PIF’s Alat to boost Saudi economy by $9.3bn

PIF’s Alat to boost Saudi economy by $9.3bn

Saudi Crown Prince Mohammed bin Salman has launched Alat, a new company to make the kingdom a global hub for electronics and advanced industries. The new entity, wholly owned by the Public Investment Fund (PIF), will focus on manufacturing products that serve local and international markets within seven key strategic business units: advanced industries, semiconductors, […]Saudi Crown Prince Mohammed bin Salman has launched Alat, a new company to make the kingdom a global hub for electronics and advanced industries.

The new entity, wholly owned by the Public Investment Fund (PIF), will focus on manufacturing products that serve local and international markets within seven key strategic business units: advanced industries, semiconductors, smart appliances, smart health, smart devices, smart buildings, and next-generation infrastructure, the state-owned Saudi Press Agency reported.

Alat intends to generate 39,000 direct jobs in the kingdom and achieve a direct non-oil GDP contribution of $9.3 billion by 2030.

Chaired by the crown prince, Alat is poised to bolster the capabilities of the Saudi technology sector, increase its contribution to local content and improve the nation’s appeal and ability to create investment opportunities. 

The company will also enable the private sector through its strategic partnerships with global players in manufacturing and technology, which will enhance the