Saudi Arabia is set to see a $100 billion investment over the next six years, with an aim to become a leader in the field of electronics and advanced industrials.
On February 1, 2024, the country’s Public Investment Fund company Alat was launched. Four partnerships and the news of major investment have now been revealed.
In an announcement today via press release (Feb 20) $100 billion will be invested by 2030. This will go towards enhancing the “capabilities of the technological sector, benefitting from the rapid development of this sector in Saudi Arabia.”
Alat will be partnering with Softbank Group, Carrier Corporation, Dahua Technology Ltd, and The Saudi Technology and Security Comprehensive Control Company (Tahakom).
The Global CEO of Alat Amit Midha said: “In conjunction with our international and regional partners, the first four of which we proudly announce today, we will redefine sustainable manufacturing.
“Alat’s mandate is focused on harnessing the Kingdom´s solar, wind and green hydrogen clean energy.
“We are passionately using technology to transform businesses, leveraging cutting-edge AI technology and fourth-industrial revolution technologies for manufacturing. This is not only using clean energy but applying sustainability measures to all our operations, buildings, logistics and supply chain, with sustainability at the core of everything we do.”
According to its website, these plans will contribute $9.3 billion to non-oil GDP by 2030 and create 39,000 direct jobs.
Global partnerships
Alat’s global partnership with the Softbank Group will include a $150 million investment to set up a fully automated manufacturing and engineering hub that will serve local and global demand. The aim is for the manufacturing plant to be open by December 2024.
The agreement with Carrier Corporation includes the development of a manufacturing and R&D center, expected to create more than 5,000 local jobs.
Alat and Dahua Technology Ltd will invest $200 million to establish a secure and compliant global business for vision-centric products, called Alat AlVisio Technology Co. Ltd., and a manufacturing facility in Saudi Arabia.
The fourth partnership, with The Saudi Technology and Security Comprehensive Control Company (Tahakom), will involve collaboration on solution designs, product specifications, and more, as well as building technology roadmaps and client and vendor relationships.
Featured image; Photo by Louis Reed on Unsplash
