Saudi PIF Subsidiary Takes on Dahua,Throws Out $100 Billion Investment Plan

Technology Author: EqualOcean News Feb 22, 2024 06:00 PM (GMT+8)

Saudi Crown Prince, Prime Minister and Chairman of the Board of Directors of the Public Investment Fund (PIF), Mohammed bin Salman, recently announced the formation of a new company called Alat, which aims to create 39,000 technology and manufacturing jobs and focus on seven key areas of strategic business to serve local and international markets. These areas include advanced industries, semiconductors, smart appliances, smart health, smart devices, smart buildings, and next-generation infrastructure.Alat plans to invest $100 billion by 2030 to achieve its goals, emphasizing the use of clean energy sources and enhanced scientific and technological capabilities to capitalize on Saudi Arabia's rapid growth in the technology sector.

Alat has partnered with a number of companies, including Dahua Corporation, SoftBank Group, Carrier Corporation, and Saudi Technology and Security Integrated Control Company (Tahakom).

The partnership with Dahua involves co-founding a joint venture called Alat AIVisio Technologies Ltd. in the Saudi capital, Riyadh, with a total investment of approximately $200 million, with the aim of establishing a fully automated, state-of-the-art, global smart manufacturing center, and exploring cooperation in the areas of urban infrastructure such as smart cities, smart transportation, smart buildings, and smart education. Dahua is a leading global supplier and solution provider of surveillance products, offering a series of video storage, front-end, display control and intelligent transportation products globally, with a market share of the top three in the world.

The partnership between Alat and Softbank Group will focus on establishing a next-generation industrial automation business, particularly in the production of industrial robots. A $150 million fully automated manufacturing and engineering center is planned to be established in Saudi Arabia to meet local and global demand, and the plant is expected to begin operations in December.

The partnership with Carrier aims to develop advanced manufacturing and R&D facilities in Saudi Arabia, reduce building carbon emissions and improve energy efficiency. The partnership includes the provision of high-tech heating, ventilation and air conditioning solutions and is expected to create more than 5,000 local jobs.

Alat is also working with Tahakom to share resources to advance smart mobility and smart city solutions. This collaboration will include solution design, product specification, R&D and innovation as well as building technology roadmaps and fostering customer and supplier relationships.

Alat, at its inception, specified that its strategic business focus would be centered on seven key areas, and in its announcement the company also mentioned that it plans to initially launch 34 different categories of products within these areas, and to this end, has engaged a group of world-class industry leaders and experts to guide and drive the development of these business segments.