- The CEO of Neom, Nadhmi al-Nasr, has stepped down from the role after six years.
- Saudi Arabia’s ambitious megacity scaled back targets earlier this year.
- Neom said the move would “ensure operational continuity, agility and efficiency.”
The CEO of Saudi Arabia’s ambitious Neom project has abruptly stepped down after six years in the role.
Nadhmi al-Nasr had led Neom since 2018 but departed in recent days. The Wall Street Journal first reported the news on Tuesday.
Aiman Al-Mudaifer, a real-estate executive in the kingdom’s Public Investment Fund, was named acting CEO.
A press release 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.”
An internal email seen by the Journal called the move “a strategic decision of the board and a natural evolution.”
Al-Mudaifer is also on the boards of several prominent Saudi companies.
Neom has several regions, including The Line — a proposed 106-mile horizontal structure clad in mirrors. It was planned to accommodate some 1.5 million people by 2030, but that number is thought to have been scaled back considerably.
It’s a key part of Saudi Arabia’s Vision 2030 project that aims to diversify the kingdom’s economy away from oil by launching new industries and attracting more tourists.
The futuristic city is also planned to use flying taxis and be powered by renewable energy.
Neom has faced numerous issues since its inception, including financial problems and construction delays.
Scrutiny has also come in relation to alleged human rights abuses by Saudi Arabia.
In May, Malcolm Aw, CEO of green energy firm Solar Water, told Business Insider he had pulled out of a $100 million contract with Neom after learning that villages had been bulldozed to make way for the megacity.
In May 2023, UN experts expressed alarm at the risk of execution of three members of the Huwaitat tribe for reportedly opposing the project.
One of the men, Abdul Rahim al-Huwaiti, was later reportedly killed by Saudi authorities.
Neom has also faced staffing challenges, with reports earlier this year that two executives were involved in a physical confrontation.
The Journal reported in September that Antoni Vives, who was helping oversee the development of The Line, wrestled with an unnamed construction manager after tensions over the project reached a peak.
