Saudi Arabia Lures Executives to Neom With Million-Dollar Salaries, Zero Taxes

The megadevelopment is paying senior executives roughly $1.1 million a year, showing how the kingdom is enticing global talent

Saudi Arabia plans to build Neom, a futuristic megacity in the middle of the desert. But residents resisting evictions and a historic collapse in oil prices have raised new questions about the project. (Originally published May 4, 2020)

Saudi Arabia’s megadevelopment Neom is paying senior executives roughly $1.1 million each annually, according to an internal Neom document, showing how the kingdom is using large pay packages to lure global talent to Crown Prince Mohammed bin Salman’s national transformation plan.

Neom is the most ambitious project in Saudi Arabia and one of dozens of real-estate developments and new companies set up to drive Prince Mohammed’s social and economic reforms. The kingdom is recruiting foreign executives to lead new industries–tourism, technology and entertainment–that were, until recently, largely nonexistent in the kingdom.

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