The head of the dominant Saudi project is reviewed after setbacks

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Two people familiar with the issue said that the CEO of NEOM in the Kingdom of Saudi Arabia has launched a “comprehensive review” of the scope and priority of projects within the plan of Crown Prince Mohammed bin Salman.

Aiman ​​Mudaifer Acting CEO was appointed in November yet The sudden departure of Al -Nasr ClubWho led the Mega project worth $ 500 billion for a period of six years, but he faced the increasing scrutiny of his administrative style and pressure to present the results.

One of the people familiar with the matter said that the main projects in NEOM were “generally continuing”, but they added that some “were reviewed in terms of their scope.”

The person added that some tourism developments on the Red Sea, where the work has not started, has been delayed yet.

The person said the review “is taking place in an environment of limited resources.” “Some things have been done to be seen again.”

“Gigaaproject”, which officials describe as the largest building site in the world cover a large area of ​​desert and mountains along the Red Sea, and extends to the borders of Jordan and Egypt.

It includes multiple developments, including a future linear city called the line, which ultimately is supposed to operate 170 km; A coastal logistical area known as Oxagon; And a ski resort called TOJENA, which is scheduled to host Asian winter games in 2029.

Nasr, the former CEO of the Saudi government oil company, Aramco, joined NEOM after establishing a reputation in overseeing large government infrastructure projects.

But NEOM has struggled with projects that go beyond budget and timetables, and has painted doubts from inside and outside the Kingdom since its launch in 2017. Saudi officials are skeptical by saying that NEOM is a 50-year-old project-or up to 100 years-.

The review comes at a time when RIYAADH is calibrating the priorities of spending after nearly a decade of feverish activity with low oil prices and the government seeks to manage the vast size of projects announced as part of the Prince Mohamed’s Vision 2030 program to develop Kingdom.

As a result, state -related entities are forced to tighten their belts, consultants fees are reduced and some projects or skiing are reduced over stages over a longer period of time.

Another person said that the review is taking place “to make a decision to double it.”

The person said: “It is just a general public governance. It is linked to the return (spending).” ))

“It is an unprecedented project, not only for the Kingdom of Saudi Arabia.”

Prince Muhammad is the practical head of the day, and he is the focus of the ambitious economic transformation program to reduce the Kingdom’s dependence on oil revenues. NEOM is owned by the General Investment Fund, the sovereign wealth fund of $ 940 billion.

When she announced Modaver’s date, Nom said that the project will enter a “new stage of delivery”, adding that the new leadership will ensure “operational continuity, lightness and efficiency to match the comprehensive vision and the project goals.”

Modaver, who was previously headed to the local real estate department in PIF, is appointed as the Permanent CEO, according to a person.

PIF supervises all major development projects throughout the Kingdom and is exposed to increasing pressure to provide results on the ground, nearly a decade of Prince Muhammad’s disclosure of Vision 2030.

Neom did not respond to the comment.