Happy Thursday everyone!

Saudi Arabia is set to confirm Aiman Al-Mudaifer as the permanent CEO of NEOM, signaling tighter oversight of its $500B mega-project amid shifting economic priorities. In a landmark move, the IMF has appointed its first mission chief to Syria in 14 years, opening the door to renewed economic engagement post-conflict. Meanwhile in Dubai, Emaar is offering a four-month rent waiver to F&B tenants at Dubai Mall and Souk Al Bahar, following the temporary closure of the iconic fountain. More on these stories and what they mean—below.

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Saudi Arabia Set To Confirm Acting CEO Aiman Al-Mudaifer As Permanent NEOM Chief

📰 What is it about?

• Aiman al-Mudaifer is expected to be officially appointed as CEO of NEOM, Saudi Arabia’s $500 billion flagship mega-project, according to sources familiar with the matter quoted by Reuters.

• Mudaifer has served as acting CEO since November, following the departure of long-time chief Nadhmi al-Nasr.

• He brings extensive experience from his role at the Public Investment Fund (PIF), where he led local real estate and infrastructure projects and played a key role in monitoring NEOM’s development.

💡 Why it matters?

• NEOM is central to Crown Prince Mohammed bin Salman's Vision 2030, aimed at diversifying the Saudi economy away from oil.

• With falling oil prices and increasing fiscal strain, the appointment signals tighter PIF oversight to ensure realistic execution and prioritization of projects.

• Mudaifer’s leadership is seen as a move toward pragmatism and delivery, especially as parts of NEOM—like The Line—have been downsized due to cost overruns.

• Analysts note the importance of installing an experienced figure to balance ambition with operational disciplineduring a challenging financial period.

🔜 What’s next?

• Mudaifer is expected to be officially confirmed in the coming weeks, solidifying PIF's direct oversight of NEOM’s management.

• NEOM is likely to enter a more measured execution phase, prioritizing key deliverables and financial sustainability amid economic headwinds.

• Observers expect greater alignment between NEOM and broader PIF strategies, with a focus on tangible outcomes rather than scale alone.

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💡 Why Choose ODEUM?

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🔜 What’s next?

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Markets

IMF Appoints First Syria Mission Chief In 14 Years, Marking Major Step Toward Economic Reintegration

📰 What is it about?

• The International Monetary Fund (IMF) has named Ron van Rooden as the first mission chief to Syria in 14 years, following a formal request from Syria’s Finance Ministry.

• The appointment was announced by Syrian Finance Minister Mohammed Yosr Bernieh, who met van Rooden during the IMF-World Bank Spring Meetings in Washington, D.C.

• This marks the first IMF mission-level engagement with Syria since 2009, before the outbreak of war in 2011.

💡 Why it matters?

• The appointment signals a tentative return of international financial engagement with Syria after more than a decade of war and diplomatic isolation.

• Syria's new Islamist-led government, formed after the fall of Bashar al-Assad in a rebel offensive, is seeking to normalize international ties and revive the economy.

• The IMF re-engagement could pave the way for technical support, assessments, and potentially future financial assistance, depending on geopolitical and policy developments.

• The move coincides with a broader international focus on Syria’s reconstruction, with the UNDP planning $1.3 billion in aid over three years and increased participation at global forums.

🔜 What’s next?

• The IMF's re-engagement is expected to initiate a dialogue on economic recovery, reforms, and potential pathways to rebuild institutions and stabilize the economy.

• High-level Syrian delegations, including the finance and central bank chiefs, are expected to expand international outreach, seeking sanctions relief and donor support.

• With events like the Saudi and World Bank co-hosted roundtable on Syria gaining traction, multilateral efforts to support Syria's reconstruction may gain momentum—though they will depend on both political recognition and on-the-ground developments.

Emaar Offers Four-Month Rent Relief To F&B Tenants Affected By Dubai Fountain Closure

What is happening?

• Emaar Malls Management (LLC) has announced a rent support initiative for Food & Beverage (F&B) tenants with terrace spaces overlooking the Lake and Fountain areas at Dubai Mall and Souk Al Bahar.

• The decision follows the temporary closure of the Dubai Fountain, a major draw for diners and visitors to the area.

• Affected tenants will receive four months of rent waiver, covering June to September 2025.

• To further support footfall, Emaar will install 400 metres of advanced digital screens along the promenade, aimed at creating an engaging environment with visual content.

Why it matters:

• The Dubai Fountain has been a central attraction, significantly boosting foot traffic and dining demand for terrace-facing venues.

• The rent relief initiative highlights Emaar’s commitment to long-term partnerships and its responsiveness to evolving market challenges.

• By offering financial support and enhancing visitor experiences, Emaar aims to help tenants navigate the transitionand sustain business momentum despite the temporary disruption.

What’s next?

• The new digital promenade experience is set to animate the area and attract crowds during the fountain's downtime.

• Tenants will continue to benefit from prime waterfront views, city skylines, and a refreshed ambiance driven by immersive technology.

• Emaar affirms its ongoing mission to empower retail communities with sustainable, value-driven solutions to ensure resilience and growth.

🔍In other news…

• AI to contribute over $64 billion to Dubai’s economy by 2030: Dubai State of AI Report.

• “Trump’s tariffs are erratic and unpredictable,” Richard Branson says during Virgin Atlantic’s Riyadh route launch.

• Dubai inflation falls to its lowest in five months.

• UAE and Saudi Arabia target India and EU electricity exports.

• Saudi Telecom to Offer Large Loans Via Western Union-Backed Bank.

• Oman, Russia ink 11 pacts including visa waiver agreement during Sultan’s Moscow visit.

• Apple vehicles are on Dubai streets to update Maps.

• UAE approves design of first heliport for helicopters, air taxis.

• Saudi crude oil exports rise to 6.5m barrels per day.

• Most UAE firms pause hiring in first quarter as corporate tax and costs add up.

• AI firm Senen announces expansion into MENA from Dubai.

• Sharjah records AED13.2 billion in real estate transactions in Q1 2025, up 31.9%.

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