In a surprising development, the chief executive of Saudi Arabia’s ambitious $500bn Neom project, Nadhmi al-Nasr, has been removed from his position after six years at the helm of Crown Prince Mohammed bin Salman’s flagship development.
The state-owned Public Investment Fund (PIF) announced on Tuesday that Aiman Al-Mudaifer, who currently leads the fund’s local real estate division, will step in as acting chief executive. The organisation provided no explanation for Nasr’s sudden departure, which comes amid mounting pressure on the PIF to deliver results across multiple mega-projects throughout the kingdom.
Nasr’s leadership period was marked by controversy as he steered the highly ambitious development that has faced scepticism both domestically and internationally. The project, situated in the desert near the Red Sea coast, represents the cornerstone of Prince Mohammed’s extensive economic transformation programme, launched in 2017 to reduce Saudi Arabia’s reliance on oil revenues.
The Neom vision encompasses revolutionary urban planning concepts, including The Line – a linear city powered entirely by renewable energy – and Trojena, a ski resort scheduled to host the 2029 Asian Winter Games. The development’s scope extends to an industrial port and various tourist facilities, with recent openings including resorts in the Red Sea and Neom’s Sindalah island.
The leadership change follows a pattern of high-profile departures, including Wayne Borg, who headed Neom’s media unit until September. The project has witnessed several western executives exit their positions, raising questions about its management structure and implementation timeline.
The PIF emphasised that this transition marks a new phase for Neom, stating the leadership change will “ensure operational continuity, agility and efficiency to match the overall vision and objectives of the project.” The development continues to be closely watched as a barometer of Saudi Arabia’s economic diversification efforts.
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