Latest news with #Aimanal-Mudaifer
Reuters
15-05-2025
- Business
- Reuters
Saudi Arabia's NOEM formally appoints Aiman al-Mudaifer as CEO
DUBAI, May 15 (Reuters) - Saudi Arabia has officially appointed Aiman al-Mudaifer as the CEO of NEOM, the $500 billion mega-project central to Crown Prince Mohammed bin Salman's Vision 2030 plan to overhaul the kingdom's economy, Saudi sovereign wealth fund PIF said in a statement on Thursday. Mudaifer has been NEOM's acting CEO since November, succeeding Nadhmi al-Nasr, the long-time former chief of the ambitious Red Sea urban and industrial development project nearly the size of Belgium in the Saudi desert.
Newsweek
01-05-2025
- Business
- Newsweek
World's Biggest Construction Site Shows Signs of Trouble
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. Authorities working on the largest construction site in the world have begun to review the scope and feasibility of the "gigaproject." Aiman al-Mudaifer, who took over as Neom's CEO after the resignation of Nadhmi al-Nasr last year, launched a "comprehensive review" into Neom's scope this week, according to a report in the Financial Times. Newsweek has contacted Neom for more information via email. Newsweek has been unable to independently verify the report. The Context Neom is the flagship element of Vision 2030, Saudi Arabia's strategy to diversify its economy away from oil dependence. The Line, the most ambitious piece of Neom, was unveiled as a pair of parallel 500-meter-tall skyscrapers stretching through the desert, with infrastructure, residences and public places all sandwiched within a 200-meter width. While Saudi officials continue to promote the Line as a revolutionary project, its progress and scale have drawn scrutiny, especially over allegations of migrant worker abuse on the construction site. What To Know The main elements of the project are being "reviewed in terms of their scope," a person familiar with the matter told the Financial Times. The review "is taking place in an environment of limited resources," the person continued. "Some things were done that need to be looked at again." "There's huge pressure on Neom to deliver because it's seen as totemic—it's inextricably linked to Vision 2030," as second person said, adding, "It's an unprecedented project, not just for Saudi Arabia." Since its announcement, Neom—and more specifically the Line—has come under criticism for an unrealistic scope and ambitious timeline. A rendering of the Line, the flagship project at Neom, the world's largest construction site. A rendering of the Line, the flagship project at Neom, the world's largest construction site. NEOM The "linear city" was originally pitched as a home to more than 1 million people, completed within a decade in time for Saudi Arabia's Vision 2030 project, which has a budget of $700 billion. Despite $500 billion of that going toward the Line, the project has been beset with difficulties and has been scaled back to house fewer than 300,000 people, though Saudi Arabia has not acknowledged reports of the change. Progress on the Line shows that foundation work for the structure is underway, along with electricity infrastructure in the form of large wind farms in the desert. About 2,800 staff already live and work at Neom in custom-made residences. What People Are Saying Giles Pendleton, the Line's chief operating officer, said in a post promoting its progress on LinkedIn: "A good snap shot of progress and a range of NEOM infrastructure projects from the water pipeline to new camps completing to massive amount of work in Oxagon harbor. ... All are going well and shows things from a very different view point from the air." What Happens Next The greater part of Neom, like the rest of the Vision project, is meant to be completed in time for 2030. It remains to be seen whether the results of the review will affect the project's deadline.
Scottish Sun
30-04-2025
- Business
- Scottish Sun
Aerial pics show world's biggest building site for 105mile sideways skyscraper ‘The Line'… but project faces big blow
Click to share on X/Twitter (Opens in new window) Click to share on Facebook (Opens in new window) PLANS for the world's longest sideways skyscraper have been dealt a "big blow" - while new images showed the audacious project's skeletal building site. Saudi Arabia's trillion-dollar megacity The Line has been plagued by scandal and setbacks - and now the NEOM project is facing another hitch. Sign up for Scottish Sun newsletter Sign up 9 An aerial view of The Line's progress shows the construction site Credit: NEOM 9 Concept image of The Line, Saudi Arabia's flagship NEOM megacity Credit: Giles Pendleton FRICS 9 New images showed the bare-bones construction site in the Saudi dessert. A concrete floor runs along the sand with little sight of activity - as the flagship city looks nowhere near complete. And now, NEOM's acting boss Aiman al-Mudaifer has said a "comprehensive review" of the ambitious build has been launched. The review for Saudi Prince Mohammed bin Salman's crown jewels scheme aims to look at the feasibility and priority of projects within the scheme. The acting leader has also faced simmering backlash over his management style and pressure to deliver results. One source close to the build said the main projects at NEOM were "in general going on", but added that some were being "reviewed in terms of their scope". The source added the review was "taking place in a n environment of limited resources", according to Financial Times. "Some things were done that need to be looked at again," they said. The Line - which was originally planned to house 1.5 million people but will now only accommodate 300,000 - covers desert and mountains by the Red Sea. Saudi Arabia unveils ultra-lux resort for BILLIONAIRES complete with private docks for world's biggest superyachts It is part of the NEOM gigaproject, alongside other megalomaniac structures such as Oxagon, Zardun and Trojena. The Saudi dream has struggled to meet deadlines and stay behind budget limits. The Prince's Vision 2030 programme aims to develop the kingdom with projects like these aiming to boost other sources of revenue. It has also drawn scepticism for its unrealistic-ambition - and criticism for its alleged human rights abuses. But another person close to the matter said the review was being conducted to 'decide what to double down on'. They said that it was related to "spending recalibration". Prince Mohamed serves as the de facto leader and chair of NEOM, which is owned by Saudi Arabia's Public Investment Fund worth £700billion. Mudaifer was appointed as NEOM's acting chief executive when the company was entering a "new phase of delivery". They said that his leadership would "ensure operational continuity, agility and efficiency to match the overall vision and objectives of the project'. 9 Images showed the dessert site along which will host the megaproject Credit: NEOM 9 Progress of NEOM for the megaproject along the Red Sea Credit: NEOM 9 Part of the plan for design for The Line - Neom's flagship 170km-long city Credit: AFP 9 A digital mock-up one of the marinas planned for Neom Credit: AFP But the wildly ambitious megacity is hurtling towards financial meltdown - and has now faced this "big blow". Flying taxis, ski resorts in the desert, and the 105-mile (170-kilometre) mirrored metropolis The Line are currently looking like a monument to hubris, mismanagement, and economic overreach. It has a projected price tag of £6.9trillion. And it comes after Trump's tariffs - which could worsen its situation even more. Top 5 blunders plaguing NEOM project BY Juliana Cruz Lima, Foreign News Reporter Saudi Arabia's NEOM project, despite its ambitious vision, has been criticized for several major blunders that have raised concerns about its feasibility, ethics, and overall execution. Here are the top five major blunders associated with the project: Forced Displacement of Indigenous Communities: One of the most significant controversies surrounding NEOM is the forced displacement of the Huwaitat tribe. This indigenous community, which has lived in the area for centuries, was forcibly removed from their ancestral lands to make way for the development of the mega-city. The Saudi government's crackdown on those who resisted, including the killing of a tribal leader, Abdul Rahim al-Howeiti, has drawn widespread condemnation from human rights organisations. This blunder not only sparked international outrage but also tainted NEOM's image as a forward-thinking, humane project. Environmental Impact and Sustainability Concerns: NEOM has been marketed as an environmentally sustainable city, but the environmental impact of such a massive development is a major concern. The project's scale—covering over 26,500 square kilometers—poses significant risks to local ecosystems, particularly in the Red Sea, which is home to rich marine biodiversity. Critics argue that the construction of artificial islands and extensive urbanisation could lead to irreversible ecological damage. The enormous water and energy demands required to maintain a green city in the desert also raise questions about the project's sustainability. Economic Viability and Cost Overruns: NEOM is one of the most expensive development projects in history. But there are serious doubts about its economic viability. Critics question whether the project can attract the necessary foreign investment and whether it will generate sufficient returns to justify the enormous expenditure. The economic risks are further compounded by potential cost overruns and delays, which are common in megaprojects of this scale. This financial gamble has led some to worry that NEOM could become a costly white elephant if it fails to meet its ambitious goals. Technological Overreach and Ethical Concerns: NEOM is envisioned as a high-tech city, heavily reliant on artificial intelligence, robotics, and extensive surveillance systems. While this technological ambition is central to NEOM's identity, it also raises significant ethical concerns. The level of surveillance planned for the city could lead to unprecedented control over residents' lives, sparking fears about privacy and civil liberties. The lack of transparency about how AI will be used, coupled with concerns about job displacement, has also led to criticism that NEOM's technological vision may be more dystopian than utopian. Cultural and Social Disconnect: NEOM's vision of a futuristic, liberalized society clashes sharply with Saudi Arabia's deeply conservative cultural norms. The project plans to introduce mixed-gender sports, entertainment events, and other liberal lifestyle elements that are rare in the kingdom. This cultural shift has raised concerns about a potential clash between NEOM's globalised vision and the traditional values of Saudi society. The disconnect between the project's ambitions and the broader cultural context has led to skepticism about whether NEOM can truly integrate into Saudi Arabia's social fabric without causing significant friction. Among its other scandals, satellite images analysed by Naraspace and ESA showed construction slowing across key NEOM sites. While the Hidden Marina and wind farms near The Line show some signs of life, vast swathes of the project are going dark – literally. Nighttime light intensity, used as a proxy for construction activity, has plummeted in the eastern development zones since last September. Bloomberg reports Saudi officials now believe just 2.4 kilometres of the 170-km Line will be built by 2030. Additionally, an ITV documentary alleged 21,000 migrant workers had died since 2016 under the Vision 2030 programme. A Saudi health and safety body dismissed the documentary as 'misinformation.' 9 The Shushah Island resort, part of the Neom project Credit: Neom Project
The Sun
30-04-2025
- Business
- The Sun
Aerial pics show world's biggest building site for 105mile sideways skyscraper ‘The Line'… but project faces big blow
PLANS for the world's longest sideways skyscraper have been dealt a "big blow" - while new images showed the audacious project's skeletal building site. Saudi Arabia 's trillion-dollar megacity The Line has been plagued by scandal and setbacks - and now the NEOM project is facing another hitch. 5 5 5 New images showed the bare-bones construction site in the Saudi dessert. A concrete floor runs along the sand with little sight of activity - as the flagship city looks nowhere near complete. And now, NEOM's acting boss Aiman al-Mudaifer has said a "comprehensive review" of the ambitious build has been launched. The review for Saudi Prince Mohammed bin Salman 's crown jewels scheme aims to look at the feasibility and priority of projects within the scheme. The acting leader has also faced simmering backlash over his management style and pressure to deliver results. One source close to the build said the main projects at NEOM were "in general going on", but added that some were being "reviewed in terms of their scope". The source added the review was "taking place in a n environment of limited resources", according to Financial Times. "Some things were done that need to be looked at again," they said. The Line - which was originally planned to house 1.5 million people but will now only accommodate 300,000 - covers desert and mountains by the Red Sea. Saudi Arabia unveils ultra-lux resort for BILLIONAIRES complete with private docks for world's biggest superyachts It is part of the NEOM gigaproject, alongside other megalomaniac structures such as Oxagon, Zardun and Trojena. The Saudi dream has struggled to meet deadlines and stay behind budget limits. The Prince's Vision 2030 programme aims to develop the kingdom with projects like these aiming to boost other sources of revenue. It has also drawn scepticism for its unrealistic-ambition - and criticism for its alleged human rights abuses. But another person close to the matter said the review was being conducted to 'decide what to double down on'. They said that it was related to "spending recalibration". Prince Mohamed serves as the de facto leader and chair of NEOM, which is owned by Saudi Arabia's Public Investment Fund worth £700billion. Mudaifer was appointed as NEOM's acting chief executive when the company was entering a "new phase of delivery". They said that his leadership would "ensure operational continuity, agility and efficiency to match the overall vision and objectives of the project '. 5 5 But the wildly ambitious megacity is hurtling towards financial meltdown - and has now faced this "big blow". Flying taxis, ski resorts in the desert, and the 105-mile (170-kilometre) mirrored metropolis The Line are currently looking like a monument to hubris, mismanagement, and economic overreach. It has a projected price tag of £6.9trillion. And it comes after Trump's tariffs - which could worsen its situation even more. Top 5 blunders plaguing NEOM project BY Juliana Cruz Lima, Foreign News Reporter Saudi Arabia's NEOM project, despite its ambitious vision, has been criticized for several major blunders that have raised concerns about its feasibility, ethics, and overall execution. Here are the top five major blunders associated with the project: Forced Displacement of Indigenous Communities: One of the most significant controversies surrounding NEOM is the forced displacement of the Huwaitat tribe. This indigenous community, which has lived in the area for centuries, was forcibly removed from their ancestral lands to make way for the development of the mega-city. The Saudi government's crackdown on those who resisted, including the killing of a tribal leader, Abdul Rahim al-Howeiti, has drawn widespread condemnation from human rights organisations. This blunder not only sparked international outrage but also tainted NEOM's image as a forward-thinking, humane project. Environmental Impact and Sustainability Concerns: NEOM has been marketed as an environmentally sustainable city, but the environmental impact of such a massive development is a major concern. The project's scale—covering over 26,500 square kilometers—poses significant risks to local ecosystems, particularly in the Red Sea, which is home to rich marine biodiversity. Critics argue that the construction of artificial islands and extensive urbanisation could lead to irreversible ecological damage. The enormous water and energy demands required to maintain a green city in the desert also raise questions about the project's sustainability. Economic Viability and Cost Overruns: NEOM is one of the most expensive development projects in history. But there are serious doubts about its economic viability. Critics question whether the project can attract the necessary foreign investment and whether it will generate sufficient returns to justify the enormous expenditure. The economic risks are further compounded by potential cost overruns and delays, which are common in megaprojects of this scale. This financial gamble has led some to worry that NEOM could become a costly white elephant if it fails to meet its ambitious goals. Technological Overreach and Ethical Concerns: NEOM is envisioned as a high-tech city, heavily reliant on artificial intelligence, robotics, and extensive surveillance systems. While this technological ambition is central to NEOM's identity, it also raises significant ethical concerns. The level of surveillance planned for the city could lead to unprecedented control over residents' lives, sparking fears about privacy and civil liberties. The lack of transparency about how AI will be used, coupled with concerns about job displacement, has also led to criticism that NEOM's technological vision may be more dystopian than utopian. Cultural and Social Disconnect: NEOM's vision of a futuristic, liberalized society clashes sharply with Saudi Arabia's deeply conservative cultural norms. The project plans to introduce mixed-gender sports, entertainment events, and other liberal lifestyle elements that are rare in the kingdom. This cultural shift has raised concerns about a potential clash between NEOM's globalised vision and the traditional values of Saudi society. The disconnect between the project's ambitions and the broader cultural context has led to skepticism about whether NEOM can truly integrate into Saudi Arabia's social fabric without causing significant friction. Among its other scandals, satellite images analysed by Naraspace and ESA showed construction slowing across key NEOM sites. While the Hidden Marina and wind farms near The Line show some signs of life, vast swathes of the project are going dark – literally. Nighttime light intensity, used as a proxy for construction activity, has plummeted in the eastern development zones since last September. Bloomberg reports Saudi officials now believe just 2.4 kilometres of the 170-km Line will be built by 2030. Additionally, an ITV documentary alleged 21,000 migrant workers had died since 2016 under the Vision 2030 programme. A Saudi health and safety body dismissed the documentary as 'misinformation.'
Zawya
23-04-2025
- Business
- Zawya
Saudi Arabia's NEOM to appoint acting CEO to permanent role, sources say
RIYADH/DUBAI: Saudi Arabia is to officially appoint Aiman al-Mudaifer as the chief executive of NEOM, the $500 billion mega-project at the heart of the kingdom's drive to diversify away from oil, two sources familiar with the matter said on Tuesday. Mudaifer has been NEOM's acting CEO since November, succeeding Nadhmi al-Nasr, the long-time former chief of the Red Sea urban and industrial development project that is nearly the size of Belgium. Saudi Arabia's wealth fund PIF was not immediately available for comment. The kingdom, the world's top oil exporter, has been facing mounting pressure to cut spending or raise debt after a plunge in crude prices, complicating plans to fund its expensive agenda to wean its economy off hydrocarbons dependence. Crown Prince Mohammed bin Salman, known as MbS, has been pouring hundreds of billions of dollars into development projects via the PIF, with NEOM being central to his Vision 2030 plan to create new engines of economic growth beyond oil. But some of the projects have had to be downsized due to rising costs, including The Line, a futuristic city between mirrored walls extending 170 km (106 miles) into the desert within NEOM, which is due to house nearly nine million people. One of the sources said that Mudaifer, who will be appointed in the coming weeks, has deep knowledge of NEOM and has been involved in PIF monitoring the mega-project's developments for some time. The source added that this was a sign that PIF is taking greater oversight over NEOM. "It certainly makes sense to have careful oversight of a vast initiative such as NEOM. The danger has always been that the logic of developing a well-located but under-utilized part of the kingdom could be undermined by over-ambitious planning and poor delivery," said Justin Alexander, director of Khalij Economics. "Enhanced oversight by PIF, including through the installation of an experienced CEO to manage it, should help," he added. Mudaifer, who led the Local Real Estate Division at PIF since 2018, was assigned last year with overseeing the operational continuity of NEOM, which has seen some of its schemes scaled back. At his role in PIF, al-Mudaifer oversaw all local real estate investments and infrastructure projects, and he is a board member of several prominent companies in the kingdom, NEOM said in November. "Strong coordination with the PIF will be important at a time that projects are being prioritised and there are so many moving parts, including related to the oil price," said Monica Malik, chief economist at Abu Dhabi Commercial Bank. Oil prices have tumbled to near four-year lows in the wake of U.S. President Donald Trump's tariff announcements, putting a strain on the Saudi budget. The IMF has previously said that oil must be at nearly $100 a barrel for the kingdom to balance its budget as it spends massively on funding its Vision 2030 economic transformation program. (Reporting by Pesha Magid in Riyadh and Federico Maccioni in Dubai, Writing by Nayera Abdallah, Editing by Louise Heavens, David Evans and Deepa Babington)
