Leadership Shift at NEOM: Nadhmi al-Nasr Steps Down Amid $500 Billion Mega-Project Challenges

Nadhmi al-Nasr exits as CEO of NEOM, the Saudi $500 billion mega-project. Crown Prince Mohammed bin Salman's Vision 2030 plan faces rising costs and delays. Aiman al-Mudaifer appointed acting CEO to ensure continuity and efficiency. NEOM is key to diversifying Saudi Arabia's economy beyond oil dependence.

Nadhmi al-Nasr, the longtime figurehead of Saudi Arabia's $500 billion NEOM project, has stepped down as chief executive. The announcement came from NEOM on Tuesday, with no such reasons provided for his departure.

The NEOM development, located along the Red Sea and nearing the size of Belgium, is pivotal to Crown Prince Mohammed bin Salman's Vision 2030, aimed at diversifying the nation's economy beyond oil. However, rising costs have forced a reassessment of certain projects, including the ambitious 'The Line' city.

Reuters highlighted in May that the Public Investment Fund was contemplating a strategic reorganization to focus on more viable investments amidst challenges posed by low oil prices. Insider reports suggest Al-Nasr was not meeting key performance targets. Aiman al-Mudaifer takes over as acting CEO, bringing extensive experience from PIF's Local Real Estate Division.

(With inputs from agencies.)