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NEOM Forms its Global Advisory Board

Visitors watch a 3D presentation during an exhibition on NEOM in Riyadh. (Reuters)
Visitors watch a 3D presentation during an exhibition on NEOM in Riyadh. (Reuters)
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NEOM Forms its Global Advisory Board

Visitors watch a 3D presentation during an exhibition on NEOM in Riyadh. (Reuters)
Visitors watch a 3D presentation during an exhibition on NEOM in Riyadh. (Reuters)

NEOM, the destination for the future of living being developed in the Northwest of Saudi Arabia, announced on Tuesday its global Advisory Board. The Board brings together experts in key sectors to provide industry insight, advise on key milestones and forge strategic connections for NEOM.

Nadhmi Al-Nasr, CEO of NEOM, said: “We welcome the global and diverse expertise of the Advisory Board and are confident that each of them will make huge contributions to the development of NEOM. The Advisory Board will help shape NEOM’s future through its detailed knowledge and connections with potential long-term strategic partners.”

The members of the Advisory Board come from backgrounds in urban planning, architecture, design, technology, sustainability, energy and manufacturing. Those members have previously been engaged with NEOM in a meeting held in New York, USA in August 2018 to review NEOM’s strategy and discuss updates on the project.

Each of the Advisory Board members has been carefully chosen for their expertise and has demonstrated relevant experience, a global business background, familiarity with large-scale projects, senior board-level roles, international influence and enthusiasm for the aims of NEOM.

The members of the Advisory Board are:

- Sam Altman, President of YC Group and Co-Chairman of Open AI. Altman is an American entrepreneur, investor, programmer and blogger. He was named the top investor under 30 by Forbes in 2015 and one of the "Best Young Entrepreneurs in Technology" by Businessweek in 2008. Altman is also the Chairman of two energy companies, Helion and Oklo.

- Marc Andreessen, Co-Founder and General Partner of Andreessen Horowitz. Andreessen is a pioneer in the tech world. He founded software companies like Opsware, Mosaic, Netscape and Ning. Andreessen sits on the board of directors of Facebook, eBay and Hewlett Packard Enterprise among others. Andreessen was one of six inductees in the World Wide Web Hall of Fame announced at the First International Conference on the World-Wide Web in 1994.

- Tim Brown, CEO and President of IDEO. IDEO focuses on the value of design thinking to business people and designers. Brown discusses this around the world, including at the World Economic Forum in Davos and through TED Talks. He is an industrial designer by training and has earned numerous design awards, as well as advising senior business leaders.

- Timothy Collins, Founder and CEO of Ripplewood Advisors, L.L.C. Collins founded investment firm Ripplewood in 1995, with previous experience at Onex Corporation, Lazard Freres & Company, Booz Allen Hamilton and Cummins Engine Company. He has served on a number of corporate boards and is currently Chairman of the Yale SOM Advisory Board.

- Alexandra Cousteau, Senior Advisor to Oceana. Cousteau is an expert in environmental issues and is currently a National Geographic Emerging Explorer, filmmaker and global oceans expert.

- Dan Doctoroff, Founder and CEO of Sidewalk Labs. Before taking over Sidewalk Labs, Doctoroff was President and CEO of Bloomberg L.P., with previous roles including Deputy Mayor for Economic Development and Rebuilding in New York and Managing Partner of Oak Hill Capital Partners. He serves on the boards of the University of Chicago, World Resources Institute, the US Olympic Committee, Bloomberg Philanthropies and Human Rights First. He also helped found several charitable organizations.

- Lord Norman Foster, Founder and Executive Chairman of Foster + Partners. Foster + Partners is a global studio for architecture, urbanism and design. Notable projects include Reichstag in Berlin, the Great Court of British Museum, Boston Museum of Fine Arts, Headquarters of Apple, Bloomberg and Comcast and airports in Hong Kong and Beijing. He is also the President of the Norman Foster Foundation.

- Jean Fréchet, Distinguished Professor of Chemistry. Fréchet is a Professor emeritus at the University of California, Berkeley and Vice President for Research at the King Abdullah University of Science and Technology (KAUST), Saudi Arabia. He is a leader in developing strategies and managing resources to support interdisciplinary, collaborative research bridging science and engineering. Professor Fréchet is the author of over 800 publications with more than 106,000 citations and 200 patents.

- Travis Kalanick, CEO of City Storage Systems, a holding company focused on redeveloping real estate assets to fuel urban job creation and neighborhood rejuvenation. Kalanick is also Co-Founder and former CEO of Uber. During his seven years leading Uber, the company grew to operate in more than 70 countries, employed over 15,000 people and provided 3 million drivers with flexible work opportunities to complete over 5 billion rider trips. Prior to Uber, he founded Red Swoosh, a networking software company.

- Neelie Kroes, Former Vice President of the European Commission. Neelie is a former EU Commissioner, the first term as EU Commissioner for Competition Policy and the second term as Commissioner in charge of the Digital Agenda for Europe. In the last term, she was also Vice President of the European Commission. Before that, Neelie Kroes was Minister for Transport, Public Works and Telecommunication in the Netherlands. Currently, she serves on various international company boards.

- Andrew Liveris, Former Chairman and CEO of Dow Chemical and Executive Chairman of DowDuPont. Liveris ran Dow, a producer and marketer of chemical, materials, plastics and specialty chemicals for over 14 years and was responsible for transforming Dow and DuPont into the largest chemical company in the world. He has advised two US presidents, written a seminal book on the criticality of manufacturing to economic development and is on the boards of Saudi Aramco, WorleyParsons and IBM, and an advisor to the Public Investment Fund of Saudi Arabia.

- Ernest J. Moniz, President and CEO of the Energy Futures Initiative. Moniz served as the 13th United States Secretary of Energy from 2013 to January 2017. He is the Cecil and Ida Green Professor of Physics and Engineering Systems emeritus and Special Advisor to the MIT President. Dr. Moniz is CEO of the Nuclear Threat Initiative and of the Energy Futures Initiative and the inaugural Distinguished Fellow of the Emerson Collective.

- Marc Raibert, Founder and CEO of Boston Dynamics. Raibert leads the development of some of the world's most advanced robots. Before founding Boston Dynamics in 1992, he was a professor at MIT and Carnegie Mellon University, and is a member of the US National Academy of Engineering.

- Carlo Ratti, Professor of Urban Technologies and Planning Director at MIT’s Senseable City Lab. Ratti is an architect and engineer by training and currently teaches at MIT. He has co-authored over 500 publications and patents.

- John Rossant, Founder and Chairman at the NewCities Foundation. Rossant founded the NewCities Foundation in 2010 with an aim to shape the future of urban projects. He was previously responsible for the production of global forums, such as the e-G8 in Paris and the World Economic Forum in Davos and is also the CEO and Chief Curator of LA CoMotion, the annual conference and event on future mobility. He is a board member of the Fondation Tocqueville in Paris and Humanity in Action in New York.

- Masayoshi Son, Chairman and CEO of SoftBank Group Corp. Son founded SoftBank, a global technology company that aspires to drive the Information Revolution in 1981 and has expanded its business to cover a range of technologies, including telecommunications, AI, smart robotics, IoT and clean energy. In 2017, SoftBank announced the first major close of the SoftBank Vision Fund to support the transformational companies at the forefront of the Information Revolution.

- Rob Speyer, President and CEO of Tishman Speyer. Speyer has grown Tishman Speyer into a leading global real estate company with $50 billion in assets. He is the Chairman of the Advisory Board of the Mayor’s Fund to Advance New York City, and in 2013 became the youngest-ever Chairman of the Real Estate Board of New York. He currently serves on the advisory council of EXOR as well as several charitable ventures.

- Peter R. Voser, Chairman of ABB Group. Before taking up his position as Chairman of the Board of technology giant ABB, Voser served as CEO at Shell, amongst other positions with the company. He currently serves as a board member at Roche, IBM and Temasek, as well as several non-profit organizations.

Additional members of the Advisory Board will be announced as they are appointed.

NEOM’s emphasis on sustainability and innovation makes it a core pillar of Vision 2030, Saudi Arabia’s ambitious blueprint to diversify its economy and enable wider societal transformation. NEOM forms part of the Saudi Giga-Projects Investment Pool for the Public Investment Fund (PIF) of Saudi Arabia. The giga-projects are integrated economic ecosystems that will support the economic transformation of the Kingdom and act as a catalyst for investment across various sectors, and in addition to NEOM include The Red Sea Project, and Qiddiya.

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Business

Saudi Renewable Energy Moves from Initiatives to Expansion

A solar panel project in Saudi Arabia. (SPA)
A solar panel project in Saudi Arabia. (SPA)
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Saudi Renewable Energy Moves from Initiatives to Expansion

A solar panel project in Saudi Arabia. (SPA)
A solar panel project in Saudi Arabia. (SPA)

Saudi Arabia’s renewable energy sector is accelerating its shift from launching initiatives to large-scale operations and expansion, with operational project capacity jumping 88 percent in 2025 to reach 12.313 gigawatts by year-end.

Investment in existing projects exceeded SAR 36 billion ($9.6 billion), reflecting the sector’s growing scale as the Kingdom works to diversify its energy mix and increase the use of renewable energy sources.

According to the latest data from the General Authority for Statistics (GASTAT), 15 renewable energy projects were operational in the Kingdom by the end of 2025.

Specialists said faster project implementation and rising investment in clean technologies are paving the way for further expansion in the coming years, encompassing solar and wind power and green hydrogen, alongside growth in related industries and the localization of supply chains and specialized workforce capabilities.

The figures are part of the authority’s "Raqam Saudi" ("Saudi Number") initiative, which highlights national statistics and indicators and their significance for economic, social and development trends.

Historic transformation

Majid Refae, chairman of the Saudi Polytechnic Institute for Renewable Energy (SPIRE), described the sector as undergoing an unprecedented qualitative transformation in the Kingdom’s modern economic history.

He said the shift goes beyond the growing scale of investment projects to include exceptionally rapid implementation, a more mature regulatory and administrative framework, and greater integration of the infrastructure needed to support the emerging industry.

Refae underlined that the indicators clearly reflect Saudi Arabia’s move from the stage of launching initial initiatives to an advanced phase of operating the renewable energy system on a broad and practical scale, demonstrating greater maturity in implementation and planning capabilities.

He attributed the momentum to three main drivers working in tandem: faster implementation of projects under the National Renewable Energy Program, expanding domestic and international investment in clean technologies, and the Kingdom’s achievement of world-leading levels of competitiveness.

Taken together, he said, these developments confirm that Saudi Arabia has established itself as a major player in the global renewable energy market.

The transformation is being pursued through a strategy led by the Ministry of Energy in cooperation with the Public Investment Fund (PIF) and based on developing projects, infrastructure and local capabilities needed for the sector’s growth.

Sustainable economic base

From an industrial and economic perspective, Refae described renewable energy as an important avenue for diversifying the Saudi economy and building a stronger and more sustainable production base.

He pointed to the importance of the current phase, which extends across four interconnected areas: diversifying the economy and creating new sectors, strengthening energy security and the long-term sustainability of supplies, generating environmental and development benefits, and reinforcing the Kingdom’s regional and international standing.

Saudi Arabia now holds an advanced position regionally and globally in areas including production costs, project scale, infrastructure readiness and the development of green hydrogen projects, stressing that those strengths enhance the Kingdom’s attractiveness for cooperation and investment in the next phase, he added.

Refae expects Saudi Arabia to enter a new phase of growth in the sector between 2026 and 2030, driven by major solar and wind projects coming on stream, alongside an expansion in green hydrogen projects for both production and export.

The Kingdom’s stated target is for renewable energy to account for 50 percent of its electricity mix by 2030. Faster project implementation and growing investment, he said, strengthen its ability to achieve that goal.

Given the scale of the targets, government financing alone will not be sufficient, making broader participation by the local private sector and international companies necessary.

Public-private partnerships can attract further investment, draw on global expertise and technology, accelerate project implementation and develop related supply chains, he remarked.

Local manufacturing

Growth in renewable energy projects is also expected to expand supporting industries and services, increasing the importance of localizing the manufacture of key components and parts.

According to Refae, building a domestic manufacturing base would reduce reliance on imports, create jobs and increase value added to the national economy.

Faster project implementation also places greater responsibility on SPIRE to prepare the skilled workforce required by the industry, he noted, stressing that its role "is not limited to training, but carries multiple strategic dimensions."

Institute strategy

Refae said the institute’s main priority is to prepare specialized Saudi professionals capable of operating and maintaining renewable energy projects in line with international standards, while also contributing to knowledge transfer, skills development and innovation.

SPIRE is developing specialized training programs covering solar and wind power, green hydrogen and energy-storage technologies, with an emphasis on practical and applied instruction that links training to the actual needs of projects and the labor market, he revealed.

He noted that the expansion of renewable energy projects gives SPIRE an opportunity to strengthen its role as a platform for developing capabilities, transferring expertise and supporting innovation, rather than serving merely as a conventional training provider.

Refae noted that the growth of the renewable energy sector represents an important opportunity to diversify the economy and create new areas of activity and investment.

Fully capitalizing on that opportunity will require continued investment in Saudi talent, research and development, innovation, and stronger partnerships with domestic and international companies and institutions, he said.

Business

Chinese Inflation Picks up in August but Still Below Target

A man rides a bicycle in the rain in Beijing, Tuesday, Sept. 8, 2026. (AP)
A man rides a bicycle in the rain in Beijing, Tuesday, Sept. 8, 2026. (AP)
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Chinese Inflation Picks up in August but Still Below Target

A man rides a bicycle in the rain in Beijing, Tuesday, Sept. 8, 2026. (AP)
A man rides a bicycle in the rain in Beijing, Tuesday, Sept. 8, 2026. (AP)

China's consumer and producer prices picked up slightly last month but remained below target, official data showed on Wednesday, as the world's second-largest economy grapples with weak domestic demand.

The consumer price index -- a key measure of inflation -- came in at 0.8 percent in August, according to the National Bureau of Statistics (NBS), which was up from 0.5 percent in July and in line with a forecast in a Bloomberg survey of economists.

Beijing has battled a persistent slump in domestic spending since the end of the Covid-19 pandemic.

The CPI has remained below the current target of two percent for more than three years, slipping into negative territory several times during that period.

The weak activity has presented challenges to leaders aiming to maintain growth momentum, even as exports and various high-tech sectors perform strongly.

Prices paid at the factory gate also picked up in August, the NBS figures showed, expanding 3.8 percent year-on-year.

That was faster than July's 3.5 percent and topped the 3.6 percent forecast in the Bloomberg survey.

The readings come day after data showed China's imports and exports surging last month.

Overseas shipments have been boosted this year by heightened global demand for technology products amid the artificial intelligence boom.

Beijing is targeting economic growth of 4.5-5.0 percent this year, a pace that would outstrip most developed economies but rank among the lowest in decades for China.

The economy expanded just 4.3 percent in the second quarter, missing forecasts and representing the weakest pace in more than three years.

Business

Oil Heads for $100, Asia Stocks Subdued as Middle East Tensions Escalate

An aerial view shows storage tanks at the sprawling BP refinery on September 08, 2026 in Whiting, Indiana. (Getty Images/AFP)
An aerial view shows storage tanks at the sprawling BP refinery on September 08, 2026 in Whiting, Indiana. (Getty Images/AFP)
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Oil Heads for $100, Asia Stocks Subdued as Middle East Tensions Escalate

An aerial view shows storage tanks at the sprawling BP refinery on September 08, 2026 in Whiting, Indiana. (Getty Images/AFP)
An aerial view shows storage tanks at the sprawling BP refinery on September 08, 2026 in Whiting, Indiana. (Getty Images/AFP)

Brent crude rallied towards $100 per barrel on Wednesday, keeping the mood in Asian stock markets subdued, as attacks intensified in the Middle East, stoking inflation worries ahead of the release of closely watched US consumer price data.

The yen strengthened towards the nearly seven-month high touched against the dollar on Tuesday as traders exited short positions in the Japanese currency amid expectations for faster Bank of Japan interest rate hikes and a potential rush of repatriation of Japanese capital.

The euro edged higher ahead of the European Central Bank's policy decision on Thursday, with markets widely expecting a hike amid inflationary pressures from the Iran war.

Iranian-backed ‌Houthis in Yemen ‌launched strikes on several Saudi cities on Tuesday, ⁠while US forces hit multiple Iranian oil tankers and Iran struck Jordan.

Oil prices jumped for a fourth straight session on Wednesday, with Brent crude futures rising $1.10 to $99.02 a barrel. US West Texas Intermediate crude was at $93.95 a barrel, up $0.93.

Japan's Nikkei slipped 0.2%, Hong Kong's Hang Seng dropped 0.3% and mainland Chinese blue chips were little changed.

A rebound in chip and AI stocks helped some other regional benchmarks though, with South Korea's KOSPI jumping 1.2% and Taiwan's TAIEX eking out a ⁠0.2% gain.

Overnight, the Philadelphia SE semiconductor index jumped 1.3%, despite declines on ‌Wall Street's three main indexes.

US S&P 500 futures added ‌0.1%, after the cash index sank 0.6% on Tuesday.

Pan-European STOXXX 50 futures fell 0.5%.

"Across several of the major ‌macro markets, we see indecision in the price action -- tight ranges and a general holding/consolidation pattern," ‌Chris Weston, head of research at Pepperstone, wrote in a client note.

Brent crude is currently "one of the clearest real-time signals for sentiment" for the overall market, and $100 "now feels like a highly achievable level," he said.

Inflation worries have weighed on global equities in recent weeks and lifted bond yields as traders price higher odds ‌for central bank tightening.

US CPI data is due on Friday.

Traders assign close to even odds for a quarter-point hike or a hold from ⁠the US Federal Reserve ⁠on Wednesday of next week, while being all but certain of a quarter-point increase from the BOJ two days later.

The yen strengthened around 0.5% to 153.32 per dollar, edging back towards its high of 152.89 from the previous session. It had surged around 4% over the last five sessions, with hawkish comments from BOJ officials ostensibly initiating a move that then snowballed as breaks of key levels triggered additional buying, market players said.

The ECB is all but certain to raise euro zone rates by a quarter point on Thursday. The euro added 0.1% to $1.1634, putting it in the middle of its tight range of the past three weeks.

Sterling was little changed at $1.3552. The Bank of England is due to announce its latest policy decision on Thursday of next week, with economists predicting the key rate will be on hold for the remainder of this year.

The Aussie rose 0.2% to $0.7230. Bitcoin drifted higher to change hands at $79,009.09. Gold gained 0.7% to around $4,385 an ounce.