Saudi Arabia's NEOM Mega-Project Welcomes New Leadership

Aiman al-Mudaifer is set to be the new chief executive of NEOM, a $500 billion mega-project aiming to diversify Saudi Arabia's economy. Initially serving as acting CEO since November, Mudaifer succeeds Nadhmi al-Nasr. NEOM is central to Saudi Arabia's vision, comparable in size to Belgium.

Aiman al-Mudaifer is poised to be officially appointed as the chief executive of NEOM, a $500 billion mega-project pivotal to Saudi Arabia's efforts to diversify its economy away from reliance on oil. Sources indicated this leadership change on Tuesday, marking a new chapter for the high-stakes initiative.

Al-Mudaifer has served as NEOM's acting CEO since November, taking over from Nadhmi al-Nasr, who was the long-time leader of the ambitious development project on the Red Sea, nearly equal in size to Belgium. This move signifies a continued commitment to the project's extensive goals.

The Saudi Arabian wealth fund, known as PIF, which is significantly involved with the NEOM project, was not immediately available for comment regarding this leadership transition.

(With inputs from agencies.)