Sun Nov 19 2017, 3:59:33 +03

Saudi Crown Prince Mohammed bin Salman announces project NEOM , Future Destination

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(Riyadh-AlummahWorld-Safar 4, 1439H) Saudi Crown Prince Mohammed bin Salman bin Abdulaziz Al Saud, Deputy Premier, Minister of Defense, and Chairman of the Board of Directors of Public Investment Fund (PIF) announced the launch of NEOM project on Tuesday.

The project NEOM comes within the framework of the ambitious vision 2030 to transform the Kingdom into a pioneering global model in all aspects of life by focusing on attracting value chains to industries and technology within the project.

The Crown Prince stated during his announcement of the launch of the project that, The NEOM region will focus on nine specialized investment sectors targeting the future of human civilization including the future of energy and water, the future of transport, the future of biotechnologies, the future of food, the future of technical and digital sciences, the future of advanced industrialization, the future of information and media production, the future of entertainment and the future of living which is the mainstay of other sectors in order to stimulate growth and economic diversification, enable manufacturing processes, and create and promote the local industry at a global level. All that will lead to create job opportunities, contribute to increasing the Kingdom s Gross Domestic Product (GDP). The project NEOM will attract private investments and governmental investments and partnerships and it will be supported by more than $ 500 billion in the coming years by the Kingdom of Saudi Arabia, Public Investment Fund, as well as local and international investors.

The project region is characterized by important characteristics, notably the strategic location that allows it to be the meeting point of the best in the Arab region, Asia, Africa, Europe and America. The region is located on the north west of the Kingdom on an area of 26,500 square kilometers overlooking from the North and West the Red Sea and the Gulf of Aqaba with a length of 468 kilometers surrounded from the East by mountains with a height of 2,500 meters in addition to the beautiful breeze which contributes to moderate temperatures, and the sun and wind will allow the project region full dependence on alternative energy.

Meanwhile, The Public Investment Fund (PIF) announced the appointment of Dr. Klaus Kleinfeld, the former Chairman and CEO of Alcoa and Arconic Inc. as CEO of NEOM.
NEOM, was announced on Tuesday by the Crown Prince Mohammed bin Salman bin Abdulaziz Al Saud, Deputy Premier, Minister of Defense, the Chairman of Board of Directors of PIF and Chairman of the Foundation Board for NEOM project which will be backed by the Kingdom of Saudi Arabia, PIF and local as well as international investors withmore than $500 billion over the coming years.

The appointment of Dr. Kleinfeld underlines the ambition of the Kingdom. NEOM was born from the Kingdom of Saudi Arabia’s Vision 2030 plan, which aims to see the country develop into a pioneering and thriving model of excellence in various and important areas of life. NEOM stretches over 26,500 km2 of land and extends across the Egyptian and Jordanian borders, rendering NEOM the first special economic zone to span three countries.

Dr. Kleinfeld is a globally respected business leader who, most recently, was the former Chairman and CEO of Alcoa and Arconic, the global leaders in the aluminum industry as well as multi-material precision engineered products and solutions. Before Alcoa, Dr. Kleinfeld enjoyed a 20-year career with Siemens, the global electronics and industrial conglomerate, where he also served as chief executive officer.

The Crown Prince stated that “NEOM will be constructed from the ground up. Future technologies form the cornerstone of NEOM's development. All this will allow for a new way of life to emerge."
He also said that "Dr. Kleinfeld has a track record in leading some of the world’s most dynamic, advanced and best-performing businesses and we believe these skills and his leadership's experience will ensure NEOM's success."

“NEOM is a unique opportunity to combine highest levels of live ability with excellent economic prospects. I am honored and excited to take on this leadership role", commented Dr. Kleinfeld.
Dr. Kleinfeld is also an Honorary Trustee of the Brookings Institute and a life member of the Council on Foreign Relations. He is an Honorary Senator of Lindau Nobel Laureates Meeting and on the Board of Trustees of the World Economic Forum. For many years Dr. Kleinfeld was a member of the Chinese Premier Li’s Global CEO Advisory Council, a member of the Mayor of Shanghai's International Business Leaders Advisory Council and a member of the Foreign Investment Advisory Council to the Prime Minister of Russia. Dr. Kleinfeld also served for many years on the board of Bayer, Morgan Stanley and Hewlett Packard.