Saudi Arabia’s Crown Prince, and the and Chairman of the Board of Directors of the Public Investment Fund (PIF), Mohammed bin Salman, in a press note announced the launch of another PIF Company – Alat. This company aims to make Saudi Arabia, a global hub for sustainable technology, manufacturing and will focus on advanced technologies and electronics.
The new company will focus on manufacturing products that serve both national and international markets within seven strategic business units these include – semiconductors, advanced industries, smart health, smart appliances, smart buildings, smart devices, and also next generation infrastructure.
Alat, plans to create over 39,000 direct jobs in Saudi by 2030 and also achieve a direct non-oil GDP contribution of $9.3 billion by then.
Chaired by the crown prince, the company aims to enhance the capabilities of the Saudi tech sector, and increase its contribution to region. Alat also aims to look at strategic partnerships with leading international players in manufacturing and technology, with an aim to enhance the local and regional economic ecosystem.
Alat aims to build partnerships that enable the transformation of the industrial sector by providing sustainable industrial solutions based on clean energy sources for globally. The company aims to manufacture over 30 product categories – robotic systems, advanced computers, digital entertainment products, communication systems, and heavy machinery used in construction, mining and building.
It aims to strengthen R&D, manufacturing, innovation and also localise expertise in the electronics and industrial sectors by developing local talent and enhancing job opportunities. The company will focus on providing sustainable manufacturing solutions for international companies by accessing clean energy sources in Saudi Arabia, with an aim to reach carbon neutral goals by 2060. PIF’s own goal is to be carbon neutral by 2050.
