Saudi Arabia's Public Investment Fund has replaced foreign executives with Saudi nationals at several portfolio companies, including Alat and Neo Space Group, as part of a broader restructuring effort. The changes affect firms launched under international leadership over the past decade, with Singaporean Amit Midha departing Alat and Dutch Martijn Blanken leaving Neo Space Group.

The Fund conducted a comprehensive review of all portfolio companies, determining which projects merit increased capital allocation versus spending cuts. Muhammad Aldawood now leads Alat while Haithem AlFaraj heads Neo Space Group, both promoted from within PIF's Saudi executive ranks. This follows a strategic pivot toward domestic priorities, with approximately 80 percent of the portfolio now comprising Saudi-based companies.

Crown Prince Mohammed bin Salman's Vision 2030 initiative drives this reallocation, prioritizing major events like Expo 2030 and FIFA World Cup 2034. Economic reforms aim to create jobs for citizens while reducing oil dependence, though some gigaprojects have faced scaling back due to performance issues.

The leadership changes reflect both cost control pressures and broader Saudisation trends, with foreign executives commanding high compensation packages. While companies like Humain and Riyadh Air retain expat leadership, the shift signals tighter fiscal discipline and strategic refocusing on projects delivering measurable returns.