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New Saudi investment firm teams up with SoftBank and Chinese Dahua Technology

Euronews
·1-min read

Saudi Arabia’s new $100 billion investment firm Alat has announced a series of deals with global heavy-weight tech companies, including SoftBank Group and a Chinese surveillance equipment maker Dahua Technology.

Alat, a Public Investment Fund company, is one of the latest assets for Saudi Arabia to create a world-class sustainable manufacturing hub in the Kingdom of Saudi Arabia.

The first wave of investments included deals with Carrier Corporation and Tahakom, too.

"Alat, a PIF company, will deliver sustainable manufacturing to help these global companies reduce their emissions and move towards carbon-zero manufacturing," said the company in a statement.

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"We will redefine sustainable manufacturing", said Amit Midha, Global CEO of Alat. "Alat's mandate is focused on harnessing the Kingdom´s solar, wind and green hydrogen clean energy. We are passionately using technology to transform businesses, leveraging cutting-edge AI technology and fourth industrial revolution technologies for manufacturing."

As part of the agreements, Saudi Arabia will also manufacture groundbreaking industrial robots.

The company announced at its launch event in Riyadh on Tuesday that Alat will invest $100 billion to enhance technology capabilities in the Kingdom by 2030.

Watch the Euronews Business interview with Amit Midha, Global CEO of Alat, above.