{"id":639331,"date":"2017-10-26T06:43:08","date_gmt":"2017-10-26T06:43:08","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2017\/10\/26\/klaus-kleinfeld-to-head-up\/"},"modified":"2017-10-26T06:43:08","modified_gmt":"2017-10-26T06:43:08","slug":"klaus-kleinfeld-to-head-up","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2017\/10\/26\/klaus-kleinfeld-to-head-up\/","title":{"rendered":"Klaus Kleinfeld to head up"},"content":{"rendered":"

Still more about the Saudi robot utopia known as NEOM: <\/strong>Klaus Kleinfeld, the former CEO of Siemens and US engineering firm Arconic, tapped by Saudi Crown Prince Mohammed Bin Salman to head NEOM, comes with some baggage. Kleinfeld arrives at Saudi Westworld after a controversial exit from Arconic over a fight with activist investor Elliott Management Corp., and Siemens, leaving in the wake of a bribery probe, Bloomberg reports<\/a>.<\/p>\n

A likely hiccup to the city: Building a bridge across the Red Sea connecting Egypt with <\/strong>NEOM might require signoff from Israel,<\/strong> Jonathan Ferziger writes for Bloomberg<\/a>. \u201cIsrael\u2019s 1979 peace treaty with Egypt guarantees it access to the Red Sea\u2019s Straits of Tiran, which the planned bridge and causeway would cross. That makes Israel\u2019s involvement in the project crucial, says Yoram Meital, chairman of the Chaim Herzog Center for Middle East Studies & Diplomacy at Israel\u2019s Ben-Gurion University of the Negev.\u201d Meital says \u201cthere couldn\u2019t be anything close to this unless Israel and the Saudis had the opportunity to discuss in detail their relations and this bridge \u2026 There have to have been back channels.\u201d<\/p>\n

You can get more on Neom from our coverage yesterday<\/a>, including a link to the project\u2019s website.<\/p>\n

Or you can tap or click here<\/a> to learn instead about Sophia, the first robot to receive Saudi citizenship.<\/strong> We\u2019re really not making this up, folks. There\u2019s a video.<\/p>\n

Meanwhile, Saudi energy company ACWA Power plans to invest USD 4 bn in renewable <\/strong>energy projects in 2018 in Egypt, Dubai, Jordan and Morocco<\/strong>, company chairman Mohammad Abunayyan said on Wednesday, according to Bloomberg<\/a>. The company hopes to finance 80% of the plan with from debt and the rest from equity, Abunayyan added. ACWA Power is also expected to list shares through an IPO in either 3Q2018 or 4Q2018, he said in the interview. ACWA Power is an active participants in Egypt\u2019s feed-in tariff program in Benban, with its most recent project being the development of three solar plants with China\u2019s CHINT Solar and Egypt\u2019s Al Tawakol Electrical with funding from the European Bank for Reconstruction and Development.<\/p>\n

On the topic of Saudi investments in Egypt, remember that <\/strong>SAR 60 bn investment fund<\/strong><\/a> Saudi pledged to invest in Egypt during King Salman\u2019s state visit in 2016? Well apparently Investment Minister Sahar Nasr, who is in Riyadh, has begun talks to revive the fund, sources tell Al Mal<\/a>.<\/p>\n

In other bombastic Saudi announcements<\/strong>, the Public Investment Fund (PIF), the country\u2019s main sovereign wealth fund, wants to nearly double in size to USD 400 bn by 2020 as part of the kingdom\u2019s efforts to boost private-sector growth, according to Reuters<\/a>. PIF is expected to receive proceeds from the planned Aramco.<\/p>\n","protected":false},"excerpt":{"rendered":"

Still more about the Saudi robot utopia known as NEOM: Klaus Kleinfeld, the former CEO of Siemens and US engineering firm Arconic, tapped by Saudi Crown Prince Mohammed Bin Salman to head NEOM, comes with some baggage. Kleinfeld arrives at Saudi Westworld after a controversial exit from Arconic over a fight with activist investor Elliott […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"single-feature.php","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[8572],"tags":[72,2380],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-639331","post","type-post","status-publish","format-standard","hentry","category-speed-round","tag-enterpriseam","tag-speed-round","wpautop","entry"],"acf":{"mongo_id":"490225e6-c3be-4fba-9318-58ad480b83be","order":"0","is_powered_by":true,"section_story_id":"98d0bb69-1b3c-451e-b4e6-dc75cb29393f","story_type":"1","photo_url":"","photo_position":"above","related_issue":[639317],"teaser":"","voice_url":""},"yoast_head":"\nKlaus Kleinfeld to head up - EnterpriseAM Egypt<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/enterpriseam.com\/egypt\/2017\/10\/26\/klaus-kleinfeld-to-head-up\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Klaus Kleinfeld to head up\" \/>\n<meta property=\"og:description\" content=\"Still more about the Saudi robot utopia known as NEOM: Klaus Kleinfeld, the former CEO of Siemens and US engineering firm Arconic, tapped by Saudi Crown Prince Mohammed Bin Salman to head NEOM, comes with some baggage. 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The USD 500 bn creation\u2026","rel":"","context":"In "Speed Round"","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2017\/10\/1001.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":636806,"url":"https:\/\/enterpriseam.com\/egypt\/2017\/11\/01\/egypt-seeing-broad-based-growth-neom-to-benefit-the-whole-region-imf\/","url_meta":{"origin":639331,"position":1},"title":"Egypt seeing broad-based growth, Neom to benefit the whole region -IMF","author":"enterpriseam admin","date":"1 November 2017","format":false,"excerpt":"Egypt is now seeing a \u201c\u2018broad-based,\u2019 recovery across industries, a sign that reform measures such as floating the currency are starting to pay off even as inflation remains high,\u201d Jihad Azour, head of the IMF\u2019s Middle East and Central Asia Department, told Bloomberg. \u201cThe reemergence of growth as we see\u2026","rel":"","context":"In "Speed Round"","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":639393,"url":"https:\/\/enterpriseam.com\/egypt\/2017\/10\/29\/saudi-to-link-sinai-industrial-zone-with-neom-international-players-to-bid-for-project\/","url_meta":{"origin":639331,"position":2},"title":"Saudi to link Sinai industrial zone with Neom, international players to bid for project","author":"enterpriseam admin","date":"29 October 2017","format":false,"excerpt":"IPO WATCH- Saudi Arabia plans to float shares in its USD 500 bn sci-fi robot-infested city Neom, Crown Prince Mohammed bin Salman (MbS) said over the weekend, according to Reuters. \u201cWithout a doubt, at the end of the day Neom will be floated in the markets. The first zone floated\u2026","rel":"","context":"In "Speed Round"","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":601813,"url":"https:\/\/enterpriseam.com\/egypt\/2019\/03\/11\/egypt-saudi-interconnection-project-to-hit-a-milestone-in-june\/","url_meta":{"origin":639331,"position":3},"title":"Egypt-Saudi interconnection project to hit a milestone in June","author":"enterpriseam admin","date":"11 March 2019","format":false,"excerpt":"Saudis to launch Egypt-Saudi interconnection tender in June: The Saudi government will issue in June a new tender for its power transmission lines that will be part of the now USD 2.5 bn Egypt-Saudi interconnection project, sources told the local press. The project, which had been put on hold, was\u2026","rel":"","context":"In "Speed Round"","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":627568,"url":"https:\/\/enterpriseam.com\/egypt\/2018\/06\/05\/former-canary-wharf-executive-hired-by-saudi-govt-for-red-sea-tourism-project\/","url_meta":{"origin":639331,"position":4},"title":"Former Canary Wharf executive hired by Saudi gov\u2019t for Red Sea tourism project","author":"enterpriseam admin","date":"5 June 2018","format":false,"excerpt":"MOVES- Former Canary Wharf executive hired by Saudi gov\u2019t for Red Sea tourism component of NEOM. The Saudi government appointed John Pagano (LinkedIn) as CEO for its new joint stock Red Sea Development Company (RSDC), according to Asharq Al-Awsat. The company will oversee the tourism projects KSA plans develop on\u2026","rel":"","context":"In "Speed Round"","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":630950,"url":"https:\/\/enterpriseam.com\/egypt\/2018\/03\/06\/egypt-commits-1000-sq-km-of-land-in-sinai-for-neom\/","url_meta":{"origin":639331,"position":5},"title":"Egypt commits 1,000 sq km of land in Sinai for NEOM","author":"enterpriseam admin","date":"6 March 2018","format":false,"excerpt":"NEOM is getting 1,000 sq km in Sinai: Egypt has committed more than 1,000 sq km of land in South Sinai to developing its side of the transnational robot utopia better known as NEOM, for USD 10 bn, a Saudi official told Reuters yesterday. \u201cSaudi Arabia plans to build seven\u2026","rel":"","context":"In "Speed Round"","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]}],"_links":{"self":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/639331","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/comments?post=639331"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/639331\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/issue\/639317"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=639331"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=639331"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=639331"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=639331"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=639331"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}