RIYADH, Saudi Arabia, October 24, 2017 /PRNewswire/ --

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 aluminium 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