His Royal Highness Prince Mohammed bin Salman bin Abdulaziz Al-Saud, Crown Prince, Prime Minister of the Kingdom of Saudi Arabia and Chairman of the Board of Directors of the Public Investment Fund (PIF) has launched a new PIF company, ‘Alat.’
The new company intends to create a national champion that will contribute to the aim of making Saudi Arabia a global hub for sustainable technology manufacturing that focuses on advanced technologies and electronics.
Alat will focus on manufacturing products that serve local and international markets within seven key strategic business units: advanced industries and semiconductors, as well as smart appliances, smart health, smart devices, and smart buildings, in addition to next-generation infrastructure.
As per the statement, “The company, chaired by HRH Crown Prince, aims to enhance the capabilities of the Saudi technology sector, increase its contribution to local content – benefiting from the rapid development of this sector – increasing the nation’s attractiveness and its ability to create investment opportunities.”
Alat will also enable the private sector through its strategic partnerships with leading international players in manufacturing and technology, which will enhance the economic ecosystem locally and regionally.
The company will build partnerships to enable the transformation of the industrial sector globally, by providing sustainable industrial solutions based on clean energy sources. These partnerships will help meet commercial demand, keep pace with the needs of the next generation of manufacturing, enhance the strength of local supply chains, and contribute to making Saudi Arabia a global center for advanced technological manufacturing.
According to the statement, “Alat will manufacture more than 30 product categories that will serve vital sectors. These include robotic systems, communication systems, advanced computers, and digital entertainment products, as well as advanced heavy machinery used in construction, building, and mining.”
Further, the company aims to strengthen innovation, manufacturing research and development, and localize expertise in the industrial and electronics sectors by developing local talent and enhancing job opportunities. Alat aims to create 39,000 direct jobs in Saudi Arabia by 2030, and achieve a direct non-oil GDP contribution of $9.3 billion by the same year.
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