Aiman Al Mudaifer has been officially appointed as the permanent chief executive officer of Neom, Saudi Arabia’s high-profile $500 billion development project, according to Reuters. His appointment marks the culmination of a leadership transition that began in November 2024, when he stepped in as acting CEO following the departure of Nadhmi Al Nasr.
Al Mudaifer brings a diverse professional background, having served at the Public Investment Fund (PIF), Saudi Arabia’s $925 billion sovereign wealth fund, since 2018. His expertise spans petroleum engineering, finance, and real estate. His promotion is seen as a potential signal of strategic recalibration for Neom, one of five major "giga-projects" under the Kingdom’s Vision 2030 economic transformation agenda.
The leadership change arrives at a pivotal moment for Neom. Al Nasr’s exit was preceded by a wave of critical media reports, including allegations of worker mistreatment and delays in project milestones. At the time, Neom described the leadership shift as ushering in “a new phase of delivery”, a statement that analysts interpreted as a cue for a more pragmatic and possibly scaled-back operational approach.
Al Mudaifer brings a diverse professional background, having served at the Public Investment Fund (PIF), Saudi Arabia’s $925 billion sovereign wealth fund, since 2018
Since the transition, the project has faced financial headwinds. In December, reports emerged that the PIF had reduced budget allocations to several giga-projects, including Neom, in response to falling oil revenues and lower-than-anticipated dividends from Saudi Aramco. Although construction efforts continue—including the development of a new island as part of the Red Sea project—budgetary constraints have led to reassessments of project scope, workforce reductions, and revised timelines.
Despite recent adjustments, Neom remains a central element of Crown Prince Mohammed bin Salman’s strategy to diversify the Saudi economy. The Crown Prince has directed substantial investment through the PIF to support megaprojects aimed at reducing the Kingdom’s reliance on hydrocarbons.
Some aspects of Neom have undergone scale adjustments amid rising costs. This includes The Line, the planned 170-kilometer linear city designed to house nearly nine million residents between two mirrored walls. While progress continues, evolving priorities and economic factors are reshaping both the scale and timeline of Neom’s ambitious plans.
