Leadership Shift at NEOM: A New Era for Saudi Mega-Project

Nadhmi al-Nasr exits as CEO of NEOM, Saudi Arabia's $500 billion development project under Crown Prince Mohammed bin Salman. Aiman al-Mudaifer takes over as acting CEO, aiming to maintain NEOM's alignment with Vision 2030 amidst increased costs forcing project scale-downs.

Nadhmi al-Nasr, former chief executive of the ambitious $500 billion NEOM project, has departed from his role, as confirmed by NEOM without disclosing the reason for his exit.

Prince Mohammed bin Salman has heavily invested in development initiatives through the kingdom's Public Investment Fund. NEOM, a vast urban and industrial venture, is a keystone for the Vision 2030 strategy to diversify Saudi Arabia's economy away from oil dependency. The project, planned to accommodate almost nine million people, has faced scale backs, notably affecting The Line, a futuristic city structure.

Aiman al-Mudaifer, a leader in the Local Real Estate Division at PIF since 2018, has been appointed as acting CEO. His appointment is expected to bring continuity and efficiency as NEOM enters a new operational phase, with al-Mudaifer having significant experience overseeing real estate and infrastructure projects.

(With inputs from agencies.)