeah, yeah, yeah. Cool. Cool, that’s it. Thanks, Gawain, don’t forget to subscribe. Like, oh, we nearly on. How many subscribers are we on now? Nearly 20,000. I think 20, not yet, I think we’re 19 point something. By the time this video is out, it will be 20, over 20. I mean, this podcast is getting as much traction as Kedungu. Maybe, yeah. Maybe, yeah. Oh, we have 1000 new subscribers per week.

30:55
And we might change the name, we might become more of a global focused kind of property. Yeah, as we are getting more international, we might change the name into something like “Global Investment.” Omri’s not great with names, we’ll circle back on this. We’re still talking about it, yeah. But yeah, it’ll be, the more we learn in different markets like this, whether it’s Dubai or Cape Town Exactly. Or Thailand, whatever, we get guests, all these different emerging markets will be interesting

31:27
as we learn, we can share the information. I think I’ve said everything I could say on real estate in Bali, I don’t have any more secrets I’m hiding in my bag. So, and I think all those podcasts we shared, and all this knowledge we shared, they were okay when we did the podcast and they are absolutely relevant in one year, or whatever, yeah sure. So yeah, we’re shifting, we’re going to shift the podcast into something more global, yeah. More guests coming, talking about their

31:57
view on businesses, on business, like real estate business or investment. And it’ll be interesting because it will be us being educated this time, not so much you educating, we’ll be like, oh, that’s interesting. Or we can compare markets like Bali versus Dubai, what to do, what not to do, and how they stack up against each other. I think those will be really informative. Yeah, absolutely. It’s an interesting time for, so watch the space, yeah. Subscribe. If you guys have some ideas

32:23
on this or suggestions, feel free to share. Cool. All right. Thank you, good podcast. Thanks, Gawain. Cheers. Cheers.