Saudi Arabia's futuristic city project Neom has announced the departure of long-time CEO Nadhmi Al-Nasr in an abrupt leadership reshuffle. The $500B project, a pillar of Crown Prince Mohammed bin Salman’s drive to diversify Saudi Arabia’s economy away from a reliance on oil,

Longtime CEO Nadhmi al-Nasr left Neom, Saudi Arabia’s marquee development, which has been plagued by delays, cost overruns and staff turnover.

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.

Nasr estimated the total cost of the line alone would be considerably over $2 trillion, which is far more than the country's ability to spend on development. He took the reins in 2018 and pushed staff hard.

NEOM has announced a major shake up of its management as long-time leader Nadhim Al Nasr has left his CEO role. The NEOM Board of Directors has announced the appointment of Eng. Aiman Al Mudaifer as Acting CEO of the company. Eng. Al Mudaifer assumes leadership of NEOM, following Nadhmi Al-Nasr’s departure.

Neom is set to host hyper-futuristic cityscapes and structures — but financial pressures on the kingdom are changing.

Nasr, the long-time chief executive of the $500 billion NEOM mega-project at the heart of Saudi Arabia's drive to diversify away from oil, has departed, NEOM said on Tuesday without giving a reason.

Saudi Arabia announced Tuesday that it was replacing the chief executive of its futuristic mega-city NEOM as scepticism mounts over the Gulf kingdom's most ambitious development projects.

Saudi Arabia has replaced the long-serving chief executive of its $500-billion megaproject Neom, a key development within the kingdom's Vision 2030 economic diversification strategy. Nadhmi Al Nasr, who led Neom since 2018,