Skip to content Skip to Search
Skip navigation

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

By Pramod Kumar
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

STC wants to consolidate the mobile tower market

STC approves PIF purchase of telecom company

Shareholders of Saudi telecom giant STC have approved plans to create a new telecommunications infrastructure company in which the Public Investment Fund will have a 51 percent stake valued at SAR8.7 billion ($2.3 billion).  Under the deal, the STC-owned Telecommunication Towers Co. Limited (Tawal) will become a PIF subsidiary through a merger with Golden Lattice […]

Flavio Cattaneo of Enel, of which Endesa is a subsidiary, and Mohamed Jameel Al Ramahi at the signing of the deal

Masdar buys stake in Spanish utilities company Endesa

The UAE’s state-owned clean energy company Masdar has agreed to acquire a minority stake in Spanish electric utility business Endesa to partner for 2.5 gigawatts (GW) of renewable energy assets in Spain. Under the agreement, subject to regulatory approval, Masdar will invest nearly $890 million to acquire a 49.99 percent stake in Endesa, with an […]

UAE markets Hong Kong

UAE capital markets partner with Hong Kong exchange

The Hong Kong Stock Exchange (HKSE) has added the Abu Dhabi Securities Exchange (ADX) and the Dubai Financial Market (DFM) to its roster of recognised marketplaces. The move opens the door for UAE-based companies to pursue secondary listings on one of Asia’s premier financial markets. It also follows the inclusion of the Saudi Exchange (Tadawul) […]

Car, Transportation, Vehicle

Dubai Taxi to pay $43m dividend despite profit drop

Dubai Taxi Company, a subsidiary of the emirate’s transport regulator, has approved a dividend payout of AED159 million ($43 million) for the first half of 2024 despite a marginal 1 percent increase in net profit. Net earnings reached AED187.4 million in the first six months of the year, compared to AED186.3 million at the same […]