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,

A sign in a window of the NEOM pop-up store on the closing day of the World Economic Forum (WEF) in Davos, Switzerland, on Friday, Jan. 20, 2023. © Stefan Wermuth ...

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. "Following the departure of Nadhmi al-Nasr", who had served as the ...

Saudi Arabia's ambitious futuristic city plans have been bogged down by delays and changes. The most recent is the departure of its CEO.

The departure of the longtime CEO marks a major shakeup at Neom, which is a showpiece of Riyadh’s economic ambitions.

Neom, Saudi Arabia's ambitious megacity project, is a key part of the kingdom's Vision 2030 scheme. Its CEO stepped down after six years in the role.