Saudi Arabia’s megaproject NEOM is paying its top executives roughly about $1.1 million, annually, according to an “internal NEOM document,” the Wall Street Journal (WSJ) reported.
“The kingdom is using large pay packages to lure global talent to Crown Prince Mohammed bin Salman’s national transformation plan,” WSJ reported, adding that the country is recruiting foreign executives to lead industries such as tourism, technology and entertainment.
The WSJ report went on to say that the high-paying salaries come as part of the country’s push to recruit international talent to “jump-start” the crown prince’s strategy to diversify the economy away from oil.
The $1.1 million average salary of NEOM’s c-suite level executives is detailed in an internal list of compensation for different positions, according to the WSJ.
“It is also more than twice as much as American c-suite level executives typically make, the data shows, with chief financial officers making $486,000 and chief marketing officers $416,000, on average,” WSJ said, adding that the $1.1 million average figure at NEOM is the basic pay and people also receive a bonus, according to people familiar with the project.
NEOM’s senior leadership team, consist of 20 Saudis and foreigners roughly, with expertise across financial services, energy and marketing and media, according to a NEOM marketing presentation seen by The Wall Street Journal and people familiar with the project’s internal setup.
“These include Peter Terium, the former chief executive of German energy company RWE AG and now head of NEOM’s energy, water and food sectors; Vishal Wanchoo, former president & chief executive of South Asia at General Electric Co., now running the manufacturing sector at NEOM; and Tim Shorrocks, chief marketing officer, previously director at Amazon Web Services. Former Cisco Systems Inc. executive Joseph Bradley heads up technology and digital at NEOM,” WSJ said.
“Many employees are drawn to the idea of creating entirely new companies and industries in a once-cloistered country now opening up socially and economically,” WSJ said.
Meanwhile, executive directors at NEOM, a level below the senior executives, are paid an average salary of $660,000, the Journal said.
Directors, which includes dozens of people at NEOM, are paid $270,000 a year, the list showed, according to WSJ.
“Senior managers receive $193,000 and managers $130,000, according to the list, dated last year. The experience of managers and senior managers ranges from two to more than eight years, according to NEOM’s careers website,” the report said adding that the entry wage for an employee at NEOM is about $54,000.
“NEOM is currently advertising 79 jobs on its website, from telecom engineer to fashion investment manager to head of banking,” WSJ reported, adding that the NEOM offers a salary based on the candidate’s previous salary.
“Staff in similar roles can have large differences in pay depending on the countries from which they are recruited,” the report said.
While employees live in temporary camps, they have other financial benefits, people familiar with the project told WSJ.
“Accommodation is covered as employees live in trailer-park-style cabins and food is provided in a canteen, meaning staff spend little of their salaries.”
Follow us on
