Saudi Arabia replaced the executive that was overseeing its plan to build the $1.5 trillion futuristic development known as Neom, in the latest sign that the project is struggling to deliver on its ambitions.

The authoritarian country is spending billions on international athletics, from Formula 1 to combat sports, to boost its bottom line and image.

Saudi Arabia's ambitious futuristic city plans have been bogged down by delays and changes. The most recent is the departure of its CEO, Nadhmi al-Nasr.

Saudi Arabia announced Tuesday that it was replacing the chief executive of its futuristic mega-city NEOM as scepticism mounts over the Gulf kingdom's most ambitious development projects.

Following the departure of Nadhmi al-Nasr who had served as the project’s chief executive since 2018, Aiman al-Mudaifer has been appointed as interim CEO, says NEOM in a statement.

The futuristic city is central to Crown Prince Mohammed bin Salman's plan to create new engines of economic growth beyond oil. But some of the schemes have had to be scaled back due to rising costs.

Saudi Arabia's futuristic city project Neom has announced the departure of long-time CEO Nadhmi Al-Nasr in an abrupt leadership reshuffle. The $500B project, a pillar of Crown Prince Mohammed bin Salman’s drive to diversify Saudi Arabia’s economy away from a reliance on oil,

Saudi Arabia has replaced the long-serving chief executive of its $500-billion megaproject Neom, a key development within the kingdom's Vision 2030 economic diversification strategy. Nadhmi Al Nasr, who led Neom since 2018,