NEW YORK: Teneo is representing Neom Company, a $500 billion megacity being constructed by the Kingdom of Saudi Arabia to diversify its economy, according to U.S. Department of Justice documents.
The contract price is nearly $2.1 million, with business travel and expenses capped at more than $133,300. The firm will perform business consulting and communications services for a weekly retainer of nearly $87,500 including expenses, according to the documents. Teneo and Neom signed the deal on June 29. It is set to expire at the end of October.
Teneo will counsel Neom CEO Nadhmi Al-Nasr on developing a strategic positioning plan, the documents stated. It will also create a "targeted narrative for all engagement," build a stakeholder map in key markets and support Neom with crisis management while building awareness.
Teneo will not lobby the U.S. government, but it will identify partners, investors, advisers, experts and thought leaders, according to the documents.
Teneo president Doug Band, a former aide to President Bill Clinton, is leading account work, according to Foreign Agents Registration Act documents. His team includes vice chairman Richard Powell, senior MD Padraic Riley, SVP Faten Alqaseer, SVP Dara Pavlich, and senior associate Sybille St. Arromand. The account is being serviced by Teneo Strategy, a subsidiary of Teneo Holdings, which is in turn a subsidiary of Teneo Global.
Gladstone Place Partners, resigned from its contract with the government-backed Saudi Public Investment Fund, which owns Neom, in October 2018 following the death of Jamal Khashoggi. U.S. intelligence has reportedly concluded that Crown Prince Mohammed bin Salman ordered the assassination of the Washington Post columnist and prominent Saudi dissident.
In the wake of Khashoggi’s death, some PR and lobbying firms terminated their relationships with Saudi government, philanthropic and business entities, but many others continued to work with the kingdom.
Last month, Teneo sold a majority stake to CVC Capital Partners, which valued the firm at more than $700 million. Jason Miller, one of Teneo’s most recognizable staffers and a campaign and transition team aide to President Donald Trump, reportedly left the firm in June after a vulgar tweet aimed at Rep. Jerry Nadler (D-NY).
A Teneo representative did not respond to requests seeking comment.