Saudi Arabia's sovereign wealth fund PIF (Public Investment Fund) has launched its new entity 'Alat' aimed at creating a national champion that will contribute to the aim of making the kingdom a global hub for sustainable technology manufacturing with focus on advanced technologies and electronics. 

 

Announcing the new company last night (February 2), His Royal Highness Prince Mohammed bin Salman bin Abdulaziz Al Saud, Crown Prince, Prime Minister of the Kingdom of Saudi Arabia and PIF Chairman said: "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."

 

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.

 

According to him, 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, stated Prince Prince Mohammed bin Salman. 

 

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, he added.

 

Alat´s mandate will be focused on harnessing the Kingdom´s solar, wind and green hydrogen renewable energy. Alat will passionately use technology to transform businesses, leveraging cutting-edge, fourth industrial revolution technologies for manufacturing and AI, to enable the realignment of practices and approaches to embrace sustainability and efficiency. 

 

This is not only using renewable energy, but applying sustainability measures to all our operations, buildings, logistics and supply chain, with sustainability at the core of everything we do. To achieve this, Alat is partnering with the world’s leading corporations to innovate and transform industries, with a commitment and focus on using clean energy. 

 

The specific business units that Alat will focus on are: 

*Semiconductors - Specializing in designing high-performance chips and semiconductors crucial for the diverse range of devices and electronics in our connected world.

*Smart Devices - Cutting edge smart devices energized by the power of AI and innovation to deliver unmatched sustainability, performance and digital experiences.

*Smart Buildings - Smart building solutions that converge innovation, sustainability and efficiency, enhancing both living and working environments.

*Smart Appliances - Focusing on state-of-the-art appliances that transform homes and commercial spaces into connected, efficient, and intelligent environments.

*Smart Health - Innovating key healthcare sectors globally through transformative technology.

*Advanced Industrials - At the forefront of electrification and clean energy, Advanced Industrials strategically aligns with Saudi Vision 2030, enhancing industrial capacity and global sector leadership.

*Next Gen Infrastructure - Leading technological advancement through transforming digital infrastructure, energy transition, and industrial automation.

 

The company 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. 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.

 

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 – PIF’s own goal is to be carbon neutral by 2050 – in addition to enabling those global industrial companies to benefit from the competitive advantages of the Saudi economy, its unique geographical location and its investments in the technology sector. 

 

The establishment of Alat aligns with PIF’s strategy to expand in sectors that are priorities, while strengthening local supply chains to enable economic diversification and sustainable growth – in line with Saudi Vision 2030.-TradeArabia News Service