PIF’s Alat to invest SAR 375B by 2030: CFO

CFO Abdulaziz Alfakhri

PIF-owned sustainable technology manufacturing firm, Alat, is planning SAR 375 billion investments by 2030 to transform the Saudi industrial sector, under the National Industrial Strategy.

Abdulaziz Alfakhri, CFO at Alat, told Argaam on the sidelines of the company’s launch ceremony that.

These investments are expected to create more than 39,000 value-added jobs by 2030, and contribute over SAR 35 billion to the Saudi non-oil GDP, Abdulaziz Alfakhri, CFO at Alat, told Argaam at the company’s launch ceremony.

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The company signed four global partnership agreements with leading technology companies, including with SoftBank Group to establish a robotics factory in the Kingdom to produce and export robots by the end of the year.

Alat also inked a partnership agreement with Carrier Corp. in the field of smart industry and air conditioning, China's Dahua Technologies for manufacturing and producing surveillance cameras in the Kingdom, and TAHAKOM to work on public safety solutions and use of artificial intelligence.

Alat will manufacture products that serve local and global markets, within seven business units, namely advanced industries, semiconductors, smart home appliances, smart health, smart electronic devices, smart buildings, and the new generation of infrastructure, he added.

These units will manufacture 30 products. A total of four products were announced today, Feb. 20. Further products will be announced in every subsequent period to achieve the target that will reflect on the national economy and have a financial return, said Alfakhri.

He stated that Alat aims to cover the local market and serve the global market, leveraging the Kingdom's distinguished geographical location.

The CFO also said that there is value-added manufacturing through clean energy, enhancing sustainability, and increasing production opportunities in better ways through the use of fourth generation revolutions through the use of automation.

Furthermore, there is a demand for clean energy and sustainability from the industrial sector, as well as the need for semi-conductors, which witnessed a crisis after the COVID pandemic, he added.