Wael’s view
I remember my first days at NEOM vividly. At the time, in 2018, the company had fewer than 100 employees, and I joined just two months after Nadhmi Al-Nasr became the project’s chief executive officer. He was abruptly replaced with an interim CEO last week, and the search is on for an executive who can achieve the vision of NEOM.
Al-Nasr had decades of experience and a well-deserved reputation for delivering results. He executed two giant projects — the 1-million-barrel-per-day Shaybah oil field and the $2.6 billion King Abdullah University of Science and Technology — without delays. His tenure at NEOM brought it to life, transforming the vision into visible infrastructure, an expanding workforce, and the launch of Sindalah Island. His management style, to be generous, was firm and invited media scrutiny, from The Wall Street Journal and Bloomberg in particular.
I quickly learned how to work effectively with Al-Nasr, who pushed me to deliver my best work, often through high expectations as a motivator. This approach was typical of the era and industry in which he had built his career. While this old-school style pushed me to my limits and revealed my ability to thrive under pressure — something he greatly valued in his subordinates — it also came with significant drawbacks. As negative headlines and high employee turnover accumulated, his tenure raised important questions about whether such a role demands a leader with a more modern, globally attuned approach.
NEOM isn’t just a Saudi project. It’s a statement. To fulfill this promise, it requires a leader with a global perspective and the ability to navigate the complex ecosystems of international business, technology, and sustainability. Given the scale of the project — measured in trillions of dollars deployed over decades — there are only a handful of people in the world who can take it on. A global CEO would be the logical step to ensure that NEOM not only delivers its vision but also resonates worldwide.
Leadership changes are common in Saudi Arabia’s giga-projects. Consider the turnover at Qiddiya, Roshn, and King Abdullah Financial District. Among exceptions are Red Sea Global and Diriyah Gate Development Authority, where leadership has remained stable, offering a contrast that invites reflection.
John Pagano at Red Sea and Jerry Inzerillo at Diriyah have achieved notable progress on their projects, delivering assets while promoting them globally. Both brought global expertise in sectors that Saudi executives often lack outside of oil and gas. Both projects are minuscule compared to NEOM, which makes the hunt for the next CEO even more complex.
NEOM’s acting CEO Aiman al-Mudaifer — its third leader since 2017 — is a seasoned executive from the Public Investment Fund with extensive experience in overseeing local real estate projects. While he will undoubtedly work to maintain momentum, one must ask whether this is a temporary arrangement until the board identifies an executive capable of taking NEOM into its next phase of global prominence. Or they may decide to continue with al-Mudaifer given his proven track record in the sector.
Al-Nasr’s departure presents an opportunity for NEOM to recalibrate. The project’s ambitions are as bold as ever, and its success hinges on finding the right leader. As the kingdom continues to navigate the complexities of Vision 2030, its flagship projects will remain under the microscope. NEOM’s leaders must balance the local with the global, the visionary with the pragmatic.
Wael Mahdi is an independent commentator specializing in OPEC and Saudi Arabia’s economy, and co-author of “OPEC in a Shale Oil World: Where to Next?”