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

Nadhmi al-Nasr, CEO of Saudi Arabia's $500 billion NEOM project, has stepped down. NEOM forms part of Crown Prince Mohammed bin Salman's Vision 2030 to diversify the economy. Rising costs have led to scaled back plans. Aiman al-Mudaifer has been appointed as acting CEO to lead the next phase.

Nadhmi al-Nasr, the long-time chief executive of NEOM, Saudi Arabia's ambitious $500 billion development project, has stepped down without explanation, according to a statement released on Tuesday by NEOM.

NEOM is part of Crown Prince Mohammed bin Salman's Vision 2030, aimed at diversifying the Saudi economy away from its oil dependency. Despite the prince's substantial investments through the kingdom's sovereign wealth fund, some plans, like The Line, a futuristic city featuring mirrored walls stretching 170 km into the desert, have been downsized due to rising costs.

Aiman al-Mudaifer, previously in charge of the Local Real Estate Division at the Public Investment Fund, has been named acting CEO. He is expected to bring operational continuity, agility, and efficiency as the project transitions into a new developmental phase. Al-Mudaifer brings a strategic understanding and oversight of local real estate investments and infrastructure projects.

(With inputs from agencies.)