CEO resigns amid Saudi 'Neom City' business difficulties

Neom CEO Nadmi al-Nasr, who was in charge of the "Neom City" business, which Saudi Arabia's crown prince bin Salman has been pushing ambitiously, has resigned.

Neom made the announcement on the 12th local time without giving a reason for his resignation.

The Neom plan is a $500 billion development project for a large future new city, including the construction of a 170-kilometer straight-line city called "Line," but it is expected that the plan will be scaled back due to rising project costs and lack of financial resources.

Neom's side has named Ayman al-Moudif, the head of Saudi sovereign wealth fund's domestic real estate division, as acting CEO.