Crown Prince Mohammed bin Salman Launches Alat, a New Company for Sustainable Technology Manufacturing

Riyadh: Crown Prince Mohammed bin Salman made a significant announcement on February 1st, revealing the establishment of "Alat," a company owned by the Public Investment Fund (PIF). Alat is poised to play a pivotal role in advancing Saudi Arabia's position as a global hub for sustainable technology manufacturing, with a specific focus on advanced technologies and electronics.

The company's primary objective is to manufacture products that cater to both local and international markets across seven strategic business units. These units include advanced industries, semiconductors, smart appliances, smart health, smart devices, smart buildings, and next-generation infrastructure.

Chaired by the Crown Prince, Alat aims to enhance the capabilities of Saudi Arabia's technology sector while significantly contributing to local content. By capitalizing on the rapid development within the sector, Alat seeks to boost the kingdom's appeal and create investment opportunities.

Strategic partnerships with leading international players in manufacturing and technology will empower the private sector and strengthen the local and regional economic ecosystem.

Alat aims to revolutionize the industrial sector globally by offering sustainable industrial solutions based on clean energy sources. These partnerships will cater to commercial demand, align with the evolving needs of next-generation manufacturing, fortify local supply chains, and elevate Saudi Arabia as a global center for advanced technological manufacturing.

With a focus on innovation, manufacturing, research and development, Alat aims to localize expertise in the industrial and electronics sectors while creating job opportunities and developing local talent. By 2030, the company intends to generate 39,000 direct jobs in Saudi Arabia and make a direct non-oil GDP contribution of SAR 35 billion.

Furthermore, Alat will prioritize providing sustainable manufacturing solutions for international companies, leveraging Saudi Arabia's access to clean energy resources to help these companies achieve carbon neutrality goals by 2060. The PIF, the company's owner, has its sights set on being carbon neutral by 2050.

This strategic move will enable global industrial companies to harness the competitive advantages of the Saudi economy, including its unique geographical location and investments in the technology sector.

The establishment of Alat aligns with the PIF's overarching strategy to expand within priority sectors, strengthen local supply chains, and facilitate economic diversification and sustainable growth, all in line with the ambitious Saudi Vision 2030.