Riyadh, Saudi Arabia — Saudi Crown Prince Mohammed bin Salman on Thursday launched a new company called Alat geared to make Saudi Arabia a global hub for electronics and advanced industries. The new company aims to create 39,000 direct jobs and achieve a direct non-oil GDP contribution of $9.3 billion in Saudi Arabia by the year 2030.
The company is owned by the Public Investment Fund, sovereign wealth fund of Saudi Arabia.
Alat will focus on manufacturing products that serve local and international markets within seven key strategic business units such as advanced industries and semiconductors, smart appliances, smart health, smart devices and smart buildings, and next generation infrastructure.
The company, chaired by the Crown Prince, aims to enhance the capabilities of the Saudi technology sector, and increasing the nation’s attractiveness and its ability to create investment opportunities. It will also help the private sector through its strategic partnerships with leading international players in manufacturing and technology, which will enhance the economic ecosystem locally and regionally.
Alat will forge partnerships that focus on delivering sustainable industrial solutions grounded in clean energy sources. The initiative aims not only to meet commercial demands but also to align with the evolving needs of the next generation of manufacturing. By building these partnerships, the company intends to bolster local supply chains and play a pivotal role in positioning Saudi Arabia as a hub for advanced technological manufacturing on the global stage.
The company is slated to manufacture over 30 product categories vital to various sectors. This diverse range includes robotic systems, communication systems, advanced computers, digital entertainment products, and heavy machinery integral to construction, building, and mining activities.
Alat’s overarching objective is to drive innovation, manufacturing, and research and development while nurturing local talent and creating job opportunities in the industrial and electronics sectors. The company is dedicated to contributing to the localization of expertise and supporting the growth of the workforce.
Emphasizing sustainability, Alat aims to offer green manufacturing solutions to international companies by leveraging Saudi Arabia’s abundant clean energy resources. This aligns with the global push for carbon neutrality, with Alat targeting a carbon-neutral status by 2060, in harmony with the PIF’s goal to achieve carbon neutrality by 2050.