Italy’s construction group Webuild (WBD.MI) told Reuters on Tuesday its activities connected to Saudi Arabia’s NEOM are continuing in line with the plan, after the infrastructure mega project’s long-time chief executive left the role last week.

“Webuild has no evidence of changes in the activity plan initially set for the projects it is implementing, nor has it recorded any delay in payments,” the company said.

NEOM, a Red Sea urban and industrial development nearly the size of Belgium due to house nearly nine million people, is central to Saudi Arabia’s Vision 2030 plan to create new engines of economic growth beyond oil.

NEOM’s project of $500 billion is one of the most ambitious developments in modern history and reflects Saudi Arabia’s aims of leading in sustainability, technology and innovation.  

Webuild, which has been active in Saudi Arabia for 60 years, is building a system of three dams that will feed an artificial lake in the Trojena area and a high-speed railway called the Connector.