New Boss Named for World's Biggest Construction Project
Newsweek AI is in beta. Translations may contain inaccuracies—please refer to the original content.
Saudi Arabia's Neom, the world's largest construction project, has appointed Aiman Al-Mudaifer as its new CEO to fast-track flagship developments including The Line, the cornerstone of the plan for a city more than 100 miles long.
Newsweek has contacted Neom and the Saudi Media Ministry for comment.
Why It Matters
The project is part of Crown Prince Mohammed bin Salman's bet on shifting Saudi Arabia from dependence on oil exports to new growth alongside other Gulf and Arab governments that are pouring capital into mega-projects, showcasing cutting-edge technologies to lure global investors and polish their international images.
Saudi Arabia, Qatar and the United Arab Emirates pledged multi-billion investments during President Donald Trump's visit last week.
Athletes compete during Stage 3 of NEOM Titan Desert Saudi Arabia on Day Nineteen of the NEOM Beach Games on November 21, 2024 in Neom, Saudi Arabia.
Athletes compete during Stage 3 of NEOM Titan Desert Saudi Arabia on Day Nineteen of the NEOM Beach Games on November 21, 2024 in Neom, Saudi Arabia.for NEOM Beach Games
What To Know
Neom announced Mudaifer as its CEO and Managing Director, elevating the interim leader who has served as Acting CEO since 2024 and drawing on his experience in leading the Saudi Public Investment Fund's (PIF) real estate division since 2018 to drive the giga-project forward following the departure of longtime CEO Nadhmi al-Nasr.
Neom has faced repeated budget overruns and delays, with Mudaifer recently launching a full review of project goals and priorities, according to The Financial Times.
The PIF, Neom's principal backer, signed multi-billion-dollar deals with U.S. asset managers following Trump's visit, according to media reports.
The International Monetary Fund has estimated that oil must be at nearly $100 a barrel for the kingdom to balance its funding of Vision 2030 economic transformation.
Saudi Arabia, once a major supplier of crude oil to the United States, has seen a decline in its exports, with price per barrel of little over $62 for benchmark U.S. West Texas Intermediate crude, according to Reuters.
What People Are Saying
NEOM in statement: "Over the past months, Al-Mudaifer has remained focused on maintaining operational continuity, improving efficiencies and accelerating progress across NEOM's strategic projects and regions."
Gulf economist and consultant Justin Alexander told Newsweek: "The confirmation of Aiman Al-Mudaifer as CEO is a positive development for NEOM. He is understood to be a practical and implementation-minded engineer, which is what the project needs after a period that has been too focused on grand concepts, with weak cost management."
Robert Mogielnicki, Senior Resident Scholar at The Arab Gulf States Institute in Washington wrote in March: "Smart, sustainable spending on high-priority projects and initiatives will be crucial for regional governments, especially amid a period of subdued or declining oil prices. Saudi Arabia's social and economic transformation agenda is particularly ambitious and expensive. Saudi officials have started to adjust expectations."
What Happens Next
Observers will be watching to see whether NEOM's new leader can deliver on near-term milestones as the project faces logistical hurdles and allegations of human-rights abuses.
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