Nadhmi al-Nasr, the former chief executive of the $500 billion Saudi Neom development project launched by Crown Prince Mohammed bin Salman, has left, according to a Neom statement issued Tuesday that did not give a reason for the departure.
Prince Mohammed has invested hundreds of billions of dollars in development projects through the kingdom’s PIF sovereign fund.
The Red Sea megaproject, an urban and industrial development almost the size of Belgium that will be home to almost 9 million people, is central to the prince’s Vision 2030 plan, which aims to diversify the economy away from oil.
But some of the projects have had to be scaled back due to rising costs, including the Line, a futuristic city between mirror walls that stretches 170 kilometers (106 miles) into the desert within Neom.
Reuters reported in May that the $925 billion PIF was considering a reorganization, aiming to focus more on investments that have a better chance of success. Saudi Arabia, the world’s top oil exporter, still relies heavily on hydrocarbon revenues, and low oil prices and production have hit state coffers.
Aiman al-Mudaifer was named acting CEO of Neom. He has been head of PIF’s Local Real Estate Division since 2018 and has deep knowledge of Neom and its projects, according to Neom’s statement.
“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 press release reads.
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In his role at PIF, Mudaifer oversees all local real estate investments and infrastructure projects, and is a member of the board of directors of several prominent companies in the kingdom.