Riyadh - Sharikat Mubasher: Saudi Crown Prince and Prime Minister Mohammed bin Salman launched Alat Company, in a move to transform the Kingdom into a global hub in electronics and advanced industries.

Alat, owned by the Public Investment Fund (PIF), will cover seven strategic business sectors to transform manufacturing, including advanced industries, semiconductors, smart health, smart devices, smart home appliances, smart buildings, and next-gen infrastructure.

The new company aims to enhance the technological capabilities of the Kingdom, localize knowledge, attract investments, and achieve the Kingdom’s goal of net-zero emissions by 2060.

Alat will create more than 39,000 direct job opportunities by 2030 and will provide sustainable solutions based on clean energy sources.