Why did Saudi Arabia replace Neom's CEO amid budget concerns?
The change in leadership comes at a pivotal time for the $1.5 trillion green, megacity project central to the ambitious agenda of Saudi Vision 2030.
Neom, Saudi Arabia’s most high-profile giga-project, announced on Nov. 12 that CEO Nadhmi Al-Nasr had resigned and would be replaced by Aiman Al-Mudaifer as acting CEO.
The company gave no reason for the change in top management, but one analyst told Al-Monitor that Nasr's departure is likely due to the project’s progress being under review. Facing budget concerns, Neom has had to pare back some of its targets.
Mudaifer will be responsible for sustainable city development in northwestern Saudi Arabia, including The Line, the sprawling, 170- kilometer-long city in the desert.
"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," Neom said in a statement announcing the new CEO on its website.
