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.

The push for international talent is intended to jump-start Prince Mohammed's plan to diversify the economy of the world's largest oil exporter. As part of that transformation, the 37-year-old royal has loosened restrictions on women and eased travel to the kingdom. Meantime, he has suppressed dissent and jailed those opposed to his agenda.