Alat: PIF’s new advanced tech firm to drive economic shift

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.

This ambitious initiative reflects the country’s efforts to diversify its economy away from oil and embrace advancements in advanced technologies and electronics.

The PIF-owned company’s official launch event in the coming weeks will reveal its first partnerships with global technology companies.

Alat will focus on seven key areas:

• Semiconductors: Designing high-performance chips crucial for modern devices.
• Smart devices: Developing advanced devices powered by AI for enhanced sustainability, performance, and user experience.
• Smart buildings: Creating solutions that integrate sustainability and efficiency within living and working spaces.
• Smart appliances: Transforming homes and businesses with intelligent, connected, and efficient appliances.
• Smart health: Utilising technology to drive innovation in key healthcare sectors worldwide.
• Advanced industrials: Leading the charge in electrification and clean energy, aligning with Saudi Vision 2030 goals.
• Next-Gen infrastructure: Spearheading technological advancements in digital infrastructure, energy transition, and industrial automation.

The company will build partnerships to enable the transformation of the industrial sector globally, by providing sustainable industrial solutions based on clean energy sources.

These partnerships will help:

1. Meet commercial demand
2. Keep pace with the needs of the next generation of manufacturing
3. Enhance the strength of local supply chains and
4. Contribute to making Saudi Arabia a global centre for advanced technological manufacturing

Alat to manufacture multiple product categories

Alat will manufacture more than 30 product categories that will serve key sectors.

These include robotic systems, communication systems, advanced computers, and digital entertainment products, and advanced heavy machinery used in construction, building and mining.

Alat´s mandate will be focused on harnessing the kingdom´s solar, wind, and green hydrogen renewable energy.

The company aims to strengthen innovation, manufacturing and research and development, and localise expertise in the industrial and electronics sectors by developing local talent and enhancing job opportunities.

Alat aims to create 39,000 direct jobs in Saudi Arabia by 2030, and achieve a direct non-oil GDP contribution of $9.3bn by the same year.

It will focus on providing sustainable manufacturing solutions for international companies by accessing clean energy resources in Saudi Arabia to reach carbon-neutral goals by 2060; PIF’s own goal is to be carbon-neutral by 2050.