Saudi Arabia announced Tuesday that it was replacing the CEO of its $500-billion futuristic mega-city NEOM.
“Following the departure of Nadhmi al-Nasr", who had served as the project’s chief executive since 2018, “Aiman al-Mudaifer has been appointed as interim CEO", NEOM said in a statement.
The company said that Mudaifer brought with him a "deep and strategic understanding of NEOM" after serving as head of a property arm of the Saudi sovereign wealth fund since 2018.
NEOM is a planned futuristic megacity in northwestern Saudi Arabia meant to feature a ski resort and twin skyscrapers 170 kilometres (105 miles) long. Saudi Arabia recently scaled back the project. Its signature project, the horizontal city The Line, will open in 2030 at less than 5km in length and not the full 170km which is now projected for 2045.
NEOM has been forced to take a back seat as the Saudi government prioritises other plans in Riyadh after the capital city was chosen last year as the host of the World Expo 2030.
Last month, NEOM opened its first development, Sindalah Island, which features an 86-berth marine, five-star hotels, restaurants, and shops.
WTO advances world’s first digital trade rules despite opposition
Abu Dhabi boosts transparency, governance in real estate sector
Dr. Sultan Al Jaber dedicates leadership award to UAE President, frontline workers
Dubai achieves highest-ever ranking in Global Financial Centres Index
Stocks gain with oil prices easing on optimism from possible ceasefire talks
