Saudi's mega-city NEOM gets new boss as deadline pressure builds up
Saudi Arabias landmark NEOM project worth $500 billion sees unexpected leadership change. Project faces timeline pressure as new acting-CEO takes charge of the massive Red Sea development
In a major shake-up Nadhmi al-Nasr has stepped down from his position as NEOMʼs chief-exec‚ with Aiman al-Mudaifer stepping in as acting-CEO of the mega-development (which is roughly the size of Belgium)
The $500-billion Red Sea project – a key piece of Saudiʼs oil-free future plans – is moving forward under new management as it faces time-related pressure. The development which aims to house 9-million residents needs quick progress to meet its 2030 deadline; however some parts like The Line city had to be re-thought due to high costs
The Public Investment Fund which backs NEOM is looking at ways to make its money work better: they want to put cash into projects that have better chances to succeed. Al-Mudaifer brings his know-how from running PIFs local real-estate division since 18ʼ and sits on boards of many saudi companies
A source close to the project says al-Nasrʼs exit is linked to some goals not being met but didnt give specifics. The new leadership team needs to work fast – theres only about five-and-half years left until the planned completion date‚ and some parts of the project are already running late
The project team says this change will help them work better: “As NEOM enters a new phase of delivery this new leadership will ensure operational continuity agility and efficiency to match the overall vision and objectives of the project“
