NEOM will elevate the status of CEO Aiman al-Mudaifer from acting to permanent
Saudi Arabia plans to formally appoint Aiman al-Mudaifer as the permanent chief executive of NEOM, the kingdom’s $500 billion flagship development project, according to two sources familiar with the matter.
Mudaifer has served as acting CEO
since November, following the departure of longtime chief Nadhmi al-Nasr. The
NEOM initiative—an ambitious urban and industrial development nearly the size
of Belgium—is central to Crown Prince Mohammed bin Salman’s Vision 2030, a plan
to diversify the Saudi economy away from oil dependence.
One source noted that Mudaifer,
expected to be confirmed in the coming weeks, brings significant experience to
the role. He has been closely involved with NEOM’s progress through his work
with the Public Investment Fund (PIF), Saudi Arabia’s sovereign wealth fund,
which backs the mega-project.
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Al-Mudaifer appointed as acting CEO of NEOM
"This move signals increased
oversight from PIF, a necessary step for a project of this scale," the
source added.
Economists agree that stronger
governance could help mitigate challenges NEOM faces, including budget
constraints and scaled-back ambitions. “It certainly makes sense to have
careful oversight of a vast initiative such as NEOM,” said Justin Alexander,
director of Khalij Economics. “Appointing a seasoned CEO is a logical step.”
Mudaifer previously led PIF’s Local
Real Estate Division, overseeing domestic infrastructure investments. NEOM
highlighted in November that he also sits on the boards of several major Saudi
companies.
“Strong coordination with the PIF
will be essential, especially amid shifting priorities and the broader impact
of fluctuating oil prices,” said Monica Malik, chief economist at Abu Dhabi
Commercial Bank.
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The PIF did not immediately respond
to a request for comment.
NEOM has attracted global attention
for its scale and futuristic vision—including The Line, a linear city designed
to stretch 170 kilometers through the desert. But some plans have been adjusted
due to rising costs and economic pressures.
Source: Reuters
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