By Pesha Magid, Hadeel Al Sayegh and Federico Maccioni RIYADH/DUBAI (Reuters) -Saudi Arabia has scaled back lofty ambitions for its NEOM gigaproject to prioritize completing elements essential to hosting global sporting events over the next decade as rising costs weigh,

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 has scaled back lofty ambitions for its NEOM gigaproject to prioritize completing elements essential to hosting global sporting events over the next decade as rising costs weigh, three sources told Reuters a day after the sudden departure of ...

The departure of the longtime CEO marks a major shakeup at Neom, which is a showpiece of Riyadh’s economic ambitions.

Crown Prince Mohammed bin Salman has poured hundreds of billions of dollars into development projects through the kingdom's PIF sovereign wealth fund. But the world's top oil exporter has had to rein in some of its ambitious plans over the past year as low oil prices and production continue to hit an economy still reliant on hydrocarbon revenues.