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.

The longtime chief executive of Saudi Arabia's futuristic Neom megacity project has departed from his role, the company announced Tuesday without providing a reason.  Long hailed as a city of the future,

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.

Following the departure of Nadhmi al-Nasr who had served as the project’s chief executive since 2018, Aiman al-Mudaifer has been appointed as interim CEO, says NEOM in a statement.

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.

Saudi Arabia replaced the executive that was overseeing its plan to build the $1.5 trillion futuristic development known as Neom, in the latest sign that the project is struggling to deliver on its ambitions.

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.