Alat, which was established by the Saudi sovereign wealth fund earlier this year, announced a partnership with SoftBank, Carrier, Dahua, and Tahakim, and will invest $100 billion to improve the Kingdom’s technological capabilities by 2017. 2030.
Saudi Arabia wants to be on the technology map. He wants to have a prominent position. At the beginning of February, the Prince of the Kingdom and Chairman of the Board of Directors of the country’s sovereign fund (Public Investment Fund), Mohammed bin Salman, announced the launch of ALT, A new technology born with the aim of “creating a world-class manufacturing center in the Kingdom of Saudi Arabia”.
Today, the new technology company announced another step towards achieving its goal through four collaborations with SoftBank Group, Carrier Corporation, Dahua Technology, and Tahakom. During the Mobile World Congress, which will be held next week in Barcelona, The company intends to announce a fifth alliance.
As well as the Saudi Sovereign Fund Company It announced its plans to invest $100 billion by 2030 To improve the capabilities of the technology sector. In addition, they stress that it will seek to benefit the private sector and its commercial environment through its commercial and connectivity systems with major global technology manufacturers.
cooperation
Specifically, Amit Medha, Alat's recently appointed global CEO and former Dell CEO, noted that thanks to the tie-up with Softbank Establishing an advanced industrial automation business in Saudi Arabia. This company will manufacture innovative industrial robots. The partners will invest up to US$150 million to create a fully automated manufacturing and engineering center that will meet local and global demand. This manufacturing plant will be operational by December 2024.
For its part, through alliance with Carrier companyThe smart climate and energy solutions company will develop an advanced manufacturing and R&D facility with the aim of decarbonizing emissions in buildings and increasing their energy efficiency. It is expected that more than 5,000 job opportunities will be created in the region through this agreement.
In the case of Dahua Technology, a security manufacturer, it will begin manufacturing technology products in the region through a new joint venture with Alat. This initiative will focus on producing and marketing security and surveillance solutions applied in smart cities, smart buildings and enterprise applications. Alat and Dahua Technology will invest $500 million to develop a global business focused on artificial intelligence. These devices will be developed in a modern manufacturing facility in the Kingdom of Saudi Arabia.
Finally, through the Saudi Company for Technology and Comprehensive Security Control (Tahkam), Alat Company will manufacture smart city and mobility solutions.
Thus, the Kingdom of Saudi Arabia seeks to create a place for itself on the map of the largest technology companies in the world, as it stated in its presentation that it aspires to be a global center for manufacturing advanced technologies and electronics in a sustainable manner.
In total, it has seven strategic business units: Advanced Industries & Semiconductors, Smart Home Appliances, Health, Smart Appliances & Buildings, and Next Generation Infrastructure. from the beginning, It will manufacture products in 34 categories across seven business unitseach one of them led by recognized experts in the technology industry.
It is chaired by the Chairman of the Board of Directors of the sovereign fund and also Prime Minister Mohammed bin Salman, who aims to attract investment into his country's technology sector. As CEO, Alat chose former Dell Technologies CEO Amit Medha.
In total, it is estimated that the machines will create 39,000 direct jobs in the Kingdom of Saudi Arabia Its contribution to non-oil GDP will reach $9.3 billion in 2030.
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