Skip to content Skip to Search
Skip navigation

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

Alat will manufacture more than 30 product categories, including robotic systems, communication systems and advanced computers Creative Commons
Alat will manufacture more than 30 product categories, including robotic systems, communication systems and advanced computers

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.

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.

Latest articles

Nature, Outdoors, Sea

Luxury hotel revenues in Oman rise to $242m

Oman’s luxury hotels continued to make money in April as the number of guests surged. The revenue of three- to five-star hotels rose 11 percent year on year to OMR93 million ($242 million), the state-run Oman News Agency said, quoting the National Centre for Statistics and Information data. The revenue increase was driven by a […]

The Holy Mosque in Medina, Saudi Arabia. Pilgrims flock to the city as part of Hajj

Tourism businesses on the up in Medina

The number of tourism businesses in Medina was 15 percent higher in the first quarter of 2024 than the same time last year, a boon for Saudi Arabia as it aims to increase the industry’s contribution to the national economy. Madinah Chamber did not supply a breakdown of the figures, but the state-owned Saudi Press […]

A stall holder in the Grand Bazaar in Istanbul. People in Istanbul faced rises in the cost of living this year, as soaring inflation impacted wages

Cairo and Istanbul feel biggest cost of living squeeze

Dubai has become the most expensive city in the Middle East for expatriate workers, while Cairo and Istanbul were among the cities that saw the biggest rise in the cost of living this year, as soaring inflation impacted wages. Dubai, the UAE’s largest city, saw rental prices rise by about a fifth in the last […]

More than 24 million people visited the World Expo event at Expo City Dubai between October 2021 and March 2022

Construction begins at Expo City Dubai site

Construction has begun on the first residential properties at Expo City Dubai, part of a mixed-use master plan to repurpose the legacy site after the world fair came to a close two years ago. Master developer Expo City Dubai announced last week that it has awarded four key contracts for its Mangrove Residences. UAE-based USF […]