Alat, a new technology company owned by Saudi Arabia’s Public Investment Fund (PIF), has revealed its ambitious plans to invest $100 billion by 2030 in various sectors, such as electronics, advanced industrials, and artificial intelligence (AI). Alat, which was launched on February 1, 2024, by Crown Prince Mohammed bin Salman, aims to create a global champion in these fields and contribute to the Kingdom’s Vision 2030, which seeks to diversify and modernize the economy.
Alat has announced several strategic partnerships with global technology leaders, such as SoftBank Group, Dahua Technology, and Carrier Global Corporation, to establish state-of-the-art manufacturing and R&D facilities in Saudi Arabia. These facilities will produce innovative products and solutions for the local and global markets, such as industrial robots, vision-centric products, and intelligent climate and energy solutions.
Alat is expected to generate $9.3 billion in non-oil GDP by 2030 and create 39,000 direct jobs, according to its website. Alat is also committed to sustainability and will power its operations with clean energy. Alat’s CEO, Amit Midha, said that Alat was a game-changer for manufacturing around the world, and that he was proud to partner with global technology leaders to bring expertise and innovation to the Kingdom.
A SoftBank Partnership to Manufacture Industrial Robots
One of Alat’s key partnerships is with SoftBank Group, a Japanese conglomerate that invests in technology companies around the world. Alat and SoftBank Group will invest up to $150 million to establish a fully automated manufacturing and engineering hub in Riyadh, which will produce groundbreaking industrial robots for various manufacturing and assembly processes.
The hub will use the latest technology to manufacture next-generation robots that can perform tasks with minimal additional programming, and are ideally suited for industrial applications. The first factory is expected to open in December 2024. The partnership will also leverage SoftBank Group’s extensive network and access to its portfolio companies, such as Boston Dynamics, which develops advanced robotics and AI.
Masayoshi Son, the Chairman and CEO of SoftBank Group, said that he was impressed by Saudi Arabia’s vision and economic growth, and that he saw significant opportunities for robotics in the region and beyond. He said that the partnership with Alat was the start of a longer-term collaboration to co-develop innovative solutions that will redefine intelligent climate and energy solutions for the Middle East and beyond.
A Dahua Technology Partnership to Develop Vision-Centric Products
Another important partnership that Alat has forged is with Dahua Technology, a Chinese company that specializes in video surveillance and smart IoT solutions. Alat and Dahua Technology will invest $200 million to establish a secure and compliant global business for vision-centric products, called Alat AIVisio Technology Co. Ltd., and a state-of-the-art manufacturing facility in Saudi Arabia.
The facility will produce high-quality products and solutions that use AI and computer vision to enhance security, safety, and efficiency for various industries and scenarios, such as smart cities, smart buildings, and smart infrastructure. The partnership will also cooperate and support with technology enablement, testing labs, and demo centers.
Fu Liquan, the Chairman of Dahua Technology, said that he was honored to partner with Alat, and that he believed that the cooperation would bring mutual benefits and create value for both sides. He said that Dahua Technology was committed to providing smart and innovative solutions for the Saudi market, and that he looked forward to working with Alat to create a better and safer world.
A Carrier Global Corporation Partnership to Deliver Intelligent Climate and Energy Solutions
The third major partnership that Alat has announced is with Carrier Global Corporation, a US-based company that is a global leader in intelligent climate and energy solutions. Alat and Carrier Global Corporation will build a cutting-edge manufacturing and R&D facility in Saudi Arabia, which will produce advanced heating, ventilation, and air conditioning (HVAC) solutions for the Kingdom and its visionary Giga projects, such as NEOM, as well as for regional and global markets.
The facility will develop innovative products and services, such as solutions for district cooling and heating, which could be used globally. The partnership will also enable both companies to tap into each other’s extensive knowledge of local markets and investment strategies, and provide scale to their operations. The partnership is aligned with the goals and objectives of both countries, which seek to enhance sustainability and energy efficiency for their buildings and infrastructure.
David Gitlin, the Chairman and CEO of Carrier Global Corporation, said that he was excited about the partnership with Alat, and that he saw significant growth opportunities in the region. He said that Saudi Arabia’s vision for a more energy-efficient and environmentally responsible future was well aligned with Carrier’s goals, and that he was looking forward to collaborating with Alat to further build on their long presence in the region.
