Saudi Arabia Launches $100 Billion Tech and Industrial Investment Drive

The kingdom's new investment firm, Alat, partners with global giants to establish advanced manufacturing hubs, aiming to diversify its economy beyond oil.

• Saudi Arabia's Public Investment Fund launches Alat, a $100 billion investment firm, to spearhead the kingdom's industrial and technological transformation.
• Alat announces partnerships with SoftBank, Dahua Technology, and others to establish manufacturing hubs for robotics, surveillance equipment, and more.
• The initiatives aim to create 39,000 jobs, contribute $9.3 billion to the non-oil GDP by 2030, and position Saudi Arabia as a leader in advanced industries.
• Alat's ventures include a focus on sustainability, utilizing the kingdom's renewable energy resources for operations.
• Despite previous losses in tech investments, Alat's CEO assures a strategic approach to profitability, avoiding the pitfalls of venture capital funds.

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