Finance
Saudi Arabia Replaces CEO Developing Megacity of Neom
- Aiman Al-Mudaifer was named acting CEO after Al-Nasr departure
- Neom says new chief will ensure project meets ‘overall vision’
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Saudi Arabia replaced the executive that was overseeing its plan to build the $1.5 trillion futuristic development known as Neom, in the latest sign that the project is struggling to deliver on its ambitions.
Nadhmi Al-Nasr, who had been chief executive officer of Neom since 2018, will be replaced by Aiman Al-Mudaifer for now, according to a statement on X. Al-Mudaifer has been head of local real estate at Saudi Arabia’s Public Investment Fund, which is the owner of Neom, for the past six years.