Riyadh unveils $100bn tech hub

Riyadh unveils $100bn tech hub

Saudi sovereign vehicle Public Investment Fund (PIF) has unveiled its $100bn capital-backed company, Alat, at an event in Riyadh on 20 February.Announced on 1 February by Saudi Crown Prince Mohammad bin Salman, Alat aims to transform Saudi Arabia into a global hub for electronics and advanced industries. The new company aims to create 39,000 direct jobs and achieve a direct non-oil GDP contribution of $9.3bn in Saudi Arabia by the year 2030."This is just the beginning," said Amit Midha, global CEO of Alat and former Dell Technologies president in Asia Pacific and Japan, said.Midha underscored the "power of harnessing the forces created by artificial intelligence, sustainability, innovation and supply chain resilience, which will enable Alat to leapfrog and re-imagine"."Sustainability will be at the core of everything we do," Midha said, citing Saudi Arabia's goal to generate half of its electricity from renewable sources by 2030.The company's inaugural partners include:Carrier (US) - inaugural partner to create smart building research and development centre for intelligent climate solutionsHakum (local)Softbank Group (Japan) - lighthouse factory to build next-generation robots, plant will open in December 2024Dahua (China): surveillance products for intelligent city and buildings"We would have shipped our first made-in-Saudi Arabia robot by the end of 2024," Midha said.Alat