The Clap
Alat, a subsidiary of the Public Investment Fund (PIF), has signed agreements with four technology companies, including the giants SoftBank Group and Carrier Corporation.
This is part of the initial efforts towards establishing a “Global Center for Sustainable Industries” in the Kingdom.
What
Additionally, Alat will also collaborate with China’s Dahua Technology and Saudi Technology and Security Comprehensive Control Company (Tahakom).
So What
The new Saudi company, Alat, aims to provide sustainable manufacturing capabilities to help these global companies reduce their emissions and achieve carbon-neutral manufacturing.
Now What
Alat plans to invest SAR 375 billion (USD 100 billion) by 2030 to enhance the rapidly growing Saudi technical sector.
It aims to make a “quantum leap” in seven sectors, including semiconductors, smart devices, smart buildings, smart home devices, smart health, advanced industries, and the new generation of infrastructure.
The company is expected to contribute around USD 9.3 billion to the non-oil gross domestic product by 2030 and create 39K direct job opportunities.
