Riyadh, February 1, 2024 – In a strategic move aimed at transforming its technological and manufacturing landscape, Saudi Arabia has announced the launch of Alat, a PIF-backed company with a mission to create 39,000 jobs and contribute $9.3bn to the Kingdom’s non-oil GDP by 2030.
Building a Global Hub for Sustainable Technology Manufacturing
Crown Prince Mohammed bin Salman bin Abdulaziz Al-Saud, the Prime Minister of the Kingdom of Saudi Arabia and Chairman of the Board of Directors of the Public Investment Fund (PIF), unveiled the ambitious plans for “Alat.” The PIF-backed firm aims to position Saudi Arabia as a global hub for sustainable technology manufacturing, focusing on advanced technologies and electronics.Alat is set to operate within seven key strategic business units, targeting advanced industries, semiconductors, smart appliances, smart health, smart devices, smart buildings, and next-generation infrastructure. The company’s goal is to manufacture products that cater to both local and international markets.
Driving Innovation and Economic Growth
Chaired by the Crown Prince, Alat aspires to enhance the capabilities of the Saudi technology sector, contributing to local content development and increasing the nation’s attractiveness for investment opportunities. Through strategic partnerships with international players in manufacturing and technology, Alat aims to enable the private sector and enhance the economic ecosystem locally and regionally.
Sustainable Industrial Solutions and Global Partnerships
Alat’s focus extends to providing sustainable manufacturing solutions globally by leveraging clean energy sources. The company plans to collaborate with leading international players to transform the industrial sector, meet commercial demand, strengthen local supply chains, and position Saudi Arabia as a global centre for advanced technological manufacturing.
Alat envisions creating over 30 product categories, including robotic systems, communication systems, advanced computers, digital entertainment products, and heavy machinery. The company aims to generate 39,000 direct jobs in Saudi Arabia by 2030 and contribute $9.3bn to the non-oil GDP. Alat’s emphasis on innovation, research and development, and talent localization aligns with its commitment to sustainable growth.
Alat’s commitment to sustainability extends beyond job creation. By providing sustainable manufacturing solutions for international companies and accessing clean energy resources in Saudi Arabia, Alat aims to contribute to global carbon-neutral goals by 2060. This strategic move aligns with the Public Investment Fund’s goal of achieving carbon neutrality by 2050 and supports Saudi Vision 2030 by promoting economic diversification and sustainable growt
