DUBAI: Klaus Kleinfeld, a former chief executive of industrial conglomerateSiemens and giant aluminum producer Alcoa, has been appointed an adviser toSaudi Arabia’s Crown Prince Mohammed bin Salman.

Kleinfeld will leave his current position as chief executive of NEOM, a26,500 square kilometer business zone under development in the northwest ofthe kingdom, but will retain a position on its board, an official Saudistatement said on Tuesday.

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

Prince Mohammed has launched a sweeping program of reforms designed to weanthe Saudi economy off its reliance on oil exports by selling billions ofdollars of state assets and developing new industries from tourism totechnology.

Kleinfeld, who will take up his new post on Aug. 1, had been appointed tolead the NEOM project when it was announced last October.

He will be replaced at NEOM by Nadhmi al-Nasr, who has been developingstrategy for the project and has over 30 years of experience at nationaloil giant Saudi Aramco.

Saudi Arabia has said public and private investment in NEOM is eventuallyexpected to total $500 billion.

The zone, with its own judicial system and legislation to attractinternational investors, will focus on industries including energy andwater, biotechnology, food, advanced manufacturing and tourism