Saudi Arabia's futuristic city project Neom has announced the departure of long-time CEO Nadhmi Al-Nasr in an abrupt leadership reshuffle. The $500B project, a pillar of Crown Prince Mohammed bin Salman’s drive to diversify Saudi Arabia’s economy away from a reliance on oil,

Longtime CEO Nadhmi al-Nasr left Neom, Saudi Arabia’s marquee development, which has been plagued by delays, cost overruns and staff turnover.

Long hailed as a city of the future, Neom serves as the focal point of Saudi Crown Prince Mohammed bin Salman's ambitious Vision 2030 economic pivot from oil exports, envisioned as a sprawling urban, tourist, and industrial hub on the Red Sea.

Neom's board of directors announced on Tuesday the appointment of Aiman Al-Mudaifer as acting CEO of the company following the unexpected departure of Nadhmi Al-Nasr, who was put in charge of the project in 2018.

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.

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.

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

Following the departure of Nadhmi al-Nasr who had served as the project’s chief executive since 2018, Aiman al-Mudaifer has been appointed as interim CEO, says NEOM in a statement.

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 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.