Saudi Arabia’s Alat Boosts Sustainable Manufacturing Capabilities

Alat is a company focused on transforming global industries (electronics and industrials) and creating a world-class manufacturing hub in the Kingdom of Saudi Arabia powered by clean energy. SPA
Alat is a company focused on transforming global industries (electronics and industrials) and creating a world-class manufacturing hub in the Kingdom of Saudi Arabia powered by clean energy. SPA
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Saudi Arabia’s Alat Boosts Sustainable Manufacturing Capabilities

Alat is a company focused on transforming global industries (electronics and industrials) and creating a world-class manufacturing hub in the Kingdom of Saudi Arabia powered by clean energy. SPA
Alat is a company focused on transforming global industries (electronics and industrials) and creating a world-class manufacturing hub in the Kingdom of Saudi Arabia powered by clean energy. SPA

Alat, a PIF company focused on transforming global industries (electronics and industrials) and creating a world-class manufacturing hub in Saudi Arabia, has announced the launch of two new business units - Electrification and AI Infrastructure.

Alat made the announcement in a press release on Monday. It said the two business units will address unprecedented global demand for AI infrastructure and the urgent need to support global energy transition by strengthening electricity grid technology.

Electrification is a key goal for Alat to not only strengthen grid technology for robust and increased use of technology, but also as the growth of electricity grows exponentially, with electricity being the key energy produced by solar, wind and hydrogen clean energy to power industrial processes, it said.

By combining Saudi Arabia’s rich resources of solar energy and other clean energy sources with electric powered industrial systems, Alat intends to manufacture solutions that will contribute significantly to the global energy transition and the decarbonization of industry, the statement added.

According to the statement, the Electrification business unit will focus on transmission and distribution technologies. It will also include the connection of renewable energy sources to the grid and latest technologies for gas and hydrogen generation and compression.

The AI Infrastructure business unit is focused on the technology necessary for AI capabilities and encompasses network and communications equipment, servers, data center networking equipment, data center storage, industrial edge servers, and industry 4.0 computing, said Alat.

The adoption of AI in combination with other industry 4.0 technologies, including robotics, will enable a leap forward in smart manufacturing and the creation of intelligent factories. The AI Infrastructure Business Unit will not only manufacture solutions for Alat customers but will also contribute to Alat’s advanced technology goals, it added.

"I am pleased to announce these two exciting new divisions as they will make a significant contribution to Alat’s overall strategic goal of developing an advanced, sustainable future for industry,” the statement quoted Global CEO at Alat Amit Midha as saying.



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.