No Explanation Given for Departure of Nadhmi al-Nasr, Longtime CEO of $500bn Neom Project Launched by Mohammed bin Salman
Nadhmi al-Nasr, the long-serving CEO of Neom, the ambitious $500 billion Saudi development project spearheaded by Crown Prince Mohammed bin Salman, has stepped down, according to a statement issued by Neom on Tuesday. The statement did not provide any details regarding the reasons behind his departure.
Neom, a massive urban and industrial development project nearly the size of Belgium, is central to Prince Mohammed's Vision 2030, which aims to diversify Saudi Arabia's economy away from oil dependency. The project, intended to house nearly 9 million people, has attracted significant investment from the kingdom's Public Investment Fund (PIF).
However, rising costs and global economic pressures have forced some adjustments to the project's scale, including the scaling back of other major initiatives like the Line — a futuristic 170 km city stretching across the desert.
In May, Reuters reported that the $925 billion PIF was considering a reorganization to focus more on investments that have a higher probability of success, especially as low oil prices and production have impacted Saudi Arabia's finances.
Aiman al-Mudaifer, who has been with the PIF since 2018 and currently leads the Local Real Estate Division, has been appointed acting CEO of Neom. He brings extensive knowledge of Neom and its various projects. According to the statement, Mudaifer’s leadership will ensure operational continuity and help guide the project through its next phase of development.
In his previous role at PIF, Mudaifer managed key local real estate and infrastructure investments and served as a board member of several prominent companies in Saudi Arabia.
Neom's ambitious goals, which include creating a high-tech, sustainable urban environment in the desert, are integral to the country's long-term vision of reducing its reliance on oil revenue and diversifying its economy.
As Neom enters a new phase, it is expected to continue its push toward realizing its transformative vision for Saudi Arabia’s future.
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