NEOM CEO Nadhmi al-Nasr Replaced by Aiman al-Mudaifer

Nadhmi al-Nasr has been replaced as CEO of Neom, the USD 500 billion mega-project spearheaded by Crown Prince Mohammed bin Salman. Aiman al-Mudaifer, an executive of the Public Investment Fund (PIF), has been named as his replacement.

The reasons for al-Nasr's departure have not been officially disclosed, but the timing of the leadership change coincides with increasing pressure on the PIF, which oversees Neom and is charged with managing several other mega-projects throughout the kingdom.

Neom, located in the desert near Saudi Arabia’s Red Sea coast and close to both Jordan and Egypt, is a cornerstone of the kingdom’s Vision 2030 economic transformation program. First unveiled by Crown Prince Mohammed in 2017, Neom was conceived as a ground-breaking city built on renewable energy and cutting-edge technology, with promises of robots outnumbering humans and a new model of urban living. The project is expected to play a pivotal role in the kingdom’s efforts to diversify its economy away from oil dependence.