Saudi Crown Prince unveils new PIF company ‘Alat’

Saudi Crown Prince unveils new PIF company ‘Alat’

His Royal Highness Prince Mohammed bin Salman bin Abdulaziz Al-Saud, Crown Prince, Prime Minister of the Kingdom of Saudi Arabia and Chairman of the Board of Directors of the Public Investment Fund (PIF) has launched a new PIF company, ‘Alat.’ The new company intends to create a national champion that will contribute to the aim […]His Royal Highness Prince Mohammed bin Salman bin Abdulaziz Al-Saud, Crown Prince, Prime Minister of the Kingdom of Saudi Arabia and Chairman of the Board of Directors of the Public Investment Fund (PIF) has launched a new PIF company, ‘Alat.’

The new company intends to create a national champion that will contribute to the aim of making Saudi Arabia a global hub for sustainable technology manufacturing that focuses on advanced technologies and electronics.

Alat will focus on manufacturing products that serve local and international markets within seven key strategic business units: advanced industries and semiconductors, as well as smart appliances, smart health, smart devices, and smart buildings, in addition to next-generation infrastructure.

As per the statement, “The company, chaired by HRH Crown Prince, aims to enhance the capabilities of the Saudi technology sector, increase its contribution to local content – benefiting from the rapid development of this sector