Saudi Arabia’s futuristic city project Neom has announced the departure of long-time CEO Nadhmi Al-Nasr in an abrupt leadership reshuffle.

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.

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's ambitious futuristic city plans have been bogged down by delays and changes. The most recent is the departure of its CEO, Nadhmi al-Nasr.

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, was replaced after six years, amid pressure on the Public Investment Fund to deliver on major projects like The Line and Trojena.

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

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.

Nadhmi al-Nasr, the long-time chief executive of the $500 billion Saudi development project NEOM launched by Crown Prince Mohammed bin Salman, has departed, NEOM said on Tuesday without giving a reason.