Saudi firm Alat to partner with SoftBank, others

Saudi Arabian tech company Alat, owned by the country's Public Investment Fund, announced partnerships with four companies, including Softbank Group and Carrier Corp, on Tuesday as it seeks to create a sustainable manufacturing hub in the kingdom.

Alat is also partnering with China's Dahua Technology and The Saudi Technology and Security Comprehensive Control Company (Tahakom), and it said it will support them in reducing their emissions and moving towards carbon-zero manufacturing.

Alat CEO Amit Midha, appointed earlier this month, also announced the partnerships at an event in Riyadh.

Alat aims to invest $100 billion in the kingdom by 2030 and manufacture advanced industrials and electronics in more than 30 product categories.

According to its website, it is expected to contribute $9.3 billion to non-oil GDP by 2030 and create 39,000 direct jobs.

Saudi Arabia's PIF, with assets of around $718 billion as of last September, is the chosen vehicle of Saudi Crown Prince Mohammed bin Salman, Saudi Arabia's de facto ruler, to drive the country's ambitious plan to wean itself off oil and diversify its economy.

Reuters