Nadhmi al-Nasr, the long-serving CEO of Saudi Arabia’s ambitious $500 billion Neom project, has left his position, according to an official statement released by the development project on Tuesday.
The statement did not provide specific reasons for his departure.
Neom, a futuristic mega-project located in Saudi Arabia’s northwest, is a cornerstone of Crown Prince Mohammed bin Salman’s Vision 2030 plan.
Vision 2030 aims to reduce the kingdom’s dependence on oil by diversifying the economy and fostering innovation and technology.
Neom is set to include urban and industrial developments across an area nearly the size of Belgium, with plans to house almost 9 million people.
Among its most ambitious elements is “The Line,” a 170-kilometer-long city built between mirrored walls in the desert.
Aiman al-Mudaifer takes over as Neom’s acting CEO, ensuring continuity in development.However, rising costs have forced some modifications to the original plans, with certain elements being shortened.
Despite its grand ambitions, Saudi Arabia remains heavily reliant on oil revenues, and fluctuations in global oil prices have put pressure on its national budget.
The Public Investment Fund (PIF), which backs Neom, is also undergoing restructuring to focus more sharply on investments with higher chances of success.
According to reports from Reuters, the PIF’s total value stands at $925 billion, with some of its projects being reevaluated due to rising costs and the volatility of global oil markets.
In the wake of al-Nasr’s departure, Aiman al-Mudaifer has been appointed as the acting CEO of Neom.
Al-Mudaifer, who has been with the PIF since 2018, has a deep knowledge of Neom and its various sub-projects, especially in the domain of local real estate and infrastructure.
His experience is expected to ensure that Neom continues its trajectory toward becoming a key driver in Saudi Arabia’s economic transformation, maintaining operational efficiency as the project enters a new phase of development.