by Mohammed AlQahtani, CEO @ Saudi Arabia Holding Co.
Official Launch of Alat” Company by the Public Investment Fund:
A $100 Billion Commitment
Announcement by the Global CEO Amit Midha, the Global CEO of the Saudi-owned “Alat” company, announced at the company’s launch event a commitment to invest $100 billion by 2030. This investment is expected to create 39,000 direct job opportunities.
Crown Prince’s Vision
On February 1, Crown Prince and Prime Minister, Chairman of the Public Investment Fund, Prince Mohammed bin Salman bin Abdulaziz Al Saud, announced the establishment of “Alat”. This move aims to position the Kingdom as a global hub for sustainable industries focusing on advanced technology and electronics.
Alat’s Specializations
“Alat” specializes in manufacturing products for both local and global markets, encompassing seven strategic business units: Advanced Industries, Semiconductors Smart Home Appliances, Smart Health Smart Electronic Devices, Smart Buildings and the Next Generation Infrastructure. Additionally, “Alat” will manufacture across more than 30 categories serving vital sectors, including robotics systems, communication systems, advanced computers, digital entertainment products, and sophisticated heavy equipment used in construction and mining.
Future Plans and Partnerships
Under the leadership of the Crown Prince, “Alat” intends to enhance the technical sector’s capabilities within the Kingdom, increase its contribution to the local content, and leverage its rapid development pace to attract investment opportunities. Furthermore, “Alat” will enable the private sector through strategic partnerships with leading companies in advanced manufacturing and electronics, thus enriching the local and regional economic ecosystem.
Collaborations and Innovations
Amit Mida added, “Together with our partners (Carrier), (Tahakom), and (SoftBank), we will establish a factory for building the next generation of robots, with the factory’s inauguration set for December 18, 2024.”
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