Latest news with #AimanAl-Mudaifer
Newsweek
19-05-2025
- Business
- Newsweek
New Boss Named for World's Biggest Construction Project
Based on facts, either observed and verified firsthand by the reporter, or reported and verified from knowledgeable sources. 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 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.
Leaders
15-05-2025
- Business
- Leaders
NEOM Names Al-Mudaifer as CEO
Saudi Arabia has confirmed the appointment of Eng. Aiman Al-Mudaifer as Managing Director and Chief Executive Officer (CEO) of NEOM, the Kingdom's giga-project and a central pillar of its Vision 2030 economic diversification goals. In a press release, the Board of Directors of NEOM announced the appointment of Al-Mudaifer as board member, Managing Director and CEO. Al-Mudaifer has served as the NEOM's Acting CEO since November 2024, bringing extensive experience to this role. His main focus was ensuring operational continuity, enhancing efficiency, and driving progress across NEOM's strategic projects and regions. Aiman Al-Mudaifer Moreover, Al-Mudaifer has a well-established career in both the public and private sectors, which boosted his leadership skills and credentials. Al-Mudaifer has been in charge of the Local Real Estate Investment Division of the Public Investment Fund (PIF) since 2018, leading major growth and transformation. He is also a board member of several PIF portfolio companies. Launched in 2017, NEOM is a visionary project in the northwest of Saudi Arabia, aimed at transforming the Red Sea coast into an unparalleled futuristic city. The innovative project will utilize 100% renewable energy, introducing a new model for urban sustainability and creating a destination for living, working and prospering. NEOM is home to a number of sub-projects, including THE LINE, Oxagon, Trojena, Magna and Sindalah. Short link : Post Views: 9
Asharq Al-Awsat
28-01-2025
- Business
- Asharq Al-Awsat
NEOM Closes $3 Billion Financing Facilities to Support Development of Its Projects
NEOM secured on Monday a landmark financing agreement with Italy's SACE, securing approximately $3 billion under a long-term multicurrency untied facility. With this move, NEOM aims to support the development of its major projects and regions, according to a statement issued by the company. The deal marks NEOM's first corporate export credit agency (ECA) financing and the largest untied financing ever guaranteed by SACE. It will support various projects across NEOM and is backed by a syndicate of nine prominent international banks – HSBC, Banco Bilbao Vizcaya Argentaria, Bank of China, Crédit Agricole CIB, Agricultural Bank of China, Citi, China Construction Bank, J.P. Morgan and Bank of America. The partnership will enable NEOM to leverage supplies from Italian businesses, particularly SMEs, to support the project's development across key sectors, such as infrastructure, urban development, construction and transport (rail, road and maritime). To date, Italian suppliers and contractors have supported NEOM on a range of projects, with contracts worth $6.3 billion, and the deal aims to further strengthen and develop these important international business relationships, NEOM said in a statement. 'NEOM is committed to working with global partners who share our passion for visionary projects and initiatives that will advance human progress,' said NEOM Acting CEO Eng. Aiman Al-Mudaifer. He said this deal advances the Kingdom's aim of generating capital investment in line with Saudi Vision 2030, with foreign investment being instrumental in diversifying the economy. 'This partnership with SACE and the consortium of leading international banks also creates strong ties with major Italian companies that will enhance international trade and investment flows,' Al-Mudaifer said. SACE CEO Alessandra Ricci said: 'We are glad to play our part alongside NEOM in this cutting-edge project, which generates opportunities in a wide range of sectors for Italian SMEs and supply chains.' She noted that opening new routes to 'Made in Italy' is a priority to allow a long-term growth for Italian exports, matching their potential. 'Our Riyadh office supports Italian companies and their potential partners and counterparties, by providing experience and insurance financial solutions combined with the added value of a physical presence in the area,' Ricci added. Meanwhile, the SACE untied facility will expand and diversify NEOM's existing funding pool, supporting its long-term financing requirements as NEOM moves forward in the development of major projects and regions.
Zawya
28-01-2025
- Business
- Zawya
NEOM secures USD 3bln SACE guaranteed financing under a multicurrency untied facility from nine international banks
NEOM, Kingdom of Saudi Arabia – NEOM has announced the successful closing of a landmark export credit agency (ECA) financing transaction, with Italy's SACE, securing approximately USD 3 billion under a long-term multicurrency untied facility. The deal, which marks NEOM's first corporate ECA financing and the largest untied financing ever guaranteed by SACE, will support various projects across NEOM and is backed by a syndicate of nine prominent international banks – HSBC, Banco Bilbao Vizcaya Argentaria, Bank of China, Crédit Agricole CIB, Agricultural Bank of China, Citi, China Construction Bank, J.P. Morgan and Bank of America. The partnership will enable NEOM to leverage supplies from Italian businesses, particularly SMEs, to support the project's development across key sectors, such as infrastructure, urban development, construction and transport (rail, road and maritime). To date, Italian suppliers and contractors have supported NEOM on a range of projects, with contracts worth USD 6.3 billion, and the deal aims to further strengthen and develop these important international business relationships. Eng. Aiman Al-Mudaifer, Acting CEO, NEOM said: 'NEOM is committed to working with global partners who share our passion for visionary projects and initiatives that will advance human progress. This deal will support us in delivering our significant portfolio of developments and reflects the strong confidence that leading financial institutions worldwide place in NEOM. It advances the Kingdom's aim of generating capital investment in line with Saudi Vision 2030, with foreign investment being instrumental in diversifying the economy. This partnership with SACE and the consortium of leading international banks also creates strong ties with major Italian companies that will enhance international trade and investment flows." Alessandra Ricci, CEO of SACE said: 'We are glad to play our part alongside NEOM in this cutting-edge project, which generates opportunities in a wide range of sectors for Italian SMEs and supply chains. Opening new routes to 'Made in Italy' is a priority to allow a long-term growth for Italian exports, matching their potential. Our Riyadh office supports Italian companies and their potential partners and counterparties, by providing experience and insurance financial solutions combined with the added value of a physical presence in the area.' The SACE untied facility expands and diversifies NEOM's existing funding pool, supporting its long-term financing requirements as NEOM moves forward in the development of major projects and regions. About NEOM NEOM is an accelerator of human progress and a vision of what a New Future might look like. It is a region in northwest Saudi Arabia on the Red Sea being built from the ground up as a living laboratory – a place where entrepreneurship will chart the course for this New Future. It will be a destination and a home for people who dream big and want to be part of building a new model for exceptional livability, creating thriving businesses and reinventing environmental conservation. NEOM will include hyperconnected, cognitive cities, ports and enterprise zones, research centers, sports and entertainment venues and tourist destinations. As a hub for innovation, entrepreneurs, business leaders and companies will come to research, incubate, and commercialize new technologies and enterprises in groundbreaking ways. Residents of NEOM will embody an international ethos and embrace a culture of exploration, risk-taking and diversity. For further information email media@ or visit and About SACE SACE is the Italian insurance and financial group directly controlled by the Ministry of Economy and Finance, specializing in supporting enterprises and the national economic system through a wide range of tools and solutions to support competitiveness in Italy and worldwide. For over 45 years, the SACE Group has been the reference partner for Italian companies exporting and growing in foreign markets. It also supports the banking system by facilitating companies' access to credit with its financial guarantees, supporting their liquidity and investments for competitiveness and sustainability within the framework of the Italian Green New Deal, starting from the domestic market. SACE operates worldwide with 14 offices in target countries for Made in Italy, aiming to build relationships with major local counterparts and facilitate business with Italian companies through dedicated financial instruments. With a portfolio of insured operations and guaranteed investments amounting to 260 billion euros, the group supports around 50,000 companies, especially SMEs, in their growth in Italy and approximately 200 countries worldwide. Media contacts, SACE: mediarelations@
