Adrian JTLDR:
- Saudi Arabia’s new $100 billion investment firm Alat partners with SoftBank and Dahua Technology in establishing local manufacturing facilities.
- The venture with SoftBank aims to build fully-automated manufacturing and engineering hubs in Riyadh, while the partnership with Dahua Technology focuses on security and surveillance products.
Saudi Arabia’s $100 billion investment firm, Alat, recently announced key partnerships with SoftBank Group and Dahua Technology. Alat, alongside SoftBank, plans to invest up to $150 million to establish a fully-automated manufacturing and engineering hub in Riyadh, focusing on industrial robots based on SoftBank’s intellectual property. This move aligns with Saudi Arabia’s goal to transition into an industrial powerhouse and reduce its reliance on oil.
Furthermore, Alat joined forces with Dahua Technology to invest $200 million in a business venture aimed at producing security and surveillance products. This partnership, despite Dahua Technology facing bans in the US over security concerns, highlights Saudi Arabia’s determination to diversify its economy and engage with international players.
Led by Crown Prince Mohammed bin Salman and supported by the Public Investment Fund (PIF), Alat was established to facilitate deals with global entities and invest in major industrial firms looking to establish operations in the kingdom. With plans to invest $100 billion by 2030, Alat is exploring opportunities in semiconductor manufacturing and aims to be fully compliant with US sanctions.
Additionally, Saudi Arabia’s ambitions extend to developing an auto manufacturing hub on the West Coast, with companies like Lucid Group, Hyundai Motor, and Ceer already present. The PIF, a key player in Saudi Arabia’s Vision 2030 plan, aims to control $1 trillion in assets by 2025, despite facing losses from previous investments.
