Neom’s CEO resigned on Tuesday without giving a reason. He led the $500 billion Saudi development project initiated by Crown Prince Mohammed bin Salman. Nadmi al-Nasr stepped down.
Prince Mohammed has invested billions of dollars in development projects through PIF, Saudi Arabia’s sovereign wealth fund.
The Red Sea megaproject, a key part of Vision 2030, aims to diversify the economy away from oil. It is an urban and industrial development the size of Belgium.
Some projects, like the Rhine futuristic city in Neom, have been scaled back due to rising costs.
Reuters reported that PIF is restructuring to focus on more successful investments. The weak oil market is impacting Saudi Arabia’s revenue.
Ayman Al Mudaifah is now the acting CEO of Neom. He has been with PIF since 2018 and understands Neom’s projects well.
The press release states, “As Neom enters a new phase, this leadership change will ensure operational efficiency in line with the project’s goals.”
Mr. Mudaifer oversees local real estate and infrastructure investments at PIF, along with serving on the boards of key companies in Saudi Arabia.
Source: www.theguardian.com
