Saudi Arabia's Alat: PIF's Strategic Move for Global Tech Dominance

Saudi Arabia's Alat: PIF's Strategic Move for Global Tech Dominance

By Staff Writer, 05 February 2024

Saudi Arabia's Public Investment Fund (PIF) has established a new company named Alat with the ambitious goal of positioning the kingdom as a worldwide center for sustainable technology manufacturing.

The announcement was made in a statement released by PIF on Thursday (1/2).

Alat is set to concentrate its efforts on producing a diverse range of products tailored for both domestic and international markets across seven business units.

Read More: Saudi's PIF Issues $5 Billion Three-Part Bond

These units encompass advanced industries, semiconductors, smart appliances, health devices, buildings, and next-generation infrastructure.

The manufacturing scope of Alat extends to over 30 product categories, including but not limited to robotic systems, communication systems, advanced computers, digital entertainment products, and sophisticated heavy machinery used in construction, building, and mining.

Chaired by Saudi Crown Prince Mohammed bin Salman, Alat has set ambitious targets for the future.

The company aims to generate more than 39,000 direct job opportunities in Saudi Arabia and contribute a substantial non-oil gross domestic product amounting to $9.3 billion by the year 2030.

The primary objectives of Alat, as outlined by PIF, include bolstering the capabilities of the Saudi technology sector, amplifying its role in local content development, capitalizing on the sector's rapid growth, elevating the nation's appeal, and fostering new investment opportunities in the burgeoning technology landscape.

Source: Aarti Nagraj / The Nationals

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