HRH Crown Prince Mohammed bin Salman Appoints Dr. Kleinfeld as NEOM CEO

PR70702

RIYADH, Saudi Arabia, Oct. 30, 2017 /PRNewswire=KYODO JBN/--

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 HRH Mohammed bin Salman bin Abdulaziz Al Saud,

Crown Prince, Deputy Prime Minister, Chairman of the Public Investment Fund

(PIF) and Chairman of the Founding Board for NEOM. It will be backed by more

than $500 billion over the coming years by the Kingdom of Saudi Arabia, the

Public Investment Fund, local as well as international investors.

The appointment of Dr. Kleinfeld underlines the ambition of the Kingdom. NEOM

was born from 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 Alcoaand 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.

"NEOM will be constructed from the ground-up, on greenfield sites. Future

technologies form the cornerstone of NEOM's development. All this will allow

for a new way of life to emerge. 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 will ensure Neom's success", said

His HRH Prince Mohammed bin Salman.

"NEOM is a unique opportunity to combine highest levels of liveability 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 the

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.

Source: Saudi Arabia Public Investment Fund