In October 2025, Michal Katz, Head of Investment & Corporate Banking at Mizuho Americas, participated in the FII Institute in Riyadh, where the theme ‘Key to Prosperity’ took center stage. Michal spoke on a panel entitled 'Is De-globalization Reversible?' moderated by Shannon K. O'Neil of CFR alongside Merit Janow, chair of Mastercard, Mohamed Ebeid, CEO of EFG Holding, Eric Cantor of Moelis & Company and His Excellency Dr. Muhammed Al Jasser. The clear takeaway: globalization isn’t collapsing – it is being deliberately reshaped across trade, capital and supply chains. In this environment, resilience and growth will belong to those who navigate change with focus, foresight and flexibility. Read her article below:
Re-alignment, Not De-globalization
The world isn’t retreating from globalization — it’s re-aligning. While headlines may trumpet fragmentation, the reality is a dynamic reshuffling of trade partners and capital flows, not a wholesale withdrawal. Cross-border M&A activity is robust, hitting five-year highs with landmark deals like U.S.-based Electronic Arts’ $55 billion acquisition by a consortium including Saudi Arabia’s PIF and Google’s $32 billion purchase of Israeli-founded Wiz. Foreign companies continue to list in the U.S. for its market depth and liquidity and companies are accessing multi-currency deals as they seek to match assets to liabilities and optimize cost of capital.
Globalization: Too Intertwined to Unwind
Undoing globalization is nearly impossible. We remain part of a highly interconnected global system across goods, services, people and capital, even as supply chains and investment flows shift to reflect new priorities. No region is truly self-sufficient — cost differentials, infrastructure gaps and the sheer scale of manufacturing make cross-border collaboration essential. While selective de-globalization is justified for national security — think rare earths, semiconductors and pharmaceuticals — wholesale unwinding would be costly and impractical. The World Economic Forum estimates that global fragmentation could shave up to 5% off global GDP. Reduced efficiency, less diversification and diminished competition would stifle growth and innovation. The math of comparative advantage remains compelling: countries and companies that embrace openness position themselves for resilience and long-term prosperity.
Advice to Clients: Look Beyond the Headlines
Mizuho’s counsel to clients is clear: don’t get distracted by the noise. Dealmaking is about meeting strategic priorities, and re-alignment is just one variable in a complex equation. The best leaders focus on what they can control — conducting multiple scenario planning, shoring up supply chains, managing expenses and maintaining liquidity. Advisory is about future-proofing businesses, understanding geopolitical and regulatory shifts and building long-term relationships. Success will favor those who are disciplined, creative and agile. In a world of shifting alliances and evolving risks, opportunity belongs to those who look through the headlines and act with clarity and purpose.