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The chief executive of Neom, Saudi Arabia’s $500bn futuristic development in the desert, has been abruptly replaced after six years in charge of Crown Prince Mohammed bin Salman’s flagship project.

The company said on Tuesday that Nadhmi al-Nasr, a veteran former official of state-controlled oil giant Saudi Aramco, had left his role.

It gave no reason for his departure, which comes as the Public Investment Fund, which controls Neom, comes under pressure to deliver on a series of mega-projects across the kingdom.

Nasr’s tenure was often marked by controversy as he oversaw the highly ambitious development that has drawn scepticism inside and outside the kingdom.

Aiman Al-Mudaifer, head of the local real estate division at the PIF, the kingdom’s sovereign wealth fund, will step in as acting chief executive, Neom said. The company is a PIF subsidiary.

“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.

Neom is the centrepiece of a vast economic transformation programme that Prince Mohammed launched in 2016 to help diversify the economy and wean the kingdom off its dependence on oil revenues. It is located in the desert near the Red Sea coast and close to Jordan and Egypt.

Prince Mohammed first unveiled the idea for Neom in 2017 with the promise of a new concept of urban living based fully on renewable energy and where robots would outnumber humans.

Different elements of the projects were announced in the intervening years, including a linear city called The Line, an industrial port and a ski resort called Trojena that is set to host the Asian Winter Games in 2029.

Neom is one of several huge projects developed as part of the kingdom’s economic diversification plan. Some of these projects, such as tourist resorts in the Red Sea, have welcomed guests, while others remain under construction.

Often described as the word’s largest construction project, Neom has struggled to meet ambitious expectations and seen several leadership changes in recent years.

Klaus Kleinfeld, former CEO of Siemens and Alcoa, was the first head of Neom but was soon replaced by Nasr, who had a reputation for quick delivery of major infrastructure projects while at energy group Saudi Aramco, but faced criticism for his hard-charging managerial style.

The company has seen the departure of several western executives. Wayne Borg, head of Neom’s media unit, was replaced in September.

Additional reporting by Andrew England in London

Chancellor Rachel Reeves’ Budget last month represents “the biggest shake-up to financial planning in a long time”, according to Quilter’s head of technical sales Roddy Munro.

Munro made the comments at the PFS Rewired conference in Manchester today (November 12).

He also warned advisers not to “underestimate the historical importance of this Budget”, particularly bringing pensions into the scope of inheritance tax (IHT) and changes to capital gains tax (CGT).

The chancellor, Munro also observed, “has flagged her intention openly” by allowing frozen IHT allowances to remain through to 2028 but not to 2030.

This will drag 11.5 million people into higher rates of income tax over the next four years, enough to “fill Wembley Stadium several times over”.

However, Munro pointed out that 42% of those people are aged between 50 and 79 – the target market ‘heartland’ of clients heading towards retirement decisions.

The government has stated in the Budget that “pensions should not be a vehicle for the accumulation of capital sums for the purposes of inheritance”.

It also established that IHT will apply to all pension wealth that is transferable on death.

Therefore, said Munro, redefining the primary purpose of a pension will require a massive shift in advice for those with substantial defined contribution (DC) pots.

Munro also said that changes to CGT had “drained the life” out of general investment accounts (GIAs).

For disposals after October 30, the lower rate of CGT will rise from 10% to 18%. The higher rate will rise from 20% to 24%, while trusts have increased to 24%.

In addition, business asset disposal relief (BADR) and investors’ relief (IR) will rise gradually to 14% from April 6, 2025, to align with the lower rate of 18% by April 6, 2026.

This makes it less attractive to transfer ownership to a spouse than before, with GCT annual exempt amounts falling from £12,300 in 2020/21 to £3,000 in 2024/25.

The tax-free dividend allowance also fallen from £5,000 in 2016 to 2018, to £500 in 2024 to 2025.

The layering effect of all these fiscal changes has hit hard, said Munro, with tax now potentially the biggest cost to a client.

As a result, tax-wrapper optimisation is now paramount, as wrapper selection could have the biggest impact on total net costs.

Munro illustrated this point using a graph that showed platforms representing 25 basis points (bps), investment 60 bps, advice 50 bps and tax 88 bps (or 65% of the total 223 bps).

As previously flagged at last year’s PFS conference, these changes to IHT and CGT are likely to increase the attractiveness of bonds.

Munro pointed to Quilter’s ongoing tax-comparison tool to assess the ‘here and now’ tax position of retaining an existing CIA/GIA compared to moving to an onshore bond.

Bonds, he emphasised, are “a critical tax-planning tool” in terms of rewrapping client wealth

He also said that quality financial advice in this new tax landscape would be vital.

“Clients are going to need your help,” he concluded, “so your value has gone through the roof.”

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SHOPPERS are thrilled after Aldi has stocked its shelves with a dupe of a much-loved Christmas treat from Greggs.

The bakery chain’s new festive menu left fans thrilled when it confirmed the return of a firm favourite – the Festive Bake.

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But, rather than queue outside the bakery waiting to snag one, many are turning to their local Aldi.

The German-based retailer is offering a dupe of the Greggs Festive Bake for a fraction of the cost.

The Crestwood Festive Bakes found in the freezer section from November 27 are made with chicken, beechwood smoked bacon and cranberries.

They come with a sage and onion sauce which is all wrapped in puff pastry with a parsley and breadcrumb topping.

“Look What’s Back In Aldi!” one excited shopper exclaimed on Facebook after snagging the product early.

“If you see these clear the shelf,” one person said in the comments, tagging a friend.

“They are just as delicious as usual too!!” another said.

For a pack of two weighing 154 grams each, Aldi shoppers can scoop the Greggs dupe for just £1.75, saving them 56% compared to Greggs.

However, before shoppers go “clearing the shelves,” at Aldi there is a maximum number of boxes you can buy in one go.

To be able to spread as much festive joy as possible, there is a maximum purchase quantity of 10 boxes.

Just one Greggs Festive Bake is £2 or can be part of a savoury and hot drink deal for a total of £2.85.

The puff pastry bake is filled with pieces of chicken breast, sage and onion stuffing, Sweetcure bacon and a creamy sage and cranberry sauce.

Like the Aldi dupe, the Greggs version is also topped with breadcrumbs.

GREGGS FESTIVE FOOD

There is also a vegan option for those who are on plant-based diets which is made with vegan puff pastry, Quorn pieces, sage and onion stuffing balls, vegan bacon and cranberry and red onion sauce.

This is also just £2 or can be part of the same meal deal detailed above.

But, Aldi is also selling its Plant Menu Festive Bakes fir £1.19 for two made with vegan pastry, seasoned soya protein, sweetened dried cranberries and a sage and onion stuffing.

These are 70% cheaper than the Greggs version.

The North East-based bakery released its Christmas menu in bakeries on November 7.

For the first time ever, Greggs launched a Christmas advert to highlight its seasonal offerings.

The cosy ad features none other than celebrity chef Nigella Lawson who was seen devouring a number of the seasonal bakes and drinks on offer from the bakery.

She described the festive bake as a “rapturous riot of flavour” with a “succulent filling”.

The advert parodies Nigella’s famed use of superlatives, which viewers of her popular cooking shows will be familiar with.

Greggs fans can also look forward to mince pies, gingerbread lattes, Christmas baguettes, festive flatbreads and much more.

A second menu launch will be revealed later this month, the chain has confirmed so keep your eyes peeled.

OTHER CHRISTMAS OFFERINGS

As more and more retailers announce their Christmas menus and products, shoppers will be spoilt for choice.

At Aldi, there are three limited edition festive crisps which are flavoured: Beef Wellington, Turkey and Stuffing, and Pigs in Blankets.

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Shoppers can also bag Bailey’s dupe, the Specially Selected Irish Cream Liqueur for just £7.99.

Others will be rushing to M&S to get their hands on the Christmas version of Colin the Caterpillar.

The Sleigh Ride Colin the Caterpillar features “Colin as you’ve never seen him before,” M&S claims.

With 46% more chocolate than the traditional caterpillar cake, Colin is getting into the spirit of Christmas, oozing both joy and indulgence.

Festive Colin wears a red Santa hat and is pulling a present-filled sleigh with candy canes and white and milk chocolate gifts.

But, once again, Aldi is offering shoppers a dupe with their own festive Cuthbert the Caterpillar which will be available from November 24.

Unlike Colin, Cuthbert Christmas is not in a sleigh, but wearing a Santa hat, a green bow tie and has white chocolate stars down his back.

A REGION in the UK has been named one of the best places to visit in the world.

Sussex was named one of Conde Nast Traveller’s 25 Best Places to Go.

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The region joined other stunning places including Cuba, Marseille, Greenland and Uganda in the hot list.

Trying to decide on the list, they said: “Twenty-five places that, no questions asked, our editors would jump at the opportunity to visit next year [and] places we want you to know about, before your TikTok feed is swimming in them.

“[They are] places that speak to our values as travellers in 2025, be it innovation in conservation, astounding creativity, or a profound sense of human connection.”

But the website raved about both East and West Sussex, with some hotels “set to be as fashionable in 2025 as it was in its 19th-century heyday when Turner and Constable were regulars”.

Brighton was named its “seaside star” with new hotels including 124 Brighton and even a new lido last year.

An insider told them: “The area is a hotbed of creatives, with designer Martin Brudnizki, florist Millie Proust, and Mumford & Sons’ Ted Dwane all living nearby.”

When asked if it could become the new Cotswolds they said: “You never know – we’ve certainly got plenty more vineyards.”

You can explore the Sussex coastline along the recently opened King Charles III England Coast Path.

This runs all the way from Shoreham-by-Sea to Eastbourne.

Here are some of the best places you can visit across Sussex, according to Sun writers…

Goring-by-Sea

“Goring-by-sea is a small and relatively suburban neighbourhood with quality brunch spots, charming seafront walks and a restful atmosphere.

It is far less busy than the better-known Sussex coastal towns of Littlehampton, Worthing and Bognor Regis so don’t expect packed beaches and busy restaurants.

Unlike other traditional seasides, you won’t find arcades or roller coaster-filled piers here either.

The Blue Flag-winning stretch of sand has a fish kiosk selling seafood caught that morning as well as cute fishing boats.

– Caroline Iggulden

Camber Sands

Camber Sands is famous for its beautiful sand dunes and seven miles of beach

Fans of films The Monuments Men and The Theory Of Everything will recognise the beach, used to film parts of them.

A few tiny wooden houses dot the flat shoreline (protected as an RSPB nature reserve) with a lighthouse you can also visit.

– Nick Jones

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Brighton

Brighton’s cobbles are lined with colourful shops and misshapen signs swinging from old doorways, with many dating back to the 16th century.

“Make sure to stay at The Southern Belle, a great boutique hotel further west along the seafront.

The best spots to eat are the Rockwater Hove – the place to go for unbeatable views of the ocean fresh seafood – The Salt Room, another seafront restaurant.

– Sophie Swietochowski

Rye

Despite having a harbour, Rye isn’t a seaside town – but it still has cute cobbled streets, quaint antique shops and cosy pubs.

The best one is the Mermaid Inn, with parts of the pub dating back to 1156, although Giant’s Fireplace Bar also makes you feel like you are stepping back in time.

Don’t forget to head to Knoops which serves up some of the best hot chocolate around the UK, but was founded in Rye by a ‘chocolate sommelier’.

– Caroline McGuire

Lonely Planet recently revealed their top 2025 holiday destinations, with Toulouse coming in number one.

And here are the trending 2025 destinations according to SKyscanner.

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A frozen trade dispute over steel has become an early test of the EU’s relationship with the incoming Trump administration, with a senior US official saying Brussels should consider postponing plans for March to impose billions of dollars of extra tariffs on imports from the US.

President Joe Biden had reached a truce with the EU in a conflict sparked when Donald Trump put tariffs on steel and aluminium in 2018, but each side is due to reimpose its duties on the other next year, the EU from the end of March and the US at the end of 2025.

“The Commission really has to make a choice — March 2025 is not long after the inauguration,” said Rufino Hurtado, senior trade representative at the US mission to the EU. 

“It is entirely up to the EU to decide what happens in 2025 regarding these retaliatory tariffs — whether to again extend the suspension or allow them to snap back,” he said.

The re-elected Trump has threatened tariffs of between 10 and 20 per cent on all EU imports and attacked the bloc for selling more to the US than it buys from it.

Under the Biden deal, the US replaced the 2018 tariffs of 25 per cent on steel and 10 per cent on aluminium with a quota system, while the EU suspended its retaliatory duties on US goods.

Hurtado told a conference in Brussels that although the EU and US “were closer than ever” on most issues Brussels had stalled progress in talks over the past three years. The two agreed to set up a “green steel club” in 2021 when pausing the dispute. 

The idea was to agree environmental standards so as to prevent cheap Chinese metal made with fossil fuels from flooding the US and EU markets.

Hurtado said the US had put forward “ambitious” proposals but they “were not aligned with EU objectives”.

EU trade commissioner Valdis Dombrovskis has said the proposed Arrangement on Sustainable Steel and Aluminium (GSA) must be in line with multilateral trade rules, and EU officials said the US plan, which favours domestic producers, would probably break WTO rules. 

Brussels wants to base the green steel club on its own carbon border adjustment mechanism (CBAM), which will levy tariffs on imports according to how much carbon they emit from 2026. That will hit US steel too, as the country has no national carbon pricing system.

Meanwhile EU producers are still paying around $300mn annually for metals exports in excess of the US quotas introduced to solve the stand-off.

The EU is scheduled to reimpose tariffs on €4.8bn of US imports from March 31, including 50 per cent on bourbon whiskey, Harley-Davidson motorcycles and motor boats, if there is no further postponement. 

Lower levies would cover a range of goods including some steel, aluminium and agricultural products and playing cards.

“We are aiming to find a solution to this issue,” said an EU official, who declined to be named. “But the situation is unbalanced as our exporters are still paying some tariffs. We want to resolve it in the interests of both sides.”

The Commission declined to comment.

This story has been updated to correct the categories of goods to be subjected to EU tariffs at lower rates