Riyadh - His Royal Highness Prince Mohammed bin Salman bin Abdulaziz Al Saud, Crown Prince, prime minister and chairman of the board of Directors of the public investment fund (PIF), announced today, Thursday, 20 Rajab 1445h, corresponding to 01 February 2024, the establishment of "ALAT"  company, one of the PIF companies, to be a new national pioneer contributing to making the kingdom a global Center for sustainable industries focused on advanced technology and electronics.
"ALAT" specializes in manufacturing products that serve the local and global markets, within seven strategic business units, namely advanced industries, semiconductors, smart home appliances, smart health, smart electronic devices, smart buildings, and the new generation of infrastructure.
"ALAT" company, whose board of Directors is chaired by His Highness The Crown Prince, intends to enhance the capabilities of the technical sector in the kingdom, raise its contribution to local content, take advantage of its accelerated pace of development, increase its attractiveness and ability to create investment opportunities. "ALAT" will also enable the private sector through strategic partnerships with leading companies in the field of advanced industries and electronics, which will develop the local economy and the region as a whole.
On the other hand, the company will contribute to promoting the transformation of the industrial sector globally by building partnerships and providing sustainable industrial solutions based on clean energy sources in the kingdom, to meet commercial demand and keep pace with the needs of the future sectors and the new generation of manufacturing, support the strength of local supply chains, and contribute to making the kingdom a global Center for advanced electronic industries.
"Machines" will also work on manufacturing within more than 30 categories serving vital sectors, foremost of which are robotic systems, communication systems, advanced computers, digital entertainment products, and advanced heavy equipment used in construction, construction and mining.
The new company will boost innovation and manufacturing in the kingdom, raise research and development efforts, and localize expertise in the industrial and electronics sectors by developing local competencies and improving the quality of local jobs.it will create more than 39 thousand direct jobs in the Kingdom, and its direct contribution to the non-oil GDP will reach 35 billion riyals by 2030.
In addition, "machines" will focus on providing sustainable manufacturing solutions to global companies through clean energy resources in the kingdom to reach zero neutrality by 2060, and the Public Investment Fund's target to achieve zero neutrality by 2050, God willing, in addition to enabling international industrial companies to benefit from the competitive advantages of the kingdom's economy, its unique geographical location and its investments in the technical sector. The establishment of "ALAT" is in line with PIF's strategy to expand in areas related to industries and other priority sectors locally, while strengthening local supply chains in line with its strategy aimed at diversifying the economy and achieving sustainable growth in accordance with the goals of Saudi Vision 2030.