Arab News

RIYADH: After almost four years in office, CEO’s Nadhmi Al-Nasr will get a deputy for the first time.

Al-Nasr, who is known to be successful in managing complex projects, will have Banque Saudi Fransi’s CEO, Rayan Fayez, as his deputy starting June. 

The move comes as a natural progress for the project that is now moving gradually from execution to operation.

At some point, it needs to generate income and manage a complex system of consolidated balance sheets for all of its upcoming subsidiaries.

Welcome to NEOM

NEOM’s CEO had many executives over the past four years to help him with the project. Many served in top companies such as Microsoft, Aramco, and GE, but he never had a deputy until now.

With Fayez’s arrival, it’s expected that Al-Nasr will free himself to focus on constructing many of the massive engineering projects NEOM will undertake.

“It’s about time. This appointment sends a clear signal that NEOM realizes it needs an experienced pair of safe hands to manage and deal with the local and potential international financial partners,” said Mohamed Ramady a London-based analyst.

“Pouring in government money will not be the ideal way going forward and this is where Fayez’s banking background would be of help for coming up with innovative financing solutions such as raising green bonds or getting a credit rating from international agencies,” he added.

NEOM is growing rapidly and development is happening very fast, as we work around the clock to deliver on all projects, especially after the launches of THE LINE, OXAGON and recently TROJENA. This requires sourcing more expert talent at all levels, including for the top management team, where all will collaborate to achieve NEOM’s vision, and to contribute to creating a better future for our coming generations

Nadhmi Al-Nasr, CEO of NEOM

Leaving BSF

BSF, as the bank is knonw, said earlier today that Fayez left due to his appointment in a new position at a semi-governmental body, according to a bourse filing.

Fayez, whose resignation was approved by the bank’s board of directors on March 9, will continue as a member of the board effective May 31, when he will have stood down from his CEO role.

“Any further developments related to the appointment of a new or acting CEO of the bank will be announced in due course,” the bank said.