The longtime chief executive of the $500bn Saudi development project Neom Nadhmi al-Nasr, launched by Crown Prince Mohammed bin Salman, has departed, according to a Neom statement issued on November 12. There was no reason given for his departure, according to a detailed report by The Guardian.

Prince Mohammed has poured hundreds of billions <o:p></o:p>

Prince Mohammed has poured hundreds of billions of dollars into development projects through the kingdom’s Public Investment Fund (PIF) sovereign wealth fund.

Brief&nbsp;history of the PIF Fund<o:p></o:p>

The Public Investment Fund is the sovereign wealth fund of Saudi Arabia. It is among the largest sovereign wealth funds in the world with total estimated assets of US$930 billion (£718.2 billion). It was created in 1971 for the purpose of investing funds on behalf of the Government of Saudi Arabia. The wealth fund is controlled by Crown Prince Mohammed bin Salman, Saudi Arabia's de facto ruler since 2015.

Prince’s vision for 2030<o:p></o:p>

Further, the Red Sea mega-project, an urban and industrial development nearly the size of Belgium due to house nearly 9 million people, is central to the prince’s Vision 2030 plan, which aims to diversify the economy away from oil, detailed the Guardian report further.

But some of the schemes have had to be reduced due to rising costs, including the Line, a futuristic city between mirrored walls extending 170km (106 miles) into the desert within Neom. The overall objective behind this is to enhance productivity.<o:p></o:p>

Further, in May, Reuters reported that the $925bn PIF was planning a re-organisation, aiming to increase its focus on investments that have a higher chance of success. Saudi Arabia, the world’s top oil exporter, is still heavily reliant on hydrocarbon revenues, and low oil prices and it is crucial to note that production have dented state coffers.<o:p></o:p>

Aiman al-Mudaifer was named as acting CEO of Neom. He has been the head of the Local Real Estate Division at PIF since 2018 and has a deep understanding of Neom and its projects, detailed Neom’s statement.<o:p></o:p>

“As Neom enters a new phase of delivery, this new leadership will ensure operational continuity, agility and efficiency to match the overall vision and objectives of the project,” the press release reads.

In his role at PIF, Mudaifer oversees all local real estate investments and infrastructure projects, and he is a board member of several prominent companies in the kingdom. Market participants and global investors will carefully follow these developments. They will help them in taking informed investment decisions.

<o:p>&nbsp;</o:p>

The longtime chief executive of the $500bn Saudi development project Neom Nadhmi al-Nasr, launched by Crown Prince Mohammed bin Salman, has departed, according to a Neom statement issued on November 12.

The longtime chief executive of the $500bn Saudi development project Neom Nadhmi al-Nasr, launched by Crown Prince Mohammed bin Salman, has departed, according to a Neom statement issued on November 12. There was no reason given for his departure, according to a detailed report by The Guardian. Prince Mohammed has poured hundreds of billions Prince Mohammed has poured hundreds of billions of dollars into development projects through the kingdom’s Public Investment Fund (PIF) sovereign wealth fund. Brief history of the PIF Fund The Public Investment Fund is the sovereign wealth fund of Saudi Arabia. It is among the largest sovereign wealth funds in the world with total estimated assets of US$930 billion (£718.2 billion). It was created in 1971 for the purpose of investing funds on behalf of the Government of Saudi Arabia. The wealth fund is controlled by Crown Prince Mohammed bin Salman, Saudi Arabia's de facto ruler since 2015. Prince’s vision for 2030 Further, the Red Sea mega-project, an urban and industrial development nearly the size of Belgium due to house nearly 9 million people, is central to the prince’s Vision 2030 plan, which aims to diversify the economy away from oil, detailed the Guardian report further. But some of the schemes have had to be reduced due to rising costs, including the Line, a futuristic city between mirrored walls extending 170km (106 miles) into the desert within Neom. The overall objective behind this is to enhance productivity. Further, in May, Reuters reported that the $925bn PIF was planning a re-organisation, aiming to increase its focus on investments that have a higher chance of success. Saudi Arabia, the world’s top oil exporter, is still heavily reliant on hydrocarbon revenues, and low oil prices and it is crucial to note that production have dented state coffers. Aiman al-Mudaifer was named as acting CEO of Neom. He has been the head of the Local Real Estate Division at PIF since 2018 and has a deep understanding of Neom and its projects, detailed Neom’s statement. “As Neom enters a new phase of delivery, this new leadership will ensure operational continuity, agility and efficiency to match the overall vision and objectives of the project,” the press release reads. In his role at PIF, Mudaifer oversees all local real estate investments and infrastructure projects, and he is a board member of several prominent companies in the kingdom. Market participants and global investors will carefully follow these developments. They will help them in taking informed investment decisions.

Neom CEO steps down as Saudi Arabia reduces scope of mega-projects

A top executive associated with Neom, the world's biggest construction project, has come under scrutiny after he went on a racist rant about having his Sunday evening ruined over the death of&nbsp;three workers.

A report in Wall Street Journal claimed that&nbsp;Wayne Borg, a former Hollywood executive hired to run Neom’s media division, said the project's blue-collar workers from the Indian subcontinent were&nbsp;“f—ing morons” and “that is why white people" were at the "top of the pecking order".&nbsp;

“A whole bunch of people die so we’ve got to have a meeting on a Sunday night," Borg reportedly said in a recording accessed by the publication.&nbsp;

“You can’t train for stupidity. The white blokes are at the top of the tree," he added.&nbsp;

Notably, the three workers died from a falling pipe, a collapsing wall and mishandled explosives.&nbsp;

<a href="https://www.wionews.com/videos/gravitas-saudi-arabia-seeks-chinese-investment-to-revive-over-ambitious-neom-714337">Watch |&nbsp;Gravitas: Saudi Arabia seeks Chinese investment to revive over-ambitious Neom</a>

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Quizzed about the allegations against their top executive, Neom in a statement said a proper investigation would be carried out.&nbsp;

“Any allegations of wrongdoing and misconduct are thoroughly investigated,” Neom said. It added: “If any wrongdoing is substantiated, we take appropriate action.”

Workers have alleged that the construction site is rife with unprofessionalism as senior officials and top management frequently berate the workers as well as juniors.&nbsp;&nbsp;

In May this year, a BBC report, citing an ex-intelligence officer, stated that Saudi authorities had permitted the use of lethal force to clear land for&nbsp;the megaproject.&nbsp;

<a href="https://www.wionews.com/videos/saudi-arabian-forces-to-kill-residents-to-clear-land-for-its-futuristic-city-neom-720089">Watch |&nbsp;Saudi Arabian forces to 'kill' residents to clear land for its futuristic city Neom</a>

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&nbsp;

<h2>What is Neom?</h2>

Saudi Arabian&nbsp;Crown Prince and de facto ruler Mohammed bin Salman's dream project of building Neom - a futuristic, zero-carbon city was announced in 2017. The initial plan included vertical layers of buildings for work, living, farming and leisure stretching 170 kilometres into the horizon, with the project completion deadline earmarked in 2030.&nbsp;

<a href="https://www.wionews.com/photos/saudi-arabia-announces-a-1-trillion-fantasy-city-500880">Also read |&nbsp;Saudi Arabia announces a $1 trillion fantasy city</a>

However, since then, the project has undergone seismic downsizing and is now limited to 2.4 km. From the initial goal of accommodating 1.5 million residents in 'The Line', the officials now anticipate fewer than 300,000 within the deadlines.&nbsp;

Reports indicate that the project is struggling to raise cash and could be further scaled back amid spiralling costs.&nbsp;

(With inputs from agencies)

A top executive associated with Neom, the world's biggest construction project, has come under scrutiny after he went on a racist rant about having his Sunday evening ruined over the death of three workers.

A top executive associated with Neom, the world's biggest construction project, has come under scrutiny after he went on a racist rant about having his Sunday evening ruined over the death of three workers. A report in Wall Street Journal claimed that Wayne Borg, a former Hollywood executive hired to run Neom’s media division, said the project's blue-collar workers from the Indian subcontinent were “f—ing morons” and “that is why white people" were at the "top of the pecking order". “A whole bunch of people die so we’ve got to have a meeting on a Sunday night," Borg reportedly said in a recording accessed by the publication. “You can’t train for stupidity. The white blokes are at the top of the tree," he added. Notably, the three workers died from a falling pipe, a collapsing wall and mishandled explosives. Watch | Gravitas: Saudi Arabia seeks Chinese investment to revive over-ambitious Neom × Quizzed about the allegations against their top executive, Neom in a statement said a proper investigation would be carried out. “Any allegations of wrongdoing and misconduct are thoroughly investigated,” Neom said. It added: “If any wrongdoing is substantiated, we take appropriate action.” Workers have alleged that the construction site is rife with unprofessionalism as senior officials and top management frequently berate the workers as well as juniors. In May this year, a BBC report, citing an ex-intelligence officer, stated that Saudi authorities had permitted the use of lethal force to clear land for the megaproject. Watch | Saudi Arabian forces to 'kill' residents to clear land for its futuristic city Neom × What is Neom? Saudi Arabian Crown Prince and de facto ruler Mohammed bin Salman's dream project of building Neom - a futuristic, zero-carbon city was announced in 2017. The initial plan included vertical layers of buildings for work, living, farming and leisure stretching 170 kilometres into the horizon, with the project completion deadline earmarked in 2030. Also read | Saudi Arabia announces a $1 trillion fantasy city However, since then, the project has undergone seismic downsizing and is now limited to 2.4 km. From the initial goal of accommodating 1.5 million residents in 'The Line', the officials now anticipate fewer than 300,000 within the deadlines. Reports indicate that the project is struggling to raise cash and could be further scaled back amid spiralling costs. (With inputs from agencies)

'F***ing morons': Executive behind $500bn sci-fi city Neom goes on racist rant after death of 3 workers

Saudi Arabia has scaled back its medium-term ambitions for the development of Neom. The project is a part of Crown Prince Mohammed Bin Salman’s plans for diversifying the oil-dependent West Asian economy.

Neom Project is part of larger plans for diversifying oil-dependent economy

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Neom CEO steps down as Saudi Arabia reduces scope of mega-projects

'F***ing morons': Executive behind $500bn sci-fi city Neom goes on racist rant after death of 3 workers

Neom Project is part of larger plans for diversifying oil-dependent economy