Alexandre Lacazette of Neom SC in action against AS Roma in pre-season. Getty Images
Alexandre Lacazette of Neom SC in action against AS Roma in pre-season. Getty Images
Alexandre Lacazette of Neom SC in action against AS Roma in pre-season. Getty Images
Alexandre Lacazette of Neom SC in action against AS Roma in pre-season. Getty Images

Neom go big with $100m spend as they seek to rival giants of Saudi Pro League


Paul Radley
  • English
  • Arabic

As construction budgets in Saudi Arabia go, the 100 or so million dollars Neom have spent building their football team is trifling.

Set against the cost of the city the team is set to represent, for example, it scarcely touches the sides. After all, the club is just one piece of the $500 billion mega project underway in the Kingdom’s far north west.

But the outlay the club have made this summer is still a statement of intent in football terms. They are entering Saudi Arabia’s big league for the first time, and they want to make their mark.

For the best part of 60 years, the club had bobbed along in the lower reaches of the country’s competition structure.

Based in Tabuk, the main city of a region that is being entirely redrawn as part of Vision 2030, the club was then known as Al Suqoor.

It was taken over in 2023 – at the same time as the Public Investment Fund (PIF) were taking ownership of the giant clubs, Al Hilal, Al Nassr, Al Ittihad and Al Ahli Saudi – and renamed Neom.

Eventually, it is planned the region will have a population of nine million, with the team playing at a 46,000-capacity stadium fit for the 2034 World Cup.

That can wait, but for now, the residents of Tabuk at least have a top division club to watch for the first time.

Their home ground, the 12,000-capacity King Khalid Sport City Stadium, remains somewhat plain, but the squad they have assembled is looking anything but.

They were linked with big money moves for players of the calibre of Andre Onana and Granit Xhaka this summer.

In the end, the former has stayed at Manchester United while the latter opted to return to the Premier League from a fine spell in the Bundesliga with Bayer Leverkusen. The former Arsenal midfielder plumped for Sunderland in the north east of England rather than the north west of Saudi Arabia.

But Neom have attracted a number of players with Premier League pedigree. Abdoulaye Doucoure has arrived from Everton on a free, with Alexandre Lacazette, the former Arsenal striker, doing similar from Lyon.

Said Benrahma, formerly of Brentford and West Ham United, has also formalised his permanent signing, having played a key role in Neom’s promotion season as a loanee.

While each of those are 30-somethings, who might fit the profile of veterans looking for a last pay check, Neom have been able to bring in young talents, too.

Christophe Galtier, Neom's new French coach, has raided his home league for well regarded prospects like Nathan Zeze, a 20-year-old centre back from Nantes, and Saimon Boubare, a 19-year-old attacking midfielder from Monaco.

How it all merges together will be intriguing to see. Whether Neom can disrupt the established order straight away feels a stretch, but that is the ultimate goal.

They will face a stern test of their credentials straightaway. On their debut in the Saudi Pro League (SPL) they will play the champions of Asia, Al Ahli, on Thursday night.

The King Abdullah Sports City stadium might not be packed quite to its 62,000-capacity, but it could be close. The home fans are set to turn out in force to welcome home their champions.

Ahli have already added the first trophy of the season to the big one they won – the AFC Champions League Elite – in such spectacular fashion at the end of last season.

And yet their new status as Saudi Super Cup champions is already the subject of debate. Having finished fifth in the SPL last season, Ahli did not officially qualify for the four-team Super Cup, which was played in Hong Kong last week.

They were given an invitation to play when Hilal, who were SPL runners up, pulled out, citing the fact they had had a busy enough schedule, having played at the Club World Cup in the United States earlier in the summer.

Ahli took up the invite, then beat Al Qadsiah and Cristiano Ronaldo’s Nassr to take the title – only for Qadsiah to subsequently complain that they should have been granted a bye.

The process to resolve the issue, after Qadsiah made a formal protest, is still to be decided.

Much like Neom, Qadsiah are intent on disrupting the traditional big four, PIF-owned clubs. They have spent more on transfers than anyone else in the summer window, most notably on bringing in Mateo Retegui.

The Italy striker was the leading scorer in Serie A last season with Atalanta. In a summer in which Kingsley Coman, Joao Felix, Darwin Nunez and Theo Hernandez have all switched to the SPL, Retegui was the costliest recruit.

While Qadsiah and Neom are geared up to be the two sides who could cause most disruption this season, there are other sources of intrigue in the SPL.

Most notably, Al Kholood, based on the fact they recently became the first foreign-owned club in the SPL. They were bought by the Harburg Group, a United States-based investment group who also have a small stake in Spanish side Cadiz.

Their first decision was to appoint as coach Des Buckingham, a 40-year-old Englishman who in the past had two seasons with the City Football Group’s Indian side, Mumbai City.

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Mercer, the investment consulting arm of US services company Marsh & McLennan, expects its wealth division to at least double its assets under management (AUM) in the Middle East as wealth in the region continues to grow despite economic headwinds, a company official said.

Mercer Wealth, which globally has $160 billion in AUM, plans to boost its AUM in the region to $2-$3bn in the next 2-3 years from the present $1bn, said Yasir AbuShaban, a Dubai-based principal with Mercer Wealth.

Within the next two to three years, we are looking at reaching $2 to $3 billion as a conservative estimate and we do see an opportunity to do so,” said Mr AbuShaban.

Mercer does not directly make investments, but allocates clients’ money they have discretion to, to professional asset managers. They also provide advice to clients.

“We have buying power. We can negotiate on their (client’s) behalf with asset managers to provide them lower fees than they otherwise would have to get on their own,” he added.

Mercer Wealth’s clients include sovereign wealth funds, family offices, and insurance companies among others.

From its office in Dubai, Mercer also looks after Africa, India and Turkey, where they also see opportunity for growth.

Wealth creation in Middle East and Africa (MEA) grew 8.5 per cent to $8.1 trillion last year from $7.5tn in 2015, higher than last year’s global average of 6 per cent and the second-highest growth in a region after Asia-Pacific which grew 9.9 per cent, according to consultancy Boston Consulting Group (BCG). In the region, where wealth grew just 1.9 per cent in 2015 compared with 2014, a pickup in oil prices has helped in wealth generation.

BCG is forecasting MEA wealth will rise to $12tn by 2021, growing at an annual average of 8 per cent.

Drivers of wealth generation in the region will be split evenly between new wealth creation and growth of performance of existing assets, according to BCG.

Another general trend in the region is clients’ looking for a comprehensive approach to investing, according to Mr AbuShaban.

“Institutional investors or some of the families are seeing a slowdown in the available capital they have to invest and in that sense they are looking at optimizing the way they manage their portfolios and making sure they are not investing haphazardly and different parts of their investment are working together,” said Mr AbuShaban.

Some clients also have a higher appetite for risk, given the low interest-rate environment that does not provide enough yield for some institutional investors. These clients are keen to invest in illiquid assets, such as private equity and infrastructure.

“What we have seen is a desire for higher returns in what has been a low-return environment specifically in various fixed income or bonds,” he said.

“In this environment, we have seen a de facto increase in the risk that clients are taking in things like illiquid investments, private equity investments, infrastructure and private debt, those kind of investments were higher illiquidity results in incrementally higher returns.”

The Abu Dhabi Investment Authority, one of the largest sovereign wealth funds, said in its 2016 report that has gradually increased its exposure in direct private equity and private credit transactions, mainly in Asian markets and especially in China and India. The authority’s private equity department focused on structured equities owing to “their defensive characteristics.”

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Robo-advisers use an online sign-up process to gauge an investor’s risk tolerance by feeding information such as their age, income, saving goals and investment history into an algorithm, which then assigns them an investment portfolio, ranging from more conservative to higher risk ones.

These portfolios are made up of exchange traded funds (ETFs) with exposure to indices such as US and global equities, fixed-income products like bonds, though exposure to real estate, commodity ETFs or gold is also possible.

Investing in ETFs allows robo-advisers to offer fees far lower than traditional investments, such as actively managed mutual funds bought through a bank or broker. Investors can buy ETFs directly via a brokerage, but with robo-advisers they benefit from investment portfolios matched to their risk tolerance as well as being user friendly.

Many robo-advisers charge what are called wrap fees, meaning there are no additional fees such as subscription or withdrawal fees, success fees or fees for rebalancing.

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Sunday, April 21: 11am to 6pm - Abu Dhabi World Youth (female) Jiu-Jitsu Championship.

Monday, April 22: 11am to 6pm - Abu Dhabi World Youth (male) Jiu-Jitsu Championship.

Tuesday, April 23: 11am-6pm Abu Dhabi World Masters Jiu-Jitsu Championship.

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Gender equality in the workplace still 200 years away

It will take centuries to achieve gender parity in workplaces around the globe, according to a December report from the World Economic Forum.

The WEF study said there had been some improvements in wage equality in 2018 compared to 2017, when the global gender gap widened for the first time in a decade.

But it warned that these were offset by declining representation of women in politics, coupled with greater inequality in their access to health and education.

At current rates, the global gender gap across a range of areas will not close for another 108 years, while it is expected to take 202 years to close the workplace gap, WEF found.

The Geneva-based organisation's annual report tracked disparities between the sexes in 149 countries across four areas: education, health, economic opportunity and political empowerment.

After years of advances in education, health and political representation, women registered setbacks in all three areas this year, WEF said.

Only in the area of economic opportunity did the gender gap narrow somewhat, although there is not much to celebrate, with the global wage gap narrowing to nearly 51 per cent.

And the number of women in leadership roles has risen to 34 per cent globally, WEF said.

At the same time, the report showed there are now proportionately fewer women than men participating in the workforce, suggesting that automation is having a disproportionate impact on jobs traditionally performed by women.

And women are significantly under-represented in growing areas of employment that require science, technology, engineering and mathematics skills, WEF said.

* Agence France Presse

Updated: September 04, 2025, 6:59 AM