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Saudi Arabia has scaled back its ambitious NEOM gigaproject, focusing on completing essential elements for hosting global sporting events over the next decade. This shift comes amid rising costs and follows the unexpected departure of the project's longtime CEO.
Saudi Arabia's Neom megaproject has appointed Aiman Al-Mudaifer as acting CEO following the departure of Nadhmi Al-Nasr amid concerns over economic viability and project delays. The ambitious plans, including The Line and Trojena, face skepticism as the kingdom grapples with a widening budget deficit and subdued oil prices, prompting cutbacks and scaled-back project scopes. Despite these challenges, Neom's leadership insists that progress continues as planned in alignment with Saudi Vision 2030.
Nadhmi al-Nasr, the long-time CEO of Saudi Arabia's $500 billion NEOM project, has been replaced by Aiman al-Mudaifer amid growing skepticism over the ambitious development. Al-Nasr, known for his harsh management style, reportedly faced issues of delays, cost overruns, and high staff turnover. His departure marks a significant leadership change as the project aims to create futuristic developments, including a ski resort and towering skyscrapers.
Nadhmi al-Nasr, the long-time CEO of the $500 billion NEOM project initiated by Crown Prince Mohammed bin Salman, has left his position, as announced by NEOM on Tuesday. The reason for his departure has not been disclosed.
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Saudi Arabia scales back NEOM project to focus on sporting events
20:01 13.11.2024
Neom appoints new CEO amid project delays and financial challenges
14:00 13.11.2024
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09:55 13.11.2024
nadhmi al-nasr departs as ceo of saudi neom project
18:13 12.11.2024
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