Long-time CEO of NEOM goes as Saudi Arabia scales back mega-projects
Nadhmi al-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.
Nadhmi al-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.
Crown Prince Mohammed bin Salman has poured hundreds of billions of dollars into development projects through the kingdom’s PIF sovereign wealth fund.
NEOM, a Red Sea urban and industrial development nearly the size of Belgium due to house nearly nine million people, is central to the prince’s Vision 2030 plan to create new engines of economic growth beyond oil.
But some of the schemes have had to be scaled back due to rising costs, including The Line, a futuristic city between mirrored walls extending 106 miles into the desert within NEOM.
Reuters reported in May that the $925 billion PIF was weighing a reorganization, aiming to sharpen its focus on investments that have a higher chance of success.
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