The Scoop
Saudi Arabia’s ROSHN Group has hired its first full-time chief executive in more than two years, filling one of several leadership vacancies at companies controlled by the kingdom’s sovereign wealth fund.
Naaman Atallah, currently president of real estate at UAE conglomerate Al-Futtaim, is set to join the developer in the coming days, according to people familiar with the matter. ROSHN confirmed the appointment.
Atallah has held senior roles at state-controlled developers across the region, including Dubai Properties and Nakheel in the UAE and Qatari Diar, the property arm of Qatar’s sovereign wealth fund.
ROSHN hasn’t had a permanent CEO since early 2024, when British executive David Grover was removed and accused of conflicts of interest. Grover denied the allegations and unsuccessfully sued the company for more than $100 million in a Saudi court, and later reached a settlement on a related legal claim. Since then, Public Investment Fund executives have run the company as acting CEOs.
ROSHN’s long search — coupled with the number of empty CEO offices at top Saudi companies — highlights the challenge of finding executives to lead state-controlled firms as they face the dual demand to cut spending and deliver on the kingdom’s economic transformation plan.
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PIF has experienced significant management churn at many of the companies it established to reshape Saudi Arabia’s economy. Over the past two years, CEOs of firms that were viewed as underperforming have been removed, including electronics manufacturer Alat, pharmaceutical producer Lifera, mining investor Manara Minerals, satellite company Neo Space Group, and the developers behind King Abdullah Financial District, NEOM, and New Murabba. Most are now led by interim PIF-linked executives or people dividing their time across multiple roles.
John Pagano, CEO of tourism developer Red Sea Global, is one of the latter: he was handed responsibility for King Abdullah Financial District and AlUla heritage site. He is among a small group of trusted corporate executives in the kingdom that also includes Diriyah CEO Jerry Inzirello.