CEO of Saudi Arabia's megacity project The Line steps down amid project challenges

By THE MEDIA LINE STAFF

Published: NOVEMBER 13, 2024 21:28

Saudi CEO of NEOM Nadhmi al-Nasr speaks during the last day of the Future Investment Initiative FII conference in the Saudi capital Riyadh on October 25, 2018. (photo credit: Fayez Nureldine/AFP via Getty Images) — Saudi CEO of NEOM Nadhmi al-Nasr speaks during the last day of the Future Investment Initiative FII conference in the Saudi capital Riyadh on October 25, 2018.

(photo credit: Fayez Nureldine/AFP via Getty Images)

Nadhmi Al-Nasr’s successor, Aiman al-Mudaifer, currently head of PIF's Local Real Estate Division, will serve as Neom’s acting CEO.

The longtime chief executive of Saudi Arabia's futuristic Neom megacity project has departed from his role, the company announced Tuesday without providing a reason.

For more stories from The Media Line go to themedialine.org

Long hailed as a city of the future, Neom serves as the focal point of Saudi Crown Prince Mohammed bin Salman's ambitious Vision 2030 economic pivot from oil exports, envisioned as a sprawling urban, tourist, and industrial hub on the Red Sea.

Saudi Arabia's $900 billion PIF sovereign wealth fund is financing Neom, initially projected to cost upwards of $500 billion. Along with an alpine resort and a floating industrial district, the project also includes The Line, a pair of 105-mile (170-kilometer)-long mirrored skyscapes cutting through the northern desert.

Project faces cost escalations, delays

Unmet performance goals led to Nadhmi al-Nasr's departure from Neom, a source familiar with the matter told Reuters, though they did not disclose the specific targets. The project has also faced cost escalations and delays amid mounting pressure on PIF to prioritize viable investments amid low oil prices.

Al-Nasr’s successor, Aiman al-Mudaifer, currently head of PIF's Local Real Estate Division, will serve as Neom’s acting CEO.

Russia Kamaz's driver Dmitry Sotnikov, co-drivers Ruslan Akhmadeev and Ilgiz Akmetzianov compete by the Red Sea during the Stage 9 of the Dakar Rally 2021 around Neom, Saudi Arabia, on January 12, 2021. (credit: FRANCK FIFE/AFP via Getty Images)

Only a day ago, Neom revealed that the primary urban planner for phase one of the Line will be the Austrian architectural firm Delugan Meissl Associated Architects (DMAA), with San Francisco Gensler serving as the city planning consultant.

Since its inception, Neom has faced controversy due to its scope and scale, with critics highlighting the abuse and neglect of migrant construction workers. Since Vision 2030 was launched in 2016, some 21,000 South Asian migrant workers, namely from Nepal, Bangladesh, and India, have died in the country, according to a documentary released by UK-based television station ITV.