Neom CEO Nadhmi al-Nasr departs amid scaled-back projects
- Aiman al-Mudaifer has been named acting CEO of Neom, taking over from Nadhmi al-Nasr.
- The Neom project is central to Saudi Arabia's Vision 2030 plan to diversify its economy.
- The leadership change occurs amidst financial pressures and project scale-backs.
Nadhmi al-Nasr has left his role as the chief executive of Neom, a Saudi development project valued at $500 billion, which was initiated by Crown Prince Mohammed bin Salman. His departure was announced in a statement that did not provide a reason. Amid rising costs and the scaling back of several ambitious projects, including 'The Line,' the Saudi government is facing pressures as it continues to rely heavily on oil revenues. In light of this transition, Aiman al-Mudaifer has been appointed as the acting CEO, bringing experience from his position as head of Local Real Estate Division at the Public Investment Fund. The aim is to maintain operational continuity and align with the evolving vision for Neom as it enters a new phase of development.