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,

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.

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. Read more at straitstimes.

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.

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 has replaced the long-serving chief executive of its $500-billion megaproject Neom, a key development within the kingdom's Vision 2030 economic diversification strategy. Nadhmi Al Nasr, who led Neom since 2018,