Experts: Saudi PIF’s Alat to Explore New Opportunities in Modern Sectors

Alat specializes in manufacturing products within seven strategic business units, including Advanced Industries (SPA).
Alat specializes in manufacturing products within seven strategic business units, including Advanced Industries (SPA).
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Experts: Saudi PIF’s Alat to Explore New Opportunities in Modern Sectors

Alat specializes in manufacturing products within seven strategic business units, including Advanced Industries (SPA).
Alat specializes in manufacturing products within seven strategic business units, including Advanced Industries (SPA).

Saudi Crown Prince Mohammed bin Salman announced on Thursday the launch of Alat - a Public Investment Fund company – with the aim to transform Saudi Arabia into a global hub for sustainable technology manufacturing that focuses on advanced technologies and electronics.
In this regard, experts told Asharq Al-Awsat that the new entity would explore new opportunities in modern sectors, in addition to supporting national companies and enabling them to launch investments in advanced technologies and industries.
Professor of Economics at the University of Jeddah, Dr. Salem Bajaja, stressed that Saudi Arabia would become a pioneer in the manufacture of electronics, by providing sustainable industrial solutions that rely on clean energy sources and meet the future needs of the sector.
Bajaja added that the Alat Company would be able to create more job opportunities in the local market, which would reduce the unemployment rate, pointing that the Kingdom enjoyed all the success ingredients to develop the advanced technologies and electronics sector.
He also emphasized that Alat would in turn explore untapped opportunities in this promising field to reach its desired goals.
Alat will work on manufacturing products that serve local and international markets within seven key strategic business units: advanced industries, semiconductors, smart appliances, smart health, smart devices, smart buildings, and 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, and raise the country’s attractiveness and its ability to create investment opportunities.
According to Bajaja, the launching of the new company keeps pace with the global evolution of Information Technology, which would contribute to transforming Saudi Arabia into a leader in electronics and open new horizons for the private sector and increase its contribution to the country’s GDP.
For his part, Economic Expert Ahmed al-Jubeir said: “It is important to rely on clean energy in the work of the new company, which focuses on modern industries, with the aim to meet the Kingdom’s directions in the next stage in creating promising investment opportunities.”
Al-Jubeir noted that Alat will have a positive impact on the national economy and will stimulate the private sector to invest in new industries and forge partnerships with the PIF.
Moreover, the new products that will be manufactured through Alat will raise the competition levels and will reflect on the prices in the local market, he said, noting that the new company will also help generate new job opportunities and develop human capabilities in these fields.
Alat will focus on manufacturing in more than 30 categories that serve vital sectors, mainly robotic systems, communication, advanced computers, digital entertainment products, and advanced heavy equipment used in construction, building and mining.
The new company 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.



Gold and Silver Prices Rise after Profit-taking

A view shows granules of 99.99 percent pure gold in a workroom during production at Krastsvetmet precious metals plant in the Siberian city of Krasnoyarsk, Russia, May 23, 2024. REUTERS/Alexander Manzyuk/File Photo Purchase Licensing Rights
A view shows granules of 99.99 percent pure gold in a workroom during production at Krastsvetmet precious metals plant in the Siberian city of Krasnoyarsk, Russia, May 23, 2024. REUTERS/Alexander Manzyuk/File Photo Purchase Licensing Rights
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Gold and Silver Prices Rise after Profit-taking

A view shows granules of 99.99 percent pure gold in a workroom during production at Krastsvetmet precious metals plant in the Siberian city of Krasnoyarsk, Russia, May 23, 2024. REUTERS/Alexander Manzyuk/File Photo Purchase Licensing Rights
A view shows granules of 99.99 percent pure gold in a workroom during production at Krastsvetmet precious metals plant in the Siberian city of Krasnoyarsk, Russia, May 23, 2024. REUTERS/Alexander Manzyuk/File Photo Purchase Licensing Rights

Gold and silver prices rose on Friday, recovering from profit-taking during the previous session, while investors braced for US payrolls data for further clues about the Federal Reserve's interest rate outlook.

Spot gold added 0.3% to $2,753.09 per ounce by 1125 GMT. Prices fell by 1.5% on Thursday as some traders took profit after the precious metal hit a record high of $2,790.15.

"Despite Thursday's correction, gold remains in a strong uptrend with several positive factors aligned to drive further gains," said Hugo Pascal, precious metals trader at InProved, Reuters reported.

Bullion rose by 4% in October due to investor anxiety about the US Nov. 5 presidential election. Polls indicate a close race between Donald Trump and Kamala Harris.

The market is also awaiting the US nonfarm payrolls report, due at 1230 GMT, for clues about the health of the world's largest economy. The Fed is widely expected to deliver a 25-basis-point rate cut next week.

Citi said in a note that gold prices were on track to hit $3,000 per ounce over the next six months amid a deterioration in the US labor market and demand from physically backed gold exchange-traded funds (ETFs).

Global gold ETFs, which had three consecutive years of outflows against a backdrop of high interest rates, saw a fifth consecutive month of inflows in September.

Meanwhile, high gold prices, which have risen 33% so far this year and are heading for the largest annual growth since 1979, continue to affect physical demand in major Asian regions.

In China, gold consumption fell by 11% in the first nine months of 2024. In India, the share of coins and bars in sales is rising as buyers are unwilling to pay increased making charges for jewellery.

Among other metals, spot silver was up 0.5% at $32.82 per ounce, while platinum gained 0.6% to $993.55 and palladium added 1.4% to $1,121.52.