Saudi Crown Prince announces the establishment of a new company, focusing on seven strategic areas

Saudi Crown Prince, Prime Minister, and Chairman of the Board of Directors of the Public Investment Fund (PIF), Ben Salman, announced on Thursday that a new company, Alat, will be established to create 39000 technology and manufacturing jobs.This PIF supported company, Alat, will focus on strategic business in seven key areas to serve local and international markets: advanced industry, semiconductors, smart appliances, smart health, smart devices and buildings, and next-generation infrastructure.Specifically, Alat will produce over 30 products to serve important industries, including robot systems, communication systems, advanced computer and digital entertainment products, 

as well as advanced heavy machinery for construction and mining.Alat Company is chaired by the Crown Prince of Saudi Arabia, with the aim of enhancing Saudi Arabia's technological capabilities and empowering local industries with its technological achievements, thereby enhancing Saudi Arabia's attractiveness for investment. By developing and consolidating international strategic partnerships in the manufacturing and technology industries, Alat will promote the development of local private enterprises and improve the local and regional economic ecosystem.

According to PIF's official website, the establishment of Alat is in line with PIF's development strategy and Saudi Arabia's "2030 Vision", which aims to strengthen local supply chain construction, develop a diversified and sustainable economy.Alat's goal is to directly create 39000 jobs for Saudi Arabia by 2030 and contribute $9.3 billion in output directly to the GDP of the non oil sector.In terms of sustainable development, the company also provides sustainable industrial solutions based on clean energy and establishes partnerships to achieve green transformation in the global industrial sector. PIF had previously promised to achieve carbon neutrality by 2050.It is worth mentioning that the company will also cultivate local talents and increase employment opportunities to further popularize professional knowledge in the industrial and electronic fields in Saudi Arabia.