NEOM CEO Nadhmi al-Nasr abruptly left the Saudi Arabian megacity development this week, as the project continues to be retooled.
NEOM would include smart cities, industrial areas, and resorts, and is expected to cost around US$500 billion. NEOM is part of the kingdom’s Vision 2030 plan to diversify its economy away from oil.
Aiman al-Mudaifer, the head of Local Real Estate at Saudi Arabia’s Public Investment Fund, has been named acting CEO. “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’s board of directors said on Tuesday.
“NEOM is a fundamental pillar of Saudi Vision 2030 and progress continues on all operations as planned,” the statement says.
The megacity’s first resort area, a luxury island known as Sindalah, opened in October.
NEOM also announced yesterday that a new slate of urban designers has been appointed to work on its flagship development, The Line. The Line is planned to be a linear city of 9 million, built in the kingdom’s northwestern Tabuk province.
The Line was reportedly scaled back in April. The project’s original goal was to house 1.5 million people in The Line by 2030, though it is now projected to have less than 300,000 residents by that date.
Saudi Arabia has aimed to raise funds for Vision 2030 this year, as its total cost is estimated at over US$1 trillion. The kingdom had gathered US$54 billion as of June by increasing its debt, well as selling shares both in state oil company Aramco and in foreign firms.
The kingdom also said it would reduce its foreign investments last month.
Al-Nasr had been NEOM’s CEO since 2018. He was formerly vice president of Engineering Services at Aramco, and managed development of the Shaybah oil field.