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02x01 - Episode 1

Episode transcripts for the TV show, "The Exchange". Aired: February 8, 2023.*
Watch/Buy Amazon


Set in Kuwait in 1987, two women making their way in the boys club of the Kuwait Stock Exchange, on the eve of S*ddam Hussein's invasion of the country.

02x01 - Episode 1

Post by bunniefuu »

[festive folk music playing]

[woman] Dance, girls. Dance.

Dance with me.

[rhythmic vocalizing]

What's up?

[Munira sighs]

[Farida gasps]

[dramatic music playing]

[theme music playing]

[horse snorts]

[horse nickers]

[nickers]

[horse whinnies]

-[Omar clears throat]
-[horse whinnies]

She learned to ride horses quickly.

She's already training with older girls.

[Farida] Yes, God bless her.

I didn't expect it.
It's only been a month.

I guess, uh, loving horseback riding
runs in the family.

[horse whinnies]

I'm glad I can give her
what others couldn't provide.

[sighs]

Omar, we're so, so grateful
that you signed her up

for the horseback riding lessons. Thanks.

[horse whinnies]

What good is money if you're stingy?

You and your father
love horseback riding but can't afford it.

So I did my share,
adopting your family's traditions.

[mysterious music playing]

[Farida] Oh, I see Auntie came again.

[sighs] I'll just say hi before I go.

No need. She's here for you.

-For me?
-[Omar] Mmm.

To watch you.

You women get each other,
shortcomings and stuff.

Enough, Omar. Please, enough.

Enough.

Aren't you sick of these games?

My child, make her your priority,
or I will take her from you.

[Jude] Seventy-five centimeters
off the ground.

-She even did it twice.
-[Adeeb] Mmm!

Well done, kid.

Keep it up. You'll soon be beating Mom.
[chuckles]

[Farida chuckles]

The coach says that if Jude
keeps jumping above the 75 centimeters,

she'll win a title in just two months.

That's great.

So keep training, huh?

Dad said, if I win,
we'll go to Oman to ride horses there.

[Farida] Hmm.

How generous. Your father hates horses.

[sighs] A vacation sounds great.

God, we always used to travel to Spain,
Marbella, Italy…

Oh, each trip
was better than the last. [tuts]

Sadly, they're memories now.

That divorce left us broke.

I'm sorry my freedom
cost you your vacations.

Uh, honey, your mom doesn't mean it.

[Farida] No, Dad, she means it.

She always reminds me that I'm the cause
of your financial difficulties.

Difficulties?

We only have one difficulty.

You know what?

You're right.

But now I'm on the right path.

And soon we'll all travel together.

Let's go to Paris.

Rose said she had
the yummiest chocolate there.

-Rose?
-[Jude] Mmm.

Isn't she one of the older riders
that you're friends with?

Yes, she's really nice.

She says that you're so brave

because you worked
after your failed marriage.

-Who is this girl?
-Rose Yousef.

Oh.

Rose Al Yousef was my favorite magazine.

They even named a horse after it.

This Rose girl doesn't know you.
How would she know that you're brave?

When you make bold choices,
people form an opinion about you.

People will talk about your life.

But, uh, she's a good rider.

But your mom can jump
the 75 centimeters while blindfolded.

[all chuckle]

[intriguing music playing]

Bonne soirée, Maman.

Bonne soirée ?

Mama Nojood taught you that, didn't she?

Good night, Juju.

Hmm, what are you working on?

Calculating the value of a company.

Mom, were you

really good at horse riding?

[scoffs]

[Farida sighs]

I was good.

I may not have trained long enough
to become truly great.

But…

I loved it.

I felt so strong.

I really loved Royal Ascot.

Each year, I'd follow it
and imagine I was there wearing--

The hat.

Like a proper duchess.

[British accent] Oh, precisely, darling.

[chuckles]

If you loved it, why did you stop?

[sighs]

Honestly, honey,

I quit so many things after marriage.

But when I saw you riding,

hmm,

I felt like I was riding all over again.

Don't work too hard.

Bonne soirée, Maman.

Bonne soirée.

-[man] Give me 100 shares. I want them.
-[man 2] Ten.

-[man 3] How much? How much?
-[man 4] I need 200. I need 250 shares.

Trust me. Trust me.
This is the best price.

-[man] Buy! Buy! Buy! Buy now!
-[man 2] Five thousand shares, how much?

Tell me, how many shares?

Give me 100.

Give me 200 more.

BOURSA CAFETERIA

[overlapping chatter]

[Munira] Easy. Don't stress out.

-Are you ready? It's fine.
-[Farida] Huh?

Don't worry. What would I do?

-[Walid] No…
-Guys.

Thanks for handling this work.

Please finish this today
because we're needed upstairs.

Hold on, girls. Here. This is your file.

And here. This is yours.
Mishari dropped them off earlier.

[Farida] Hmm.

-Good luck with the IPO, ladies.
-[Munira chuckles]

[Hasan sighs]

You will work on the cashflow.
I'll work on the company's file.

No, Munira.

I thought we agreed
I'd work on the company's file.

You're better with numbers.

And you better listen to me.

[sighs]

[huffs]

[Amir] Mmm.

Ladies, right on time.

I was just telling Sabiha how good you are

at balancing trading
with the work you've done for the IPO.

So the valuation's ready?

Yes, sure. It's ready.

How much am I worth, you think?

Honestly, I give the honor
to Munira and Farida.

It's their presentation.

[Farida] Ms. Sabiha,

our team has thoroughly analyzed
your balance sheet.

You'll find it on page three.

And honestly, we're impressed
at how you manage your cash flow…

MEASURING THE COMPANY'S GROWTH

…despite challenging market conditions.

Pardon.

Give me the final number, please.

[tense music playing]

ALPHA REVENUE
NATIONALLY AND INTERNATIONALLY

[Munira] Ms. Sabiha,

based on two months
of accurate calculations,

we evaluated Alpha's assets at…



Congrats

on the biggest real estate IPO
in the history of Kuwait.

Ms. Sabiha,

the investors we spoke with
are asking about the future of Alpha.

What can I say…

Your late husband,

the former CEO is not--

Not with us.

He's not responsible?

That's an insultingly low number.

I have something I want to tell you.

Most definitely,
it will affect your valuation.

Tell your team

to meet me Sunday morning
at Port of Salmiya.

And dress well.

[Munira chuckles]

Might as well flush it if you ask me.

After two months' worth of work,
and then she says…

What's the word she used?

Yeah, "an insultingly low number."

Insulting?!

Listen, don't take it personally.

This is not about us.

It's about Sabiha's secret

that supposedly
will boost Alpha's valuation.

Frankly, I feel

like it's something really exciting.

I'm wondering what's the news
that will magically change

the valuation of Alpha? [chuckles]

And if she doesn't like
that it's 73 million,

then how much does she think
it will reach? How much?

That's the million-dollar question.

If I find out,

I might tell you.

Going somewhere?

Not somewhere. With someone.

Hmm.

And you, cover girl?

Seeing someone special?

Uh…

maybe.

Mm-hmm.

Remember the janitor's closet?

[Farida chuckles]

We've come far, huh?

[tuts] We will go far.

[elevator dings]

[sighs]

Munira?!

What's this?

The same date?

Please come with me.

Hmm.

[sighs]

Honestly, I didn't want them to know
we were having dinner together,

especially the men.

If they found out, they might think
we're plotting their downfall.

[laughing]

Ms. Sabiha, let me say that, uh,

launching an IPO for a woman who's
influential, exceptional, and kind-hearted

has taught us a lot.

For me, this is my first business dinner
since I got the job

almost a year ago.

I invited you both here

because I always sit here

and recall how it's hard for a woman
to be so unconventional.

That's why,

if you need anything,

just go ahead and ask.

You mean, like a mentor?

Mmm. [chuckles]

Honestly,
I have no one to talk to about work,

except my dear Munira, of course.

Lucky for you.

And I never really got advice from
a powerful, exceptional woman like you.

So if you have any remarks
on my work performance, please tell me.

Each one has their own style.

But perhaps I can give
the two of you a few notes

that will help any businesswoman
who wants to improve herself.

Yes, please. Tell us.

First of all, don't make anyone
feel like they're smarter than you,

like you did back there.

I mean, always make your voice heard.

Interrupt if you must.

And don't write your notes down,
unless it's part of your job.

You're the head of the meeting,

not a secretary.

-Sorry.
-And don't tidy up after anyone.

I know you're a mom,

but leave the mother instinct at home.

Yes. Sure. Sorry. Sorry.

You apologize a lot.
It's a sign of weakness.

Plus, you did nothing wrong.

[Farida chuckles]

[clears throat]

We can be much more flexible.

[Farida] Mmm.

Uh, Ms. Sabiha, I really want to ask you,

how did you overcome
all the challenges that you faced?

This world is not for the faint-hearted.

Don't take what the market gives you.

Take what you know you are truly worth.

Just like Alpha.

An example.

Like how you let idle gossip

about an "unfit female CEO" affect you.

But okay, I'm used to hearing talk
like this all the time.

What's strange is that the two of you
are repeating the same thing.

That's why,
when you reassess Alpha's valuation,

remember just one thing,

us women must stick together.

[gasps]

The food got cold. [chuckles]

Dig in. Dig in.

[man] You're late.

[Munira clears throat]

And you're up working?

[chuckles]

Work never ends, as you know.

Hmm. Where have you been?

Building my future.

[man] Yeah?

Hmm.

-With whom?
-My new mentor, Sabiha Saad.

Mmm.

Hmm.

Hmm. Mmm.

Sit at the desk.

Hmm?

I think, uh, they told you, or you heard,

that, uh,

a man is coming to see you.

A man?

Yes.

[scoffs]

I thought that, over the past 6 years,

I pushed away every suitor who proposed.

But my mom,

she found another.

She didn't. I did.

A woman, uh,

no matter how successful,

what value does she really have
without a husband?

It's just, uh…

I mean, uh, you're a source of joy to us.
And pride.

We brag about your success, but, uh…

but the family carries a burden

till you're married.

I don't recall how many months…
It's been months, uh,

since you and, um…

Wh… what's his name?

Saud. Saud, yes, yes. Saud. Yes.

Uh! …uh, called off the engagement.

I wasn't engaged.

You should have been.

-Your appr--
-Ah!

Sit down.

You approved. However, I didn't.

He should have asked me before
telling people that we were engaged.

It doesn't always work like that.

[seagulls squawking]

[Munira moaning]

[panting]

Whoa. Cousin, what's wrong with you?

Don't you know that I get sea sick?

Oh, right!

I forgot.

It takes a bit of time to adjust.

We're joined by Rakan, uh, Sabiha's son.

Munira Higazi and Farida Ma'mun.

They work at the bank.

-My son, Rakan.
-This is the one you talked about?

Yes.

And her cousin.

My pleasure.

Sabiha's been talking about me.

[engine starts]

[Sabiha] My son, Rakan,
just got back from our Tunisian company,

where he more than proved himself.

This is why Rakan
will assume a bigger role.

He is the future of Alpha.

So please welcome Rakan
as the co-CEO of Alpha

and the newest member of our IPO team.

Rakan.

We're really pleased with this news.

But, Ms. Sabiha, this won't affect
the valuation as much as you might think.

I have more news.

Alpha's been pursuing
a secret contract for four years.

Mom hid this information.

She feared it might affect
your perception of our IPO,

in case the deal fell through.

But we won. We didn't lose.

That means we all won.

This is a… a unique contract

and a historic contract.

Therefore, it will change
you bank's initial valuation.

In fact, our company's value
will be the value of an island.

A whole island.

Imagine with me,
restaurants, hotels, movie theaters,

tourism and entertainment venues…

[sighs] You can call this place Utopia.

[chuckles]

Failaka's history dates back
over 4,000 years.

Its ruins date back
to Alexander the Great.

Keep in mind the value that these ruins
will add to the Alpha project.

Not to mention,

the value Alpha will add
to our heritage in a project like this.

You said the island's uninhabited,
but I saw some people while coming in.

Yeah, there are a few people.
They've lived here for years.

What happens to them
when you build your Utopia?

We compensate them.

It's a win-win.

This project is a government contract.

It poses risks to the bank… and me.

But I think
that the Failaka project is great.

It could reduce the risks.

But being great
makes it easy to overvalue, right?

A good valuation reduces risks.

Start tomorrow.

Hi, Munier. Tell me,
is your stomach still upset or, uh…

[chuckles]

[laughs]

The new ATM drives them mad.

[Walid] Okay.

Pull it out and put it in again.
Is it working?

Farida. Munira.

Come. Come. Make it quick, man.

This is… What is it called?
Your ATM cards. They arrived by mail.

While you were out yachting,
you didn't hear.

They became yacht masters.

What? You checked our mail?

Yeah, you're never at your desks.

-Do you miss us?
-Oh, I can't even tell you how much.

Do it, dude. It's not out.

-[Walid] No.
-Come on, dude.

You've been working on it for hours.

What's the problem?

The guys have completely
ruined the machine.

-It's a very moody one.
-Yes, right, right, right.

-Yes!
-[all] Yay!

Don't act like idiots,
or I won't invest with you.

Invest? What investment?

Are you serious?

Why don't you get a microphone
and tell everyone? What's this?

It stays between us.

We don't want Amir
to accuse us of slacking.

Accuse you.

Listen. Listen, Miss Farida,

your cousin has agreed
to open a side business with us.

She'll invest with us and help us.

Wonderful. Munira will help you?

I'm not helping them.

I'm just making money off them.

But I'm not in yet.

And why didn't you guys ask me to join?

-[Munira] Oh.
-[Hasan and Walid] Mmm…

Your hands are full with the IPO.

Actually, Farida, we need more investment.

Think about the growth potential.

We're a team, after all.
We'll work together.

We're one team,
but you decided not to tell me.

-But you--
-Munira. Farida.

Mr. Amir wants you upstairs.
Come with me, please.

I hope you're feeling fresh
and energetic and ready to work

after our adventure.

Sabiha and Rakan
brought the research on Failaka,

which took 4 years.

Please work on it so we can present
the new valuation tomorrow.

Tomorrow?

Okay then, I'll leave you to it.

[Sabiha] I hope
that thinking about the Failaka project

yields a valuation that's okay this time.

[Farida] Um… do you have
a specific number in mind?

Ninety-three million.

This is a huge number.

It's higher than the valuation
of most banks in Kuwait,

including our bank.

It feels good
when you say it out loud, right?

I doubt that the research says
if the co-chairman of Alpha Corporation

will be able to manage
such a unique project.

You think I can't, right?

It's not just my opinion,
but investors might think so.

ALPHA "FAILAKA" STUDIES

Six hours of work.

What do I make of this daft valuation?

The land's so fertile and excellent.

And the plans… mmm… are visionary.

But Alpha's revenue forecast
is very exaggerated.

I have a hunch that Sabiha's


[scoffs] And I say
that you're flattering Sabiha.

She earned it.

And Rakan did too.

[laughs]

Besides, I know that she's playing us.

Yeah.

Mmm, don't get me wrong.

I deserve her attention,
and frankly I enjoy it.

-But I get it.
-Mmm.

See, I'm really interested
in the Failaka project. I like it.

I know how to spot a good investment.

Mmm, like your investment
with Hasan and Walid?

Mmm.

I know I won't get rich from it.

But I'll make some money.

Let me show you the store.

What's the store? Cassette tapes?

Not just any store. It's Tarabesque!

-The first dream.
-Weird.

Yes, bear in mind,
we're very good at finance.

But this is our true passion,
the music industry.

We've been saving money for three years.

And now for the final surprise.

We have something truly unique. Umish!

Umish, come here. Come here.

English, Bollywood,
Indian, classical music…

He plays the flute,
and he manages the place.

-A know-it-all.
-[Munira] Yes.

[Hasan] We brought him to you,
right in front of you.

Michael Jackson, James Brown,
the Bee Gees, and above all, Bob Marley.

♪ No woman, no cry ♪

-[Hasan] Wow!
-[Munira chuckles]

[men] ♪ No woman, no cry ♪

And for us not to cry,
we need from you 2,000 KD.

Okay, I am willing to pay half.

That's if Faroudty pays the other half.

What do you say, cousin?

Not sure, Munier.

One thousand?

Come on, it's a fraction
of the IPO team bonus.

Okay, what do you expect?
What's the profit?

You misread the situation.

This place may not bring huge profits.

But the 1,000 dinars will allow us
to be business owners.

[dramatic music playing]

[thunder rumbles]

-Hi.
-[Omar] See, Mom?

-[woman] Mmm.
-She's late for the training session.

Yeah, I see.

[Omar] She's distracted by her work.

[horse whinnies]

Nice to see you, Um Omar.

Excuse me.
I'll go get some coffee. You want some?

No. I want a word.

The example you're setting for Jude
is not okay.

Working with men
and thinking you're a businessman?

No, dear.

Focus on Jude.

It's your duty as a mother.

Yes, of course. Jude always comes first.

Then don't do all those things
that'll end up hurting your daughter.

I'm only trying to prove
that I'm able to take care of myself.

What kind of mother are you?

Me? I'm a divorcée raising a child alone.

Riding lessons are good, huh?

But I take care
of all my daughter's needs.

By the way,
I might invest in a new business.

Even more potential.

And soon, I'll be independent
and will not need anyone.

[chuckles] Yes.

It's funny, isn't it?

A mom has 50 fill-ins.

Like I said before, be careful of me.

Watch out.

-Hi.
-Hi.

-Hi. You're Rose, right?
-Yes.

I heard a lot about you from Jude.
How are you?

-All good. What about you?
-All good.

Oh, sorry.

This is Um Omar, Jude's grandmother.

[chuckles]

Dear, I know Rose and her mother,
a lifetime friend.

[Farida] That's great.

Uh, I saw you drive up earlier.

Your car looks very expensive.

[chuckles]

Honey, don't be fooled.

-[Farida clears throat]
-It's her cousin's car.

She must have given it to her out of pity.

[chuckles] Oh, wow.

No, Auntie. I bought it with my own money.

I thought Munira gave you the car?

Mama! She gave it to me
at a really good price

because she's my cousin. [chuckles]

By the way, I love how shiny it is.

Well, it just gets us
where we need to go, huh?

[knock on door]

Yeah, sure.

Wow.

Working this late?

Just like your dad.

[Munira scoffs]

I got you something.

Open it.

[Munira sighs]

[gasps]

This necklace was a gift from Mama Habiba.

Today, I'm giving it to you.

The one I was crying for when I was a kid?

[chuckles]

You were always crying.

But you used to tell me
it was pricey and I shouldn't touch it.

Yes, but I said one day
I'll give it to you. Didn't it?

[emotional music playing]

Who is the man Dad chose?

I don't know the man. He's, uh…
he's your father's business associate.

So I thought, if you meet him tomorrow,
why not wear the necklace?

Why didn't you give it to me
last time with Saud?

Because, as you said, you weren't engaged.

[somber music playing]

Tell me this.

You took the diamond necklace
from Mama Habiba

the day you married Omar, right?

My mom got the diamonds.
Yours got the rubies.

They think they can buy us off.

[Munira sighs]

What's wrong?

Nothing.

I'm grateful
the valuation will be done soon.

Huh.

Stay out of the presentation.

It's tricky.

Let me handle them.

[elevator doors open]

[Amir] We agree the Failaka project

massively increased
the valuation potential.

But it also caused chaos in the valuation.

I'm sure that the new potential we have

will clear the chaos.

I'm pleased to tell you

our valuation of Alpha
has gone up with recent news.

[suspenseful music playing]

Eighty-eight million dinars.

I think I was quite clear with your team.

This number is not enough.

I understand.

This is the best we can do.

Okay then.

We'll take the IPO to Virtue.

That will delay the process
at least three months.

What is three months?

Nothing

compared to the real value

that I know I am worth.

Okay. Hang on.

[Amir] Hmm.

What if

we raised it by 2%?

Four.

Uh…

Sorry.

You said, "Make your voice heard."

So I have to say that, uh,

there's no guarantee Failaka
will achieve what you want for the IPO.

Fine.

Let's meet in the middle,



[sighs]

[whispers] Well done.

Goodbye.

Ms. Sabiha.

I'm so sorry.
I hope you don't mind that I---

I told you not to apologize.

Like is said before, always speak up.

You were strong.

Let's dine at the tower tonight

and have a talk.

[chuckles softly]

[Farida humming]

[sighs]

I'm in. I'll do it.

Guys,

I really want to start my own business
and see it grow, just like Sabiha.

Okay, you got the money?

No, I just made the decision.

The bank is closed.

We'll see the importer in an hour.

Cut it out.
You haven't even gotten Munira's half yet.

[Walid chuckles]

Munira gave us her half already

because she knew
you'd come on board, my dear.

-Hmm.
-[Hasan] Mm-hmm.

Go get it.

TOGETHER FOR A BRIGHT FUTURE

[curious music playing]

[gasps]

My cash!

Guys!

[Jude] Wow!

Well, where to?

[chuckles] I have a work dinner.

More work?

Why? So you can spend more
on your expensive car?

Do you know why your mom works this hard?

Because she started from scratch.

Jude, I know that a few things upset you.

But we're fine dear. We're good.

And things are looking up, honey.
Believe me.

I was just giving Jude a history lesson.

[Farida chuckles]

Show me. Show me.

You know, when I was a little kid,

my dad worked at a stable.

And when he came home, tired from work,

he used to hug me.

But he smelled like a horse.

[chuckles]

[Adeeb] But what do I do?

All that I ever wanted
was to ride a horse.

But after a while,
I started working with my dad,

and I smelled just like him.

-[all chuckle]
-Totally.

But now, it reminds me that hard work
is as valuable as heirlooms.

I'll get my bag.

[curious music playing]

[phone rings]

[Hasan] Walid, answer the phone.
I'm going to repair this.

Hello?

Listen, as a shareholder in Tarabesque,
I have a request.

-Hassan.
-What?

-A shareholder request.
-Which one of them?

It's Miss Farida.

Hello?

[grunts] Hello. What do you want?

Hire my daughter in the shop.

But she's young.

So what? That means she'll work hard.

Do we have to pay her?

Walid, of course, you have to pay her.

[Khawlah] Honey, are you ready?

No.

No, I'm not ready.

[exhales]

Now I'm ready. [sighs]

Hurry up. He's waiting.

[man] Hello.

Here comes the prettiest girl.

Hello.

Munira, meet my friend, Qassar.

[somber music playing]

[chuckles]

[elevator dings]

Sorry. Am I late?

No.

I came early. Please.

In fact,

I never apologize.

But tonight,

I apologize.

What? Apologize? What for?

It seems you got all my signals wrong.

I'm not your friend.

Or your mentor.

I'm a client at the bank.

I asked Munira to join the IPO team.

But Amir is the one
who brought you to the team.

I don't know what exactly you did
to deserve such a chance.

You totally misunderstood
my interest in you.

I… uh, uh…

I'm just…

I'm not sure what you mean?

Amir

was going to agree to 4%,

up until you spoke up.

You cost me 1%.

Listen, I know
it will be difficult for you.

But I'll be kind to you.

Either you choose to leave the team,

or I'll ask them
to remove you immediately.

[breathes shakily]

Try the escalope. It's yummy.

There's no bones in it.

[tense music playing]

[theme music playing]