CEO of Saudi Mega-Project NEOM Steps Down

Dubai/Riyadh, November 12, 2024 – Nadhmi al-Nasr, the CEO of Saudi Arabia’s $500 billion NEOM project, has left his position, NEOM announced on Tuesday. The company did not give a reason for his departure.

NEOM is a huge urban and industrial development on the Red Sea, designed to be nearly the size of Belgium and accommodate around nine million people. It is a key part of Crown Prince Mohammed bin Salman’s Vision 2030 plan, which aims to reduce Saudi Arabia’s reliance on oil by creating new industries and sources of economic growth.

The project is funded by the Saudi Public Investment Fund (PIF), which has invested billions in various development projects.

Al-Nasr’s exit raises questions about the future leadership of NEOM, a project that aims to become a global hub for technology and innovation.