Alat, a sustainable technology manufacturing company supported by Saudi Arabia’s Public Investment Fund, has announced collaborations with four international companies to strengthen the industry in the kingdom.
The company, which plans to invest $100 billion by 2030 to boost the technology sector, has partnered with SoftBank Group, Carrier Corporation, Dahua Technology, and Saudi Technology and Security Comprehensive Control Company (Tahakom).
Through these partnerships, Alat will provide sustainable manufacturing to help its partner companies reduce their emissions and transition towards carbon-zero manufacturing.
Amit Midha, Global Chief Executive of Alat, stated, “Alat’s mission is to harness the kingdom´s solar, wind, and green hydrogen clean energy. We are enthusiastically using technology to revolutionize businesses, utilizing advanced AI technology and Fourth Industrial Revolution technologies for manufacturing. Our focus is not only on clean energy, but also integrating sustainability measures into all our operations, buildings, logistics, and supply chain, with sustainability at the core of everything we do.”
Steered by Saudi Crown Prince Mohammed bin Salman, Alat aims to create 39,000 direct jobs in Saudi Arabia and achieve a direct non-oil gross domestic product contribution of $9.3 billion by 2030.
Alat and SoftBank, an investment holding company, will establish an industrial automation business in the kingdom to manufacture industrial robots, with an investment of around $150 million. This fully automated manufacturing and engineering centre is expected to open in December.
Carrier, a Florida-based intelligent climate and energy solutions company, has agreed to establish a manufacturing and research and development centre in collaboration with Alat. The centre aims to reduce emissions in buildings and improve energy efficiency, with plans to create over 5,000 local jobs.
The company’s focus will encompass manufacturing products for both domestic and international markets within seven business units: advanced industries; semiconductors; smart appliances; health; devices; buildings; and next-generation infrastructure.
Saudi Arabia, being the Arab world’s largest economy, is taking significant steps to diversify its economy away from oil as part of its Vision 2030 initiative, with a strong emphasis on technology as a crucial element of the strategy.
In alignment with the economic diversification plan, Alat and Dahua Technology will invest $200 million to create a secure and compliant global business for products, named Alat AIVisio Technology, as well as a plant in Saudi Arabia. Additionally, Alat has partnered with Tahakom to advance smart mobility and intelligent cities solutions.
The Public Investment Fund (PIF), one of the world’s largest sovereign wealth funds, is playing a crucial role in executing Vision 2030 by making substantial investments in developing the kingdom’s non-oil sector.
PIF’s assets amount to $700 billion with over 644,000 indirect and direct jobs created, according to its website. Last year, the fund was the top investor among global sovereign wealth funds, making $31.6 billion in 49 deals, which marked a 33% increase from 2022, as reported by industry specialist Global SWF. This surpassed Singapore’s GIC, which held the top investor position for 2022.
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