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Neom mega-project boss abruptly replaced in Saudi Arabia
Nadhmi al-Nasr leaves after six years in charge of $500bn desert development
Neom is the centrepiece of a vast economic transformation programme that Prince Mohammed launched in 2016 to help diversify the economy © Neom
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Ahmed Al Omran in Riyadh YESTERDAY
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The chief executive of Neom, Saudi Arabia’s $500bn futuristic development in the desert, has been abruptly replaced after six years in charge of Crown Prince Mohammed bin Salman’s flagship project.
The company said on Tuesday that Nadhmi al-Nasr, a veteran former official of state-controlled oil giant Saudi Aramco, had left his role.
It gave no reason for his departure, which comes as the Public Investment Fund, which controls Neom, comes under pressure to deliver on a series of mega-projects across the kingdom.
Nasr’s tenure was often marked by controversy as he oversaw the highly ambitious development that has drawn scepticism inside and outside the kingdom.
Aiman Al-Mudaifer, head of the local real estate division at the PIF, the kingdom’s sovereign wealth fund, will step in as acting chief executive, Neom said. The company is a PIF subsidiary.
“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,” the company said.
Neom is the centrepiece of a vast economic transformation programme that Prince Mohammed launched in 2016 to help diversify the economy and wean the kingdom off its dependence on oil revenues. It is located in the desert near the Red Sea coast and close to Jordan and Egypt.
Prince Mohammed first unveiled the idea for Neom in 2017 with the promise of a new concept of urban living based fully on renewable energy and where robots would outnumber humans.
Different elements of the projects were announced in the intervening years, including a linear city called The Line, an industrial port and a ski resort called Trojena that is set to host the Asian Winter Games in 2029.
Nadhmi al-Nasr been abruptly replaced after six years in charge of Crown Prince Mohammed bin Salman’s flagship project © Faisal Al Nasser/Reuters
Neom is one of several huge projects developed as part of the kingdom’s economic diversification plan. Tourist resorts in the Red Sea and Neom’s Sindalah island have recently opened, while other schemes remain under construction.
Often described as the word’s largest construction project, Neom has struggled to meet ambitious expectations and seen several leadership changes in recent years.
Klaus Kleinfeld, former CEO of Siemens and Alcoa, was the first head of Neom but was soon replaced by Nasr, who had a reputation for quick delivery of major infrastructure projects while at energy group Saudi Aramco, but faced criticism for his hard-charging managerial style.
The company has seen the departure of several western executives. Wayne Borg, head of Neom’s media unit, was replaced in September.
