CEO of Saudi Arabia’s $500 Billion Neom Project Steps Down

SAUDI ARABIA - Nadhmi al-Nasr, the CEO of Saudi Arabia’s massive Neom project, has left his position, according to an official statement released on Tuesday. No reason was given for his departure. Neom, a $500 billion development backed by Crown Prince Mohammed bin Salman, is a major part of Saudi Arabia’s Vision 2030 plan to reduce its reliance on oil by growing other parts of its economy.

The Neom project, located along the Red Sea, is a futuristic urban and industrial hub that is nearly the size of Belgium. Eventually, it aims to house almost nine million people. One of the most talked-about parts of Neom is "The Line"—a planned city with mirrored walls stretching 170 kilometers (about 106 miles) through the desert. However, due to rising costs, some parts of the project have had to be adjusted.

Saudi Arabia’s Public Investment Fund (PIF), which is worth about $925 billion, has been the main source of funding for Neom. In May, reports suggested that PIF was considering a reorganization to focus on projects with a higher chance of success. Although Saudi Arabia is the world’s largest oil exporter, the kingdom still relies heavily on oil revenues, which have been lower recently due to drops in oil prices and production.

Following al-Nasr's departure, Aiman al-Mudaifer has been named as acting CEO. Al-Mudaifer has led PIF’s Local Real Estate Division since 2018 and is familiar with Neom’s goals and operations. In a statement, Neom said, “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.”

The Neom project is a key part of Saudi Arabia’s efforts to grow its economy beyond oil, with new leadership now guiding it through the next phase.