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Wednesday, April 17, 2024

PIF’s Alat to Inject USD100B, Partners with Four Companies to Propel Saudi Tech Industry

Saudi Arabia

Saudi Arabia’s tech enterprise, Alat, under the ownership of the Public Investment Fund (PIF), has committed to a significant investment of $100 billion by 2030, aiming to bolster the nation’s tech industry through strategic global partnerships, according to a statement.

Alat disclosed collaborations with esteemed international tech entities, including Softbank Group, Carrier Corporation, Dahua Technology, and Tahakom, to foster sustainable manufacturing within the kingdom. Among the initiatives outlined, the partnerships entail the establishment of a $150 million plant for industrial robot production, alongside the development of an R&D facility focused on emissions decarbonization.

Amit Midha, the Global CEO of Alat, emphasized the transformative potential of these collaborations, stating, “In conjunction with our international and regional partners, the first four of which we … announce today, we will redefine sustainable manufacturing.”

Under the agreement, Alat and Softbank Group will inaugurate a cutting-edge industrial automation venture in Saudi Arabia dedicated to manufacturing industrial robots. 

With an investment of up to $150 million, the initiative aims to create a fully automated manufacturing and engineering hub to meet both local and global demand, slated to commence operations by December 2024.

Alat will join forces with Carrier Corporation to establish a manufacturing and R&D facility in Saudi Arabia, aimed at reducing emissions in buildings and enhancing energy efficiency. This collaboration is anticipated to yield over 5,000 local job opportunities and deliver advanced HVAC solutions, including chillers, air handling units, and variable refrigerant flow systems.

In a separate venture, Alat and Dahua Technology will allocate $200 million towards the establishment of a business specializing in vision-centric products. 

Furthermore, the partnership between Alat and Tahakom, focusing on intelligent transportation systems and AI-powered safety solutions, aims to advance smart mobility and intelligent city solutions through collaborative design, product development, and leveraging R&D and innovation capabilities.

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