PIF’s Alat to boost Saudi economy by $9.3bn

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Saudi Crown Prince Mohammed bin Salman has launched Alat, a company central to the kingdom’s plan to become a global hub for electronics and advanced industries.

The new entity, wholly owned by the Public Investment Fund (PIF), will focus on manufacturing products that serve local and international markets within seven key strategic business units: advanced industries, semiconductors, smart appliances, health, devices and buildings, and next-generation infrastructure, the state-owned Saudi Press Agency reported.

Alat intends to generate 39,000 jobs in the kingdom and achieve a direct non-oil GDP contribution of $9.3 billion by 2030.

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Chaired by the crown prince, Alat is intended to bolster the capabilities of the Saudi technology sector, increase its contribution to local content and improve the nation’s appeal and ability to create investment opportunities. 

The company will also enable the private sector through its strategic partnerships with global players in manufacturing and technology, which will enhance the economic ecosystem locally and regionally.

Strategic partnerships with global players in manufacturing and technology form an important aspect of Alat, which aims to empower the private sector and contribute to the economic ecosystem at both local and regional levels.

Alat will build global partnerships to enable the transformation of the industrial sector. These alliances will aid in meeting commercial demand, keeping pace with the needs of the next generation of manufacturing, and improving the strength of local supply chains.

The company will manufacture more than 30 product categories, including robotic systems, communication systems, advanced computers, digital entertainment products, and advanced heavy machinery used in construction, building, and mining.

In addition, Alat will focus on providing sustainable manufacturing solutions for global companies by accessing clean energy resources in the kingdom to reach carbon-neutral goals by 2060.