The Crown Prince, Prime Minister and Chairman of the Board of Directors of the Public Investment Fund, Prince Mohammed bin Salman bin Abdulaziz Al Saud, announced today (Thursday) the establishment of “Al-Alat” Company, one of the Public Investment Fund’s companies, to be a new national pioneer that contributes to making Saudi Arabia a center. Globally for sustainable industries focused on advanced technology and electronics.

Alaat specializes in manufacturing products that serve local and global markets, within seven strategic business units: advanced industries, semiconductors, smart home appliances, smart health, smart electronic devices, smart buildings, and the new generation of infrastructure.

Al-Alat Company, whose board of directors is chaired by the Crown Prince, intends to strengthen the capabilities of the technical sector in Saudi Arabia, raise its contribution to local content, benefit from its rapid pace of development, and increase its attractiveness and ability to create investment opportunities. “Machines” will also empower the private sector through strategic partnerships with leading companies in the field of advanced industries and electronics, which will develop the local economic system and the region as a whole.

On the other hand, the company will contribute to enhancing the transformation of the industrial sector globally by building partnerships and providing sustainable industrial solutions based on clean energy sources in the Kingdom, in a way that meets commercial demand and keeps pace with the needs of future sectors and the new generation of manufacturing, and supports the strength of local supply chains. It contributes to making Saudi Arabia a global center for advanced electronic industries.

Machines will also work on manufacturing in more than 30 categories that serve vital sectors, most notably robotic systems, communication systems, advanced computers, digital entertainment products, and advanced heavy equipment used in construction, construction, and mining.

The new company will advance innovation and manufacturing in Saudi Arabia, raise research and development efforts, and localize expertise in the industrial and electronics sectors, by developing local competencies and improving the quality of local jobs. It will work to create more than 39,000 direct job opportunities in Saudi Arabia, and its direct contribution will reach... In non-oil gross domestic product to 35 billion riyals by 2030.

Alakat will focus on providing sustainable manufacturing solutions to international companies through clean energy resources in Saudi Arabia to reach zero neutrality by 2060, and the Public Investment Fund’s goal is to achieve zero neutrality by 2050, God willing, in addition to enabling global industrial companies to benefit from The competitive advantages of the Saudi economy, its unique geographical location, and its investments in the technical sector.

The establishment of “Alat” is in line with the Public Investment Fund’s strategy to expand in areas related to industries and other priority sectors locally, while strengthening local supply chains in line with its strategy that aims to diversify the economy and achieve sustainable growth in accordance with the goals of Saudi Vision 2030