The Board of Directors of NEOM Saudi Arabia has appointed Ayman Al-Mudaifer as Managing Director and CEO, months after he temporarily held the same position to succeed former President Nadhmi Al-Nasr.
The NEOM project developer stated on Thursday that Al-Mudaifer, who has served as acting CEO since November 2024, focused on ensuring business continuity, improving operational efficiency, and accelerating progress across NEOM’s key projects and sectors.
Al-Mudaifer’s appointment aligns with a historic visit to the Gulf region by US President Donald Trump.
which began in Saudi Arabia. The visit is expected to prompt major American companies to increase their involvement in executing the Kingdom’s large-scale development projects, all unfolding amid an unprecedented urban renaissance.
New Head of Real Estate Investments at the Sovereign Fund
Saudi Arabia announced last year that some of the mega projects under its Vision 2030 plan could change their timetable.
a move that drew praise from the International Monetary Fund.
which has proposed changing public spending priorities.
Indeed, NEOM has entered into successive contracts to accelerate the completion of infrastructure.
contracting in November with three companies to deliver the master plan and designs of the first phase of The Line.
which represents one of five key areas of the project.
of Al-Mudaifer as CEO of NEOM, the Public Investment Fund (PIF) issued a decision to promote one of its leaders, Saad Al-Krod.
to fill the position vacated by Al-Mudaifer’s official transfer to NEOM permanently.
namely the position of Head of Local Real Estate Investments. Maram al-Juhani was appointed to the position of chief administrator in the fund in place of al-Kroud.
New leadership appointments at NEOM and the Investment Fund
The Saudi Public Investment Fund (PIF) announced on Thursday a series of administrative appointments that included a number of leadership positions.
in a step aimed at supporting the organizational structure of the fund and enhancing the efficiency of the implementation of its strategic projects, foremost of which is the future “NEOM” city project.
The Fund announced that Ayman Al-Mudaifer now serves as Managing Director and CEO of NEOM.
after holding the position since November 2024. He succeeds Nazmi Al-Nasr.
NEOM stands as one of the most prominent initiatives under Saudi Vision 2030.
with an estimated cost of about $500 billion. Crown Prince Mohammed bin Salman leads the project as a central element of Saudi Arabia’s strategy to diversify its economy beyond oil.
The project includes The Line, a 170-kilometre city that aims to accommodate more than one million people by 2030 and 9 million by 2045.
Mr. Al-Mudaifer has extensive experience in managing real estate investments and projects.
having since 2018 headed the General Department of Local Real Estate Investments at the Fund. During that period, the Fund’s real estate and infrastructure portfolio witnessed remarkable development, with more than 35 companies under its umbrella.
Previously, he worked at the Saudi Industrial Development Fund and the Capital Market Authority.
and held executive positions in companies including Shumul Holding and Andalus Real Estate, which he founded and led as CEO.
Since 2021, Al-Krood has been the Fund’s Chief Administrative Officer.
joining in 2016 and has assumed multiple responsibilities including managing stakeholder relations and the Board of Directors.
as well as developing corporate strategies and new company establishment projects.
and serving on a number of boards of directors of companies affiliated with the Fund’s portfolio.
Administrative changes in the Sovereign Fund for Project Support
In the same context, the Saudi sovereign wealth fund announced the appointment of Saad Al-Krug as the new head of the General Department of Local Real Estate Investments, succeeding Al-Mudaifer.
in a move that comes as part of an administrative restructuring aimed at enhancing leadership performance in the fund’s major projects.
Maram Al-Juhani will assume responsibilities including strategic planning, data governance and project management.
as well as overseeing subsidiaries and government relations.
Al-Juhani joined the Fund in 2017 after working for PricewaterhouseCoopers.
and since 2021 she has been the Director of Committee Governance, Data and Advisory Support at Saudi Sovereign”.
In its statement, the Saudi Investment Fund stressed that these appointments come within the framework of supporting its long-term strategic plans.
which include managing a portfolio of more than 220 companies and seeking to stimulate economic growth locally and globally.
and support the Saudi economic transformation.
Appointment of Al-Mudaifer as Acting CEO of NEOM
NEOM says that the appointment of Ayman Al-Mudaifer, acting CEO of the company.
came after the departure of the former CEO, Nadhmi Al-Nasr.
as this change in leadership aims to ensure business continuity in accordance with the vision and objectives of NEOM.”
Al-Mudaifer’s appointment coincides with a historic visit to the Gulf region by US President Donald Trump.
which began in Saudi Arabia. The visit is expected to lead major American companies to contribute more directly to the implementation of numerous large-scale projects currently underway in the Kingdom.
as part of an unprecedented urban renaissance.
NEOM includes many cities and projects, and through these projects it seeks to achieve harmony between living, business and nature.
and create a better future for current and future generations.
