Borouge sets leadership vision as chemical firm awaits merger nod

Borouge Group International, the $60 billion Emirati-Austrian chemical giant created last month, is cooking up plans to lead the industry as it awaits EU regulatory approval.

“As we embark on a new era of transformative growth, [BGI] will be a global petrochemical powerhouse – combining scale, resilience and innovation,” Dr. Sultan Al Jaber, Chairman of Borouge, which is slated to merge with Vienna-based OMV’s Borealis unit, told shareholders on Monday.

Al Jaber, who is also Group CEO of ADNOC and the UAE Minister of Industry and Advanced Technology, said BGI plans to distribute a $2.2 billion annual dividend for at least four years after the deal’s closing, which is expected in 2026.

“Simply put, ADNOC and OMV are building a bigger, stronger, growth-orientated company that is focussed on delivering superior total shareholder returns to our investors,” Al Jaber said.

NEOM replaces CEO amid megaproject’s delays, rising costs

Saudi Arabia’s banner NEOM project is getting a management shake-up.

The Public Investment Fund-owned company running the kingdom’s $500 billion development along the Red Sea coast announced the departure on Tuesday of CEO Nadhmi al-Nasr.

The move follows months of reports on rising costs and delays for the megaproject, which aims to build a 110-mile linear city called The Line for 9 million people and has been a centerpiece of Crown Prince Mohammed bin Salman’s Vision 2030 blueprint for modernizing the Saudi economy.

Aiman al-Mudaifer, the head of PIF’s Local Real Estate Division since 2018, was named as NEOM’s acting CEO. “As NEOM enters a new phase of delivery, this new leadership will ensure operational continuity, agility and efficiency to match the overall vision and objectives of the project,” the company said in a statement.

In his role at PIF, Al-Mudaifer oversees all local real estate investments and infrastructure projects, and he is a board member of several prominent companies in the kingdom.

While changing seats at the top, NEOM also announced on Tuesday that it has hired three international consultants for city planning, design and engineering roles connected to The Line. The firms are Austria’s Delugan Missl Associate Architects, San Francisco-based Gensler and Mott MacDonald in the U.K.