Alat Partnerships Drive $100 Billion Tech Investments

Alat, the tech arm of Saudi Arabia's Public Investment Fund (PIF), has unveiled plans to inject $100 billion into KSA's tech sector by 2030. The move is aimed at fostering innovation and sustainable growth.^[1]  

Among the collaborators are industry giants Softbank Group, Carrier Corporation, Dahua Technology, and Tahakom. These partnerships are set to support various facets of the tech industry, from manufacturing and robotics to emissions reduction and smart city solutions.

Alat's collaboration with Softbank Group heralds the establishment of an advanced industrial automation venture, poised to spearhead the production of industrial robots within Saudi Arabia. With an initial investment of $150 million, this venture aims to create a manufacturing hub capable of meeting both domestic and global demand, with operations slated to commence by December 2024.

Meanwhile, the partnership between Alat and Carrier Corporation is set to drive innovation in building emissions reduction and energy efficiency. By establishing a manufacturing and R&D facility, this collaboration aims to generate over 5,000 local job opportunities while delivering HVAC solutions tailored to the kingdom's needs.

Also, Alat joined forces with Dahua Technology to launch a visionary business focused on vision-centric products. With an investment of $200 million, this venture is set to offer innovative solutions that harness the power of advanced imaging technologies.

Additionally, Alat's partnership with Tahakom will drive progress in smart mobility and intelligent city solutions.

Earlier this month, Saudi Crown Prince Mohammed bin Salman announced the establishment of Alat, a PIF's firm.

The company, which the crown prince leads, is set to improve the Saudi technology sector's skills, boost its contribution to local content, and make the country more appealing to foreign investors.