Neom’s CEO has left the project without any notice. Saudi uploaded a render and assured that The Line is coming up

After completing the first phase of Neom, Arab proudly showed off photos two weeks ago of what will be a kind of port in the desert for millionaires. A few days later, the country was in the news again with the debut of a type of skyscraper cube that could fit 20 Empire State Buildings. Today it seems that everything is getting worse a little bit. Without any prior notice, Neom’s boss has left the project.

The CEO leaves. Neom’s longtime CEO Nadmi Al-Nasr has suddenly departed, without warning, the Wall Street Journal reported this week. The move represents a significant restructuring of one of the world’s largest construction projects. Although the newspaper said the specific reasons for his departure were unknown, the decision came amid financial and organizational challenges.

Neom, led by Crown Prince Mohammed bin Salman, includes megaprojects such as a ski resort in the desert, a floating business district and two skyscrapers that are several kilometers taller and taller than the Empire State Building. However, around the same time, Saudi Arabia has attempted to “normalize” the situation.

The line is continuously getting stronger. In a publication on the project website, a render was added and it was said that Saudi Arabia is moving forward with the construction of The Line, in addition to releasing new details about the project. Officials have reported on current progress and announced the names of the architectural firms responsible for turning this ambitious idea into reality.

We remember that the ultimate objective of the line is to extend more than 170 km, although in this first phase it will cover only 2.4 km. With a height of 500 meters and a width of 200 meters, it will house a city with a capacity of about 300,000 inhabitants, with air conditioning systems that will regulate the climate within this structure in the desert.

Companies in charge. At the forefront of the studies selected for the project is the American firm Gensler, which is responsible for the Shanghai Tower, the world’s third tallest building. In addition to taking charge of public spaces, Gensler will bring his experience in urban planning and transportation design. Austrian firm Delugan Meisel Associated Architects has been appointed as the lead planner and will work on the detailed design of the first phase. As they say, their approach will include aspects of microclimate, ecology, mobility, logistics and sustainability.

For its part, the British Mott MacDonald will be in charge of the city’s infrastructure engineering, a vital task in the desert. It will manage essential systems such as water, energy and sewage, as well as deploy AI and monitoring technology to maximize efficiency.

Difficulties and delays. There is no doubt that, although the project has new signatures and seems to be still in place, it has not been without problems. In fact, Neom has faced many challenges, including delays, cost overruns, and high staff turnover. The WSJ reported that Saudi officials believe the funds are insufficient to cover all initially planned projects, and the country’s Public Investment Fund (PIF) has assumed a more controlling role.

PIF Real Estate executive Aiman ​​Al-Mudaiffar has stepped into the role of interim CEO of Neom, in what the board describes as a “strategic decision”, following the unexpected departure of the chief executive. By the way, the newspaper also reported that in addition to Nasr, other high-level executives, such as Wayne Borg, the head of the media division, and Antoine Vives, who was in charge of the development of the Line project, have also left the company.

foreign investment. This is the last step to deal with this. Despite numerous efforts, the project has faced difficulties in attracting the required foreign investment. In particular, The Line project, which was originally planned and then scaled down in its first phase, faces high costs that could exceed $2 trillion, which Saudi Arabia Far more than the Arabs could (or thought) could allocate.

Although the PIF has $1 trillion worth of assets, the WSJ points out that many are invested in assets that are at least difficult to liquidate quickly, such as stakes in Aramco and private equity funds. In short, the CEO runs away, although the Saudis insist on demonstrating that nothing has changed in the roadmap.

Image | neom

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