Shake-Up in the Helm: NEOM CEO Departure

Nadhmi al-Nasr, CEO of Saudi Arabia's $500 billion NEOM project, departs without explanation. Crown Prince Mohammed bin Salman's mega-development faces challenges amidst economic diversification efforts. Aiman al-Mudaifer steps in as acting CEO, focusing on operational agility in alignment with Vision 2030 objectives.

In a significant leadership change, Nadhmi al-Nasr, the long-standing CEO of Saudi Arabia's monumental $500 billion NEOM project, has stepped down, as announced by NEOM on Tuesday without citing any reasons.

This project, central to Crown Prince Mohammed bin Salman's Vision 2030, aims to move the kingdom's economy beyond oil dependency but faces setbacks in planning and costs.

Aiman al-Mudaifer, previously head of Local Real Estate at the Saudi Public Investment Fund, has been appointed as acting CEO, bringing expertise to maintain continuity and efficiency in NEOM's ambitious goals.

(With inputs from agencies.)