Riyadh, Saudi Arabia, February 1, 2024 – In a strategic move positioning the Kingdom as a future leader in sustainable technology manufacturing, His Royal Highness Prince Mohammed bin Salman bin Abdulaziz Al-Saud, Crown Prince and Prime Minister of Saudi Arabia, unveiled “Alat” today. Established by the Public Investment Fund (PIF), Alat aims to create a national champion specializing in advanced technologies and electronics, encompassing seven key strategic business units:
- Advanced industries and semiconductors: Chip manufacturing and related technologies.
- Smart appliances, smart health, smart devices, and smart building: Products for connected homes and cities.
- Next-generation infrastructure: Solutions for transportation, energy, and other critical sectors.
Alat’s ambitious goals include:
- Elevating the Saudi technology sector: Fostering local talent and expertise development.
- Boosting domestic content: Driving production within the Kingdom and reducing import dependence.
- Attracting strategic partnerships: Collaborating with international players to generate investment opportunities.
- Championing sustainable industrial transformation: Offering clean energy-based solutions globally.
- Creating substantial job opportunities: Generating 39,000 direct jobs in Saudi Arabia by 2030.
- Contributing significantly to non-oil GDP: Directly contributing $9.3 billion to non-oil GDP by 2030.
- Achieving carbon neutrality: Providing sustainable manufacturing solutions and attaining carbon neutrality by 2060.
Alat’s focus on clean energy aligns with PIF’s own 2050 carbon neutrality target, positioning Saudi Arabia as a competitive player in the global green technology market. This initiative further underscores the Kingdom’s commitment to economic diversification and sustainable growth, as outlined in Saudi Vision 2030.
This strategic move signifies a significant step forward in Saudi Arabia’s vision to become a leading center for advanced technology and manufacturing. With its emphasis on sustainability, job creation, and international partnership, Alat has the potential to make a transformative impact on the Kingdom’s future and the global industrial landscape.
