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 today 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." --More 14:58 LOCAL TIME 11:58 GMT www.spa.gov.sa/1680550
