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.
GITEX was a whirlwind – What should I do now to follow up?
GITEX was a behemoth conference that welcomed 6,000 delegates and over 100,000 visitors to Dubai last week. Those who participated found a whirlwind of innovation, tech insights, and networking, but the real magic happens after the event – when you follow up.
If you’re wondering how to turn those connections into new opportunities, here’s a quick guide on best practices after getting home from the investment extravaganza.
The golden rule is don’t wait too long. Ideally, you should reach out within 48 to 72 hours of the event while the conversation is still fresh in everyone’s mind. On the other hand, huge conferences put you together with so many people that follow-up can be a bit different.
Given the amount of time required to attend the conference and then travel back home, folks are pretty waterlogged until midweek with catching up from what they missed, and there’s a decent chance your message will fall into the “respond later” category.
Try to target follow-up for a 10-day window from the end of the conference so the connection is still recent but you haven’t bombarded your new contacts as soon as they are back online. Additionally, put a reminder on your calendar for three days after you’ve sent these notes to ping anyone who hasn’t responded.
Follow-up Tips
1. Personalize Your Message: Refer to a specific detail from your conversation – whether it’s about their business, a shared interest, or a session you both attended. This makes your follow-up feel more genuine and thoughtful.
2. Keep It Short and Sweet: People are busy so get to the point quickly. Your follow-up should be friendly, clear, and concise. Don’t overwhelm them with too much information at once.
3. Offer Value: When possible, offer something valuable in your message, whether it’s a relevant article, a connection they might benefit from, or simply the next steps for continuing your discussion. Make it about them, not just you.
4. Connect on LinkedIn: If you haven’t already, connect with them on LinkedIn. Send a brief message mentioning where you met and express excitement about staying in touch.
5. Follow Up on Promises: If you promised to send more information, do it. Send the presentation, the additional info, or the proposal as promised. Being reliable goes a long way in building trust.
Email Follow-up Template
Let’s make this easy – here is an email template you can edit to your liking:
Subject: Great meeting you at GITEX!
Hi [Name],
It was a pleasure meeting you at GITEX! I really enjoyed our chat about [specific topic]. I’d love to explore how we can collaborate further. Let me know if you’re available for a quick call in the next week.
Looking forward to staying connected!
Best,
[Your Name]
Planning for Next Year
GITEX 2025 might seem far away, but the best time to start planning is now! Take notes on what worked this year and what didn’t. Did you attend enough sessions? Did you focus on the right networking opportunities? Start setting your goals for next year based on this experience.
It’s also worth revisiting the connections you made periodically throughout the year. You don’t need to wait until GITEX 2025 to reconnect – check in periodically to see how things are progressing in their world, and you’ll find yourself in a much better position when the next GITEX rolls around.
Remember, successful networking is about nurturing relationships. Your follow-up is where the seeds planted last week at GITEX start to grow.
The Daily Circuit: Capturing carbon in Oman + UAE cabinet shake-up
👋 Hello from the Middle East!
Today in The Daily Circuit, we’re looking at a big Cabinet shake-up in the UAE, Gulf IPO fundraising in the first half of 2024, Mubadala’s effort to sell a Brazilian iron ore terminal and a $30 million dinosaur fossil purchase by the yet-to-open Abu Dhabi Natural History Museum. But first, Oman is out front in the developing technology of mineralization.
Omani carbon capture startup 44.01 has landed a fresh round of funding as it looks to commercialize its solution in the UAE and Oman — where it has completed pilot projects — to turn CO2 into rock and trap it under the Earth’s surface. The firm, already backed by Sam Altman’s Apollo Projects, secured $37 million in Series A funding from a group of investors led by the UAE’s Shorooq Partners and Equinor Ventures. Other investors in the round include Amazon’s Climate Pledge Fund and Bill Gates’ Breakthrough Energy Ventures.
44.01 declined to comment to The Circuit on how this round values the four-year-old company, but a spokesman said the next two years will be focused on delivering larger, commercial-scale projects and continuing to refine its technology. With 50 people on staff across offices in Muscat, Abu Dhabi and London, 44.01 will “as much as double our headcount in the next two years” in engineering and research, the spokesman said. The company also plans to court clients working on carbon removal technologies and so-called “hard-to-abate” industries like steel and cement manufacturing.
Carbon dioxide can turn to rock naturally in a process called mineralization when absorbed by a certain kind of rock. 44.01, named after the molecular mass of CO2, has techniques to massively speed that process up – from decades to less than a year. Part of the firm’s sales pitch is that rock formations capable of mineralizing and sequestering carbon dioxide are found on every continent, making it a transferrable solution worldwide.
“Our investors bring a wealth of international expertise and experience that will help us to accelerate our development and ultimately mineralize CO2 at scale worldwide,” Talal Hasan, Founder and CEO of 44.01, said. “We believe mineralization can play a significant role in protecting and repairing our climate.”
UAE residents woke up Sunday morning to a big cabinet reshuffle in the federal government. Following approval from President Sheikh Mohamed bin Zayed, Vice President and Prime Minister Sheikh Mohammed bin Rashid announced the new cabinet, appointing his son Sheikh Hamdan bin Mohammed as Deputy Prime Minister and Minister of Defense, marking his first roles in the national government. Foreign Minister Sheikh Abdullah bin Zayed was also named a Deputy Prime Minister. In recent years, Sheikh Hamdan, often referred to as “Fazza” – he can be found @Faz3 on Instagram, where he has over 16 million followers – has taken on a more public role in the running of the emirate of Dubai, where his father is ruler. A newly created post of Minister of State for Entrepreneurship has gone to Alia Abdullah Al Mazrouei, herself an entrepreneur and CEO of the Khalifa Fund for Enterprise Development, according to her Linkedin profile.
IPO FEVER
IPO fundraising jumped in Saudi Arabia during the first half of 2024 while slowing in other Gulf markets compared to the same period. Saudi companies raised $2.1 billion in 19 offerings, a 141% increase from the first half of 2023, according to Markaz, the Kuwait Financial Centre. The largest IPO in the region during the first half of the year was Dr. Soliman Abdulkader Fakeeh Hospital Co., which raised $764 million on the Tadawul Stock Exchange on June 4. Across the GCC, the value of IPOs declined 32% to $3.6 billion during the first half of 2024, compared to $5.3 billion in the same period last yearyear-ago period, Markaz said. The UAE’s three IPOs during the first half raised $1.3 billion, down 67% percent from 2023. Alef Education led the UAE with an offering on the ADX that raised $515 million on June 11.
💲 Sovereign Circuit
Public Investment Fund: Saudi Arabia’s sovereign wealth fund has picked banks JP Morgan and Morgan Stanley for the planned IPO of the kingdom’s largest medical procurement firm, Nupco, Bloomberg reports. The fund is also close to a deal with China’s second-largest wind turbine manufacturer, Envision Energy Co., to develop a plant in the kingdom, Bloomberg reports. Meanwhile, the PIF and the Reuben brothers have bought up the minority shareholding in Newcastle United football club held by Amanda Staveley. Newcastle said on Friday that the PIF and the U.K. businessmen’s RB Sports & Media would buy the shares held by Staveley’s PCP Capital Partners, bringing the PIF’s ownership to 85% with the Reubens holding the remaining 15% stake. In domestic sports news, the Diriyah Co., owned by the PIF, has taken control of Al-Diriyah Football Club with a new board of directors chaired by Crown Prince Mohammed bin Salman.
International Holding Co.: Syed Basar Shueb, Abu Dhabi-based IHC’s CEO and Managing Director, was appointed Chairman of IHC-backed Multiply Group, an investment group with interests ranging from energy and mobility to media.
Mubadala: The fund is looking to sell a Brazilian iron ore terminal it acquired with Trafigura Group in 2014, Bloomberg reports. Mina Hahmoodihas been named Head of Mubadala Health, the healthcare management and investment arm of the Abu Dhabi sovereign wealth fund. The 15-year veteran of the fund also serves on the board of directors at the Mubadala-backed Cleveland Clinic Abu Dhabi. Donald Tang, the Shanghai-born Executive Chair of Mubadala-backed Shein is profiled in the Financial Times as he leads the London IPO of the fast-fashion retailer.
Qatar Investment Authority: The QIA has joined Mubadala in investing in a new transportation equipment-focused fund from U.S. private equity firm I Squared Capital that has raised more than $600 million from investors, Bloomberg reports.
↪↩ Closing Circuit
🇪🇬 Drilling Down: Egypt plans to invest $1.2 billion to drill 110 exploratory gas and oil wells during the current financial year, Minister of Petroleum and Mineral Resources Karim Badawi told a parliamentary committee on Sunday.
⛽ Pipeline Network: ADNOC Gas has awarded $550 million in contracts for the next phase of expanding the UAE’s natural gas pipeline network. The engineering, procurement and construction contracts were given to NMDC Energy and Galfar Engineering & Contracting.
🤝 A is for Acquisition: Wiz, an Israeli cybersecurity startup headquartered in New York specializing in cloud networks, is in talks with Google’s parent company Alphabet to be acquired for a reported $23 billion, which would be the Mountain View, Calif.-based company’s largest acquisition in history.
🗣 Circuit Chatter
🛢️ Oil Discovery: Kuwait Oil Co. said it has discovered “huge commercial amounts” of light oil and associated gas in an offshore field as it explores for new sources of fuel and plans to increase production.
💸 Gulf Outpost: Thailand is planning to open an investment office in Saudi Arabia as the two nations discuss new steps to increase trade and investment between them.
💰 Seeking Investors: Iraq has unveiled a campaign to attract Egyptian and Saudi investment for five new cities in Baghdad and other governorates, as part of efforts to address the country’s growing housing shortage.
🦖Dinosaur Demand: Prices for dinosaur fossils sold at Sotheby’s and other auction houses are booming, stoked by deep-pocketed institutions such as the yet-to-be opened Abu Dhabi Natural History Museum, which spent more than $30 million on Stan the T-Rex, the Financial Times reports
💰 Money Moves: 360 ONE WAM, one of India’s largest wealth managers, is planning to open an office in Dubai to capitalize on the Indian diaspora there, Bloomberg reports.
🌍 Power Circuit
Abu Dhabi Crown Prince Sheikh Khaled bin Mohamedwitnessed the signing today of an agreement between ADNOC and Mubadala Investment Co. to enhance levels of cooperation in UAE national talent development.
Jordan’s King Abdullah IImet with a long lineup of American executives on the sidelines of the Sun Valley economic forum last week including Amazon Founder and Executive Chairman Jeff Bezos; Walmart CEO Doug McMillon; Sony Chairman and CEO Kenichiro Yoshida; Mayo Clinic President and CEO Gianrico Farrugia; and ARM CEO Rene Haas.
➿ On the Circuit
Steve Kerr, Head Coach of Team USA’s men’s basketball team, which is preparing for the Olympics with exhibition games this week in Abu Dhabi, called the assassination attempt on former President Donald Trump a “demoralizing day for our country.” The coach’s father, Malcolm Kerr, was shot dead in 1984 in Beirut, Lebanon, when he was President of the American University of Beirut.
Martina Strong, U.S. Ambassador to the UAE, and Embassy Marine guards attended a training session at NYU Abu Dhabi on Sunday as Team USA prepares to take on Australia tonight at Etihad Arena.
🎶 Culture Circuit
🛶 Floating Relic: Zayed National Museum has rebuilt a 4,000-year-old boat, which has been spotted cruising along the coast off Abu Dhabi’s Mamsha Al Saadiyat beach. The 18-meter-long Bronze Age vessel, built using reeds and date palm fiber ropes, was sailed for a two-day voyage, recreating a chapter from the UAE’s ancient past as part of a project involving researchers from NYU Abu Dhabi and Zayed University.
📷 Photo of the Day
Team USA’s men’s basketball team is welcomed to Abu Dhabi by Mohamed Khalifa Al Mubarak, Chairman of the Department of Culture and Tourism, on Monday ahead of the USA Basketball Showcase taking place at Etihad Arena on Yas Island this evening. (Photo: Department of Culture and Tourism Abu Dhabi / X)
🗓️ Ahead on The Circuit
July 2-Aug. 25, Riyadh, Saudi Arabia: Esports World Cup. An international competition for professional gamers with a $60 million prize pot. Boulevard City.
July 15-17, Abu Dhabi, UAE: USA Basketball Showcase. The 2024 USA Basketball Men’s National Team will host the national teams of Australia and Serbia for three matches. Etihad Arena.
July 15-26, Granada, Spain: ADIA Lab International Summer School. A course of lectures and case studies to explore the critical role of trust and safety in AI, examining the ethical, technical and societal implications of AI applications. University of Granada.
July 16-19, Aspen, Colo.: Aspen Security Forum. Pentagon leaders, defense contractors and security officials from around the world meet for a four-day conference. Aspen Institute.
July 27-Aug. 4, Washington D.C. Mubadala Citi DC Open. Tennis tournament featuring nine of the world’s top 20 players. Rock Creek Park.
Aug. 12-15, Riyadh, Saudi Arabia: Saudi Food Expo. One of the kingdom’s largest trade shows for the food & beverage industry. Riyadh Front Exhibitions.
Sep. 30-Oct. 2, Dubai, UAE: Future Hospitality Summit. The global conference for leaders in the hospitality industry expands this year at a new location with dedicated space for ESG planning, country pavilions and a larger exhibition area. Madinat Jumeirah.
