Saudi Arabia continues efforts to diversify its economy away from oil and embrace advancements in advanced technologies and electronics.
Keeping the momentum, recently, Prince Mohammed bin Salman bin Abdulaziz Al-Saud, Crown Prince, Prime Minister of Saudi Arabia, and Chairman of the Board of Directors of the Public Investment Fund (PIF) has launched Alat, a new company aiming to transform the kingdom into a global hub for sustainable technology manufacturing.
The new PIF-backed company is expected to create 39,000 jobs and contribute $9.3 billion to the kingdom’s non-oil GDP by 2030.
Alat will focus on seven key areas: advanced industries and semiconductors, smart appliances, smart health, smart devices, smart buildings, and next-generation infrastructure.
The company will manufacture over 30 categories, ranging from robotic systems and advanced computers to digital entertainment products and heavy machinery.
It aims to transform the global industrial sector through strategic partnerships by offering sustainable solutions powered by clean energy sources like solar, wind, and green hydrogen.
These partnerships will help meet commercial demand, align with the requirements of the upcoming generation of manufacturing, strengthen local supply chains, and play a role in establishing Saudi Arabia as a global hub for advanced technological manufacturing.
Harnessing the kingdom’s abundant solar, wind, and green hydrogen resources, Alat will contribute to achieving carbon neutrality by 2060, aligning with PIF’s goal of net-zero emissions by 2050.