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Saudi Crown Prince appoints new economic advisor



A former head of Siemens AG and Arconic Inc, Klaus Kleinfeld, has been appointed as economic advisor to Saudi Arabia’s Crown Prince Mohammed bin Salman. Kleinfeld will leave his current position as chief executive officer of the kingdom’s Neom mega city project to take up the new role.

In his new position Kleinfeld will lead on efforts to enhance the economic, technological and financial development of the kingdom, whilst also remaining on the board of the Neom city project.
Kleinfeld's appointment comes at a time when Saudi Arabia is trying to diversify its economy and reduce dependence on its Oil & Gas reserves.
Saudi Arabia: building its way out of oil dependency

Kleinfeld’s appointment comes at a time when Prince Mohammed seeks to make Saudi Arabia less dependent on the Oil & Gas industry. A series of new city building projects mark these efforts to transition away from reliance on hydrocarbon extraction as the primary source of economic activity. 

Neom was unveiled last year to much fanfare, amid claims that the city, occupying over 10,000 square miles, will have more robots than human residents. It is envisaged as a ‘transnational city’ that will operate independently of Saudi’s existing governmental framework with its own tax and labour laws and an autonomous judicial system. It has also been suggested that the city could be powered solely by solar and wind power. With a budget of $500 billion, the first phase of the project is expected to be completed by 2025.

Other planned city projects include the Prince Abdulaziz Bin Mousaed Economic City to be situated in Ha’il in the northern part of the kingdom which when completed will be home to as many as 2 million people. 

A Red Sea luxury resort is also in the planning stages. Located on the Red Sea between the towns of Umluj and Al-Wajh in the northern section of the Hejazi coast, the project will involve the construction of 50 islands and 34,000 square kilometres in a global upmarket tourism and leisure mega-development.

These projects (and others) fall under Prince Mohammed’s Saudi Vision 2030, which is a plan to reduce Saudi Arabia’s dependence on oil, diversify its economy, and develop public service sectors such as health, education, infrastructure and tourism.

Fircroft: supporting Saudi Arabia’s future

With efforts underway to develop and diversify the kingdom’s economy, Fircroft is perfectly placed to support the development of the country’s local workforce. We offer a wide range of recruitment and workforce solutions that can help your business thrive. Speak to us today and find out how we can unleash the potential of your workforce.
Recent Comments
It is an excellent decision of appointing a new economic advisor.
Jose B. Lumactud - PhD, 17 November 2019
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Saudi Crown Prince appoints new economic advisor - Time to read 3 min
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