As NEOM enters a new phase of delivery, this new leadership will ensure operational continuity, agility and efficiency to match the overall vision and objectives of the project.
Eng. Al-Mudaifer takes the helm of the organization with the support of a strong leadership team across NEOM’s regions, sectors and departments. Head of PIF’s Local Real Estate Division since 2018, Eng. Al-Mudaifer has a deep and strategic understanding of NEOM and its projects. In his role at PIF, Eng. Al-Mudaifer oversees all local real estate investments and infrastructure projects. He is also a board member of multiple prominent companies within the Kingdom.
Reuters reported in May that the $925 billion PIF was weighing a reorganisation, aiming to sharpen its focus on investments that have a higher chance of success. Saudi Arabia, the world's top oil exporter, is still heavily reliant on hydrocarbon revenues, and low oil prices and production have hit state coffers.
A source with knowledge of the matter told Reuters that part of the reason for Al-Nasr’s departure was that he was not delivering on key performance indicators, though the source did not specify which goals were not met.
Project leaders have been working under extremely tight deadlines to deliver massive developments by the 2030 deadline with several schemes falling behind schedule or facing delays. Aiman al-Mudaifer was named as NEOM's acting CEO. He has been the head of the PIF's Local Real Estate Division since 2018 and has a deep understanding of NEOM and its projects, NEOM said.