Saudi diversification continues with launch of new PIF-owned tech company

Saudi diversification continues with launch of new PIF-owned tech company

Saudi Arabia has launched Alat, a new company that says it aims to transform the country into a global hub for sustainable technology manufacturing.

Described as an ‘ambitious initiative’, Alat, owned by Saudi Arabia’s Public Investment Fund (PIF), reflects the country’s efforts to diversify its economy away from oil and embrace advanced technologies and electronics.

 

Alat will focus on seven key areas: semiconductors, smart devices, smart buildings, smart appliances, smart health, advanced industrials (such as electrification and clean energy) and next-gen infrastructure.

The company says it will build partnerships to enable the transformation of the industrial sector globally by providing sustainable industrial solutions based on clean energy sources.

Alat also intends to manufacture more than 30 product categories that will serve key sectors. These include robotic systems, communication systems, advanced computers, digital entertainment products, and advanced heavy machinery used in construction, building and mining.

Alat´s mandate will be focused on harnessing the kingdom´s solar, wind, and green hydrogen renewable energy. 

The company aims to strengthen innovation, manufacturing and research and development and localise expertise in the industrial and electronics sectors by developing local talent and enhancing job opportunities.

In fact Alat says it aims to create 39,000 direct jobs in Saudi Arabia by 2030 and achieve a direct non-oil GDP contribution of US$9.3 billion by the same year.

It 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's early days yet, of course, but we are promised that Alat’s official launch event, taking place in the coming weeks, will reveal its first partnerships with global technology companies.

 
 

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