Saudi Crown Prince Mohammed bin Salman announced the launch of a Public Investment Fund company called “Alat.”
The company will contribute to the aim of making Saudi Arabia a global hub for sustainable technology manufacturing that focuses on advanced technologies and electronics, Saudi Press Agency reported.
Alat will focus on manufacturing products that serve local and international markets within seven key strategic business units: advanced industries, semiconductors, smart appliances, smart health, smart devices, smart buildings, and next generation infrastructure.
The company, chaired by the crown prince, aims to enhance the capabilities of the Saudi technology sector, increase its contribution to local content, and increase the nation’s attractiveness and its ability to create investment opportunities.
Alat 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.
The company will manufacture more than 30 product categories that will serve vital sectors. These include robotic systems, communication systems, advanced computers, digital entertainment products, and advanced heavy machinery used in construction, building and mining.
Alat aims to strengthen innovation, manufacturing and research and development, and localize expertise in the industrial and electronics sectors by developing local talent and enhancing job opportunities.
It 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.
Alat will focus on providing sustainable manufacturing solutions for international companies by accessing clean energy resources in Saudi Arabia to reach carbon neutral goals by 2060.
It will also allow global industrial companies to benefit from the competitive advantages of the Saudi economy, its unique geographical location, and its investments in the technology sector.—AN
