Saudi Arabia has replaced the long-serving chief executive of its $500-billion megaproject Neom, a key development within the kingdom's Vision 2030 economic diversification strategy.
Nadhmi Al Nasr, who led Neom since 2018, will be replaced by Aiman Al Mudaifer as acting chief executive, the company said in a statement.
Mr Al Mudaifer, who has been in charge of the Public Investment Fund's Saudi real estate division since 2018, oversees the sovereign wealth fund's real estate and infrastructure investments in the kingdom. Neom, which will be home to smart cities, commercial ports, luxury resorts, research centres, entertainment venues and tourist attractions, is owned and being developed by the PIF.
The new executive at the helm “has a deep and strategic understanding of Neom and its projects”, the company said.
“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,” it added.
Located in the north-west of the kingdom, Neom has announced 11 projects so far and is supported with funding from the PIF as well as local and international investors. It aims to be powered entirely by clean energy, with public transport and autonomous vehicles set to be residents' main modes of travel.
Progress “continues on all operations as planned, as we deliver the next phase of our vast portfolio of projects including The Line, Oxagon, Trojena, Magna and The Islands of Neom”, the company said.
Neom opened its first development late last month. Sindalah Island, a luxury tourism project, features a sprawling 86-berth marina, five-star hotels and upscale restaurants and shops. Billed as the “first physical showcase of Neom”, the island spans about 840,000 square metres and is the futuristic city's gateway to the Red Sea.
Saudi Arabia, the Arab world's largest economy, launched the Vision 2030 programme in 2016 to diversify its economy away from oil, support private-sector growth and reduce the unemployment rate among citizens. The kingdom has announced a host of ambitious new projects as part of the overarching economic agenda, such as Neom and the Red Sea Project.
In April, Finance Minister Mohammed Al Jadaan said the kingdom would “downscale” or “accelerate” some of the projects being carried out under the Vision 2030 programme to adapt to current economic and geopolitical challenges.
“A lot of the targets have been overdelivered, there are challenges obviously, and this is why I said we don't have any ego. We will change, we will adjust or extend some of the projects. We will downscale some of the projects and accelerate others,” he said at the time.
Asked whether Saudi Arabia had to “mark-to-market” its expectations regarding the goals of the 14-year long programme, Mr Al Jadaan said: “Absolutely, yes.”
In June, Saudi Arabia's Minister of Investment, Khalid Al Falih, said the development plan was on its way to implementation and ahead of schedule.
“We're more than halfway through the implementation of Vision 2030, and I'm glad to report that we're ahead of schedule on all aspects of the implementation,” he told the UK-Saudi Sustainable Infrastructure Forum in London.
'The Ice Road'
Director: Jonathan Hensleigh
Stars: Liam Neeson, Amber Midthunder, Laurence Fishburne
2/5
MATCH INFO
Uefa Champions League semi-final, first leg
Bayern Munich v Real Madrid
When: April 25, 10.45pm kick-off (UAE)
Where: Allianz Arena, Munich
Live: BeIN Sports HD
Second leg: May 1, Santiago Bernabeu, Madrid
Islamophobia definition
A widely accepted definition was made by the All Party Parliamentary Group on British Muslims in 2019: “Islamophobia is rooted in racism and is a type of racism that targets expressions of Muslimness or perceived Muslimness.” It further defines it as “inciting hatred or violence against Muslims”.
The biog
Age: 23
Occupation: Founder of the Studio, formerly an analyst at Cleveland Clinic Abu Dhabi
Education: Bachelor of science in industrial engineering
Favourite hobby: playing the piano
Favourite quote: "There is a key to every door and a dawn to every dark night"
Family: Married and with a daughter
If you go
Flights
Emirates flies from Dubai to Phnom Penh with a stop in Yangon from Dh3,075, and Etihad flies from Abu Dhabi to Phnom Penh with its partner Bangkok Airlines from Dh2,763. These trips take about nine hours each and both include taxes. From there, a road transfer takes at least four hours; airlines including KC Airlines (www.kcairlines.com) offer quick connecting flights from Phnom Penh to Sihanoukville from about $100 (Dh367) return including taxes. Air Asia, Malindo Air and Malaysian Airlines fly direct from Kuala Lumpur to Sihanoukville from $54 each way. Next year, direct flights are due to launch between Bangkok and Sihanoukville, which will cut the journey time by a third.
The stay
Rooms at Alila Villas Koh Russey (www.alilahotels.com/ kohrussey) cost from $385 per night including taxes.
The biog
Favourite hobby: taking his rescue dog, Sally, for long walks.
Favourite book: anything by Stephen King, although he said the films rarely match the quality of the books
Favourite film: The Shawshank Redemption stands out as his favourite movie, a classic King novella
Favourite music: “I have a wide and varied music taste, so it would be unfair to pick a single song from blues to rock as a favourite"
The Sand Castle
Director: Matty Brown
Stars: Nadine Labaki, Ziad Bakri, Zain Al Rafeea, Riman Al Rafeea
Rating: 2.5/5
UAE currency: the story behind the money in your pockets
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Mohammed bin Zayed Majlis
Dark Souls: Remastered
Developer: From Software (remaster by QLOC)
Publisher: Namco Bandai
Price: Dh199
Living in...
This article is part of a guide on where to live in the UAE. Our reporters will profile some of the country’s most desirable districts, provide an estimate of rental prices and introduce you to some of the residents who call each area home.
Formula Middle East Calendar (Formula Regional and Formula 4)
Round 1: January 17-19, Yas Marina Circuit – Abu Dhabi
Round 2: January 22-23, Yas Marina Circuit – Abu Dhabi
Round 3: February 7-9, Dubai Autodrome – Dubai
Round 4: February 14-16, Yas Marina Circuit – Abu Dhabi
Round 5: February 25-27, Jeddah Corniche Circuit – Saudi Arabia
Voices: How A Great Singer Can Change Your Life
Nick Coleman
Jonathan Cape
Skoda Superb Specs
Engine: 2-litre TSI petrol
Power: 190hp
Torque: 320Nm
Price: From Dh147,000
Available: Now
ABU DHABI ORDER OF PLAY
Starting at 10am:
Daria Kasatkina v Qiang Wang
Veronika Kudermetova v Annet Kontaveit (10)
Maria Sakkari (9) v Anastasia Potapova
Anastasia Pavlyuchenkova v Ons Jabeur (15)
Donna Vekic (16) v Bernarda Pera
Ekaterina Alexandrova v Zarina Diyas
Defending champions
World Series: South Africa
Women’s World Series: Australia
Gulf Men’s League: Dubai Exiles
Gulf Men’s Social: Mediclinic Barrelhouse Warriors
Gulf Vets: Jebel Ali Dragons Veterans
Gulf Women: Dubai Sports City Eagles
Gulf Under 19: British School Al Khubairat
Gulf Under 19 Girls: Dubai Exiles
UAE National Schools: Al Safa School
International Invitational: Speranza 22
International Vets: Joining Jack
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The specs
Engine: 4.0-litre V8 twin-turbocharged and three electric motors
Power: Combined output 920hp
Torque: 730Nm at 4,000-7,000rpm
Transmission: 8-speed dual-clutch automatic
Fuel consumption: 11.2L/100km
On sale: Now, deliveries expected later in 2025
Price: expected to start at Dh1,432,000
The biog
Favourite book: Animal Farm by George Orwell
Favourite music: Classical
Hobbies: Reading and writing
