Klaus Kleinfeld appointed adviser to Saudi crown prince: Maaal

DUBAI (Reuters) – Klaus Kleinfeld, a former chief executive of Siemens and Alcoa (NYSE:), has been appointed an adviser to Saudi Arabia’s Crown Prince Mohammed bin Salman effective August 1, according to a report on the Maaal financial news website on Tuesday.

Kleinfeld will leave his current position as chief executive of NEOM, a planned mega-city and business zone in the kingdom, but will retain a position on its board, the report said.

Kleinfeld “will take over wider responsibilities to enhance the economic, technological and financial development of Saudi Arabia,” the report said.

Nadhmi al-Nasr, who was tasked with developing the strategy for the mega-city and has more than 30 years of experience at oil giant Aramco, will take over as chief executive of NEOM, the report said.

Prince Mohammed previously announced plans for the 26,500 square km zone, known as NEOM, at an international investment conference in Riyadh. Officials said public and private investment in the area was eventually expected to total $500 billion.

The mega-city, with its own judicial system and legislation designed to attract international investors, is to focus on industries such as energy and water, biotechnology, food, advanced manufacturing and tourism, according to officials.

It is part of bold moves by the 32-year-old heir apparent to wean the world’s top crude exporter off oil revenues that include plans to float a portion of state oil giant Saudi Aramco.

Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.