The CEO of Saudi Arabia's futuristic city project, NEOM, has unexpectedly resigned, marking a significant leadership change in the world's largest construction project. No reasons were provided for Nadhmi Al-Nasr's departure, who had been CEO since 2018.
NEOM announced that Aiman Al-Mudaifer, former head of investment at the Saudi Public Investment Fund (PIF, Financial), will be the acting CEO. This leadership transition aims to maintain operational efficiency and align with NEOM's overall vision as it enters a new delivery phase.
NEOM is a key component of Saudi Arabia's Vision 2030, with a planned investment of $500 billion. The city spans 26,500 square kilometers near the Red Sea and aims to develop nine industries, including energy, biotech, and entertainment. The project comprises four sub-projects: The Line, Sindalah, Trojena, and Oxagon, with The Line being a prominent linear city concept.
Intended as a showcase for Saudi's economic diversification, NEOM has faced delays, budget overruns, and staff turnover. Recently, it was revealed that a government committee led by Crown Prince Mohammed bin Salman would review major projects like NEOM, possibly cutting expenditures as current funding falls short of original plans. NEOM's budget allocation for this year is expected to be 20% less than targeted.
Originally, the government aimed to house 1 million residents by 2030, but current forecasts predict a capacity of fewer than 300,000. Earlier this year, Al-Nasr sought new financing methods, with most past funding coming from PIF equity injections.
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