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.



Deal to Export Oil from Kurdish Region to Continue with No Issues, Kurdish Rudaw Reports

A staff at an oilfield holds the flag of Kurdistan. (X)
A staff at an oilfield holds the flag of Kurdistan. (X)
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Deal to Export Oil from Kurdish Region to Continue with No Issues, Kurdish Rudaw Reports

A staff at an oilfield holds the flag of Kurdistan. (X)
A staff at an oilfield holds the flag of Kurdistan. (X)

Kurdistan broadcaster Rudaw quoted the ​vice president of Iraq's state oil company SOMO as saying ‌on Saturday that ‌the ‌oil ⁠export ​deal ‌between Baghdad and Erbil is set to be renewed with ⁠out issues, Reuters reported.

In September, ‌Iraq restarted ‍the ‍export of ‍oil from its Kurdish region to Türkiye after ​an interruption of more ⁠than two years following a deal between Baghdad and the Kurdish regional government.


Musk Wins Appeal that Restores 2018 Tesla Pay Deal Now Worth about $139 Billion

FILE PHOTO: Elon Musk attends the Breakthrough Prize awards in Los Angeles, California, U.S., April 13, 2024. REUTERS/Mario Anzuoni/File Photo
FILE PHOTO: Elon Musk attends the Breakthrough Prize awards in Los Angeles, California, U.S., April 13, 2024. REUTERS/Mario Anzuoni/File Photo
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Musk Wins Appeal that Restores 2018 Tesla Pay Deal Now Worth about $139 Billion

FILE PHOTO: Elon Musk attends the Breakthrough Prize awards in Los Angeles, California, U.S., April 13, 2024. REUTERS/Mario Anzuoni/File Photo
FILE PHOTO: Elon Musk attends the Breakthrough Prize awards in Los Angeles, California, U.S., April 13, 2024. REUTERS/Mario Anzuoni/File Photo

Elon Musk's 2018 pay package from Tesla, once worth $56 billion, was restored by the Delaware ​Supreme Court on Friday, nearly two years after a lower court struck down the compensation deal as "unfathomable." The ruling overturns a decision that had prompted a furious backlash from Musk and damaged Delaware's business-friendly reputation. It assures Musk greater control over the company, which he has said is his main concern, even after shareholders recently approved a new pay package that could be worth $878 billion if Tesla meets certain targets, Reuters reported.

The Supreme Court said a 2024 ruling that rescinded the pay package had been improper and inequitable to Musk. The remedy of total rescission "leaves Musk uncompensated for his time and efforts over a period of six years," the 49-page ruling issued on Friday stated.

The 2018 pay package is now worth about $139 billion based on the price of Tesla's stock at the close of trading on Friday. "For ‌Elon, this is ‌a win because he gets control faster," said Gene Munster, managing partner at Tesla ‌investor ⁠Deepwater ​Asset Management.

If Musk ‌exercises all the stock options from the 2018 package, his stake in Tesla would grow from about 12.4% to 18.1% of an expanded share base. The company is issuing shares tied to his new pay package, although he must earn them by hitting performance goals.

Tesla shares were up less than 1% in after-hours trading following the ruling.

Tesla did not immediately respond to a request for comment. Musk posted on X that he was "vindicated." Lawyers who challenged the pay package said in a statement that they were considering their next steps and were "proud to have participated in the historic verdict below, calling to account the Tesla board and its largest stockholder for their breaches of fiduciary duty." The pay package was by ⁠far the largest ever until Tesla shareholders approved the new pay plan in November. If Tesla’s appeal had failed, it could have triggered a $26 billion hit to profit over two ‌years to account for the replacement stock-compensation package it had promised Musk – at ‍today’s much higher stock price.

The 2018 pay deal provided Musk options ‍to acquire about 304 million Tesla shares at a deeply discounted price if the company hit various milestones, which it did. ‍The options represent around 9% of Tesla's outstanding stock. Musk never collected his stock options because soon after shareholders approved the 2018 compensation, the board was sued by Richard Tornetta, an investor with nine Tesla shares.

UNFRIENDLY TO BUSINESS?

In 2024, after a five-day trial, Delaware Judge Kathaleen McCormick concluded that Tesla's directors were conflicted and key facts were hidden from shareholders when they voted to approve the plan. She ordered that the 2018 plan be rescinded.

Musk ​accused Delaware judges of being activists who are hostile to tech founders and he urged businesses to follow Tesla and reincorporate elsewhere. Dropbox, Roblox, Trade Desk and Coinbase were among the handful of large companies that moved ⁠their legal homes to Nevada or Texas. However, Delaware remains by far the most popular legal home for U.S. public companies.

Tesla's board had warned that Musk, the world's richest person who also leads the SpaceX rocket venture and artificial intelligence startup xAI, could leave the electric car company if he did not get the pay he wanted and an increase in his voting power. The Delaware Supreme Court may have been reluctant to annul Musk's pay package because shareholders had overwhelmingly voted in favor of it, said Brian Dunn, director of the Institute for Compensation Studies at Cornell University’s School of Industrial and Labor Relations. "I think that there's some belief that maybe the courts shouldn't get between the shareholders and the decisions that they make," said Dunn. Shareholders approved the new pay package in November and Tesla has taken steps to reduce the risk that a shareholder could tie up the 2025 package in the courts.

The Austin-based company is now incorporated in Texas, which allows Tesla to require that any investor or group of investors must own 3% of the company stock before suing for an alleged corporate law violation. A ‌stake of that size would be worth around $30 billion and Musk is the only individual with that much stock.


Maersk Tests Red Sea Route as Gaza Ceasefire Offers Hope

Containers are seen on the Maersk Triple-E giant container ship Majestic Maersk, one of the world's largest container ships, next to cranes at the APM Terminals in the port of Algeciras, Spain, January 20, 2023. REUTERS/Jon Nazca/File Photo P
Containers are seen on the Maersk Triple-E giant container ship Majestic Maersk, one of the world's largest container ships, next to cranes at the APM Terminals in the port of Algeciras, Spain, January 20, 2023. REUTERS/Jon Nazca/File Photo P
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Maersk Tests Red Sea Route as Gaza Ceasefire Offers Hope

Containers are seen on the Maersk Triple-E giant container ship Majestic Maersk, one of the world's largest container ships, next to cranes at the APM Terminals in the port of Algeciras, Spain, January 20, 2023. REUTERS/Jon Nazca/File Photo P
Containers are seen on the Maersk Triple-E giant container ship Majestic Maersk, one of the world's largest container ships, next to cranes at the APM Terminals in the port of Algeciras, Spain, January 20, 2023. REUTERS/Jon Nazca/File Photo P

Danish shipping company Maersk said that one of its vessels had successfully navigated the Red Sea and Bab el-Mandeb Strait for the first time in nearly two years, as shipping companies weigh returning to the critical Asia-Europe trade corridor.

The company stated that while it had no firm plans to fully reopen the route, it would take a "stepwise approach towards gradually resuming navigation" via the Suez Canal and the Red Sea. Maersk declined to further elaborate on its plans, according to Reuters.

Maersk ‌and rivals, ‌including Germany's Hapag-Lloyd , rerouted vessels around Africa's Cape ‌of ⁠Good ​Hope from December ‌2023 after Houthis attacked ships in the Red Sea in what they said was a show of solidarity with Palestinians in Gaza.

The Suez Canal is the fastest route linking Europe and Asia and until the attacks had accounted for about 10% of global seaborne trade, according to Clarksons Research.

CMA HAS MADE LIMITED PASSAGES THROUGH THE SUEZ CANAL

French shipping firm CMA CGM has already made limited passages through the Suez Canal when ⁠security conditions allowed, with other operators similarly exploring resumption plans. "Most carriers appear to be adopting a wait-and-see approach, monitoring ‌developments, and any meaningful reopening would likely unfold gradually," said ‍Nikos Tagoulis, analyst at Intermodal Group.

The potential ‍return of Maersk to the Suez Canal could ripple through the shipping sector, ‍where freight rates have risen because the alternative route added weeks to transit times between Asia and Europe. A recent ceasefire in the Gaza conflict has renewed hope of normalizing Red Sea traffic, though analysts note the fragility of the truce. "By the end of 2026, we estimate ​things will start to look like they were before the Houthis attack started," said Simon Heaney, a container industry analyst at Drewry Shipping Consultants. "The ⁠risk level has reduced, so they're prepared to test the waters. But the Houthis aren't particularly reliable." Maersk confirmed that one of its smaller vessels, Maersk Sebarok, had completed the first test transit through the Red Sea on Thursday and Friday, while stressing that no additional sailings were currently planned.

"Whilst this is a significant step forward, it does not mean that we are at a point where we are considering a wider East-West network change back to the trans-Suez corridor," it said.

Niels Rasmussen, chief shipping analyst at ship-owner association BIMCO, projected that broader resumption of Suez Canal transits could result in a 10% drop in ship demand.

"The possibility of a return to Suez Canal routings looms large over ‌the market outlook," he said in a note published on Thursday.