**Neom CEO Nadhmi al-Nasr Steps Down, PIF Veteran Aiman al-Mudaifer Takes Over**

Nadhmi al-Nasr, the longstanding chief executive of Saudi Arabia’s ambitious $500 billion Neom project, has stepped down from his position. The announcement, made through a Neom statement on Tuesday, did not provide reasons for his departure.

Prince Mohammed bin Salman has heavily invested in the Neom project, part of his strategic Vision 2030 plan, aiming to diversify the nation’s economy away from its reliance on oil. The Red Sea megaproject spans an area nearly the size of Belgium and is designed to accommodate around 9 million residents. The initiative represents a central pillar of the kingdom’s broader development ambitions.

In May, Reuters reported that the Public Investment Fund (PIF), which manages assets worth $925 billion, was considering a reorganization to better focus its investment strategies. This move responds to economic pressures, as Saudi Arabia remains significantly dependent on hydrocarbon revenues. Fluctuating oil prices and production levels have impacted the state’s financial health.

Aiman al-Mudaifer has been appointed as the acting CEO of Neom. Prior to this, he led the Local Real Estate Division at PIF since 2018 and has considerable experience with Neom and its projects. According to Neom's statement, Mudaifer's leadership comes at a crucial time as the project transitions into a new phase. His expertise is expected to bring operational continuity, agility, and efficiency in alignment with the project's goals.

In addition to his role at PIF, Mudaifer oversees various local real estate and infrastructure investments and serves on the boards of several major companies in Saudi Arabia. His leadership is anticipated to drive forward the objectives of the Neom project amid the evolving economic landscape.