Crown Prince Launches ‘Alat' to Make Saudi Arabia a Global Hub for Electronics, Advanced Industries

The company, chaired by the Crown Prince, aims to enhance the capabilities of the Saudi technology sector. SPA
The company, chaired by the Crown Prince, aims to enhance the capabilities of the Saudi technology sector. SPA
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Crown Prince Launches ‘Alat' to Make Saudi Arabia a Global Hub for Electronics, Advanced Industries

The company, chaired by the Crown Prince, aims to enhance the capabilities of the Saudi technology sector. SPA
The company, chaired by the Crown Prince, aims to enhance the capabilities of the Saudi technology sector. SPA

Crown Prince Mohammed bin Salman bin Abdulaziz Al-Saud and Chairman of the Board of Directors of the Public Investment Fund (PIF) announced on Thursday the launch of “Alat”: a PIF company that will contribute to making Saudi Arabia a global hub for sustainable technology manufacturing.

Alat will focus on manufacturing products that serve local and international markets within seven key strategic business units: advanced industries and semiconductors, as well as smart appliances, smart health, smart devices and smart buildings, in addition to next generation infrastructure.

The company, chaired by the Crown Prince, aims to enhance the capabilities of the Saudi technology sector, increase its contribution to local content – benefiting from the rapid development of this sector – increasing the nation’s attractiveness and its ability to create investment opportunities.

Alat will also enable the private sector through its strategic partnerships with leading international players in manufacturing and technology, which will enhance the economic ecosystem locally and regionally.
The company will build partnerships to enable the transformation of the industrial sector globally, by providing sustainable industrial solutions based on clean energy sources. These partnerships will help meet commercial demand, keep pace with the needs of the next generation of manufacturing, enhance the strength of local supply chains and contribute to making Saudi Arabia a global center for advanced technological manufacturing.
Alat will manufacture more than 30 product categories that will serve vital sectors. These include robotic systems, communication systems, advanced computers and digital entertainment products, as well as advanced heavy machinery used in construction, building and mining.
The company aims to strengthen innovation, manufacturing and research and development, and localize expertise in the industrial and electronics sectors by developing local talent and enhancing job opportunities. Alat aims to create 39,000 direct jobs in Saudi Arabia by 2030, and achieve a direct non-oil GDP contribution of $9.3 billion by the same year.
Alat will focus on providing sustainable manufacturing solutions for international companies by accessing clean energy resources in Saudi Arabia to reach carbon neutral goals by 2060 – PIF’s own goal is to be carbon neutral by 2050 – in addition to enabling those global industrial companies to benefit from the competitive advantages of the Saudi economy, its unique geographical location and its investments in the technology sector.
The establishment of Alat aligns with PIF’s strategy to expand in sectors that are priorities, while strengthening local supply chains to enable economic diversification and sustainable growth – in line with Saudi Vision 2030.



Gold Firms; Focus on US Data for Cues on Fed's Policy Path

FILE PHOTO: A woman looks at a gold bangle inside a jewellery showroom at a market in Mumbai January 15, 2015. REUTERS/Shailesh Andrade//File Photo
FILE PHOTO: A woman looks at a gold bangle inside a jewellery showroom at a market in Mumbai January 15, 2015. REUTERS/Shailesh Andrade//File Photo
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Gold Firms; Focus on US Data for Cues on Fed's Policy Path

FILE PHOTO: A woman looks at a gold bangle inside a jewellery showroom at a market in Mumbai January 15, 2015. REUTERS/Shailesh Andrade//File Photo
FILE PHOTO: A woman looks at a gold bangle inside a jewellery showroom at a market in Mumbai January 15, 2015. REUTERS/Shailesh Andrade//File Photo

Gold prices hovered near a four-week peak on Thursday, while focus shifted to jobs report due on Friday for clarity on the Federal Reserve's 2025 interest rate path.
Spot gold edged 0.1% higher to $2,664.30 per ounce, as of 0732 GMT. US gold futures rose 0.4% to $2,681.80
"Prices are trading in a narrow range ... A new trigger is needed for gold to breach its resistance," said Ajay Kedia, director at Kedia Commodities in Mumbai.
The bullion hit a near four-week high in the previous session after a weaker-than-expected US private employment report hinted that the Fed may be less cautious about easing rates this year.
The market now awaits US jobs report on Friday for more cues on the Fed's policy path.
Investors are also awaiting Donald Trump to take office on Jan. 20 and his proposed tariffs and protectionist policies are expected to fuel inflation.
Policymakers at the Fed's last meeting also "noted that recent higher-than-expected readings on inflation, and the effects of potential changes in trade and immigration policy, suggested that the process could take longer than previously anticipated," the minutes showed on Wednesday.
Bullion is considered an inflationary hedge, but high rates reduce the non-yielding asset's allure.
"We believe the bulk of the rally has been put in and that while gold's upward momentum may carry it higher in the near term and in early 2025, a combination of physical and financial market factors may tame the rally and drive gold moderately lower by the end of next year," HSBC said in a note.
Elsewhere, physically-backed gold exchange-traded funds (ETFs) registered their first inflow in four years, the World Gold Council said.
Spot silver added 0.2% to $30.17 per ounce, platinum dropped 0.3% to $952.54 and palladium shed 0.8% to $921.37.