Alat, Backed by PIF, Unveils $100 Billion Tech Investment Strategy for 2030

Alat, Backed by PIF, Unveils $100 Billion Tech Investment Strategy for 2030

By Staff Writer, 22 February 2024

Saudi Arabian tech company Alat, under the ownership of the Public Investment Fund (PIF), has announced plans for a substantial $100 billion investment by 2030, aiming to bolster the country's technology sector.

This initiative comes alongside strategic partnerships forged with leading global entities.

In a statement released on Tuesday, Alat revealed collaborations with renowned tech giants including Softbank Group, Carrier Corporation, Dahua Technology, and Tahakom.

The objective behind these alliances is to propel sustainable manufacturing within the kingdom, with a suite of initiatives slated for implementation.

Amit Midha, the Global CEO of Alat, expressed enthusiasm about the transformative potential of these partnerships, asserting, "In conjunction with our international and regional partners, the first four of which we ... announce today, we will redefine sustainable manufacturing."

The cornerstone of these partnerships lies in their strategic alignment. Alat and Softbank Group will jointly establish a cutting-edge industrial automation venture within Saudi Arabia, specializing in the production of industrial robots.

With an investment commitment of up to $150 million, a state-of-the-art manufacturing and engineering hub will be erected to address both local and global demand.

The anticipated launch for this facility is December 2024.

Furthermore, Alat's collaboration with Carrier Corporation aims to address environmental concerns by establishing a manufacturing and research facility dedicated to decarbonizing emissions in buildings and enhancing energy efficiency.

This venture is poised to create over 5,000 job opportunities locally while delivering advanced heating, ventilation, and air conditioning (HVAC) solutions, encompassing chillers, air handling units, and variable refrigerant flow systems.

Source: Cleofe Maceda / Zawya

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