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Nadhmi al-Nasr, the long-time CEO of Saudi Arabia's $500 billion NEOM project, has been replaced by Aiman al-Mudaifer amid growing skepticism over the ambitious development.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.
Saudi Arabia’s Public Investment Fund has signed a $2 billion deal with Brookfield Asset Management to establish the Brookfield Middle East Partners, targeting investments in various sectors including technology and healthcare. At least 50% of the capital will be allocated to projects within the kingdom, aligning with the nation’s goal of attracting $100 billion in annual foreign direct investment by 2030. This partnership reflects a strategic shift towards domestic investment as the PIF aims to diversify the economy away from oil dependency.
Billionaire Ray Dalio praised Saudi Arabia's de-facto ruler, Mohammed bin Salman, at the Future Investment Initiative in Riyadh, calling him a “great leader.” He compared MBS to influential economic reformers Deng Xiaoping of China and Lee Kuan Yew of Singapore, highlighting his transformative potential.
Mohammed bin Salman
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