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
TT

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.



London Copper Climbs as Tight Supply, Falling Oil Offer Support

TOPSHOT - Artisanal miners pass bags of copper ore to one another in a human chain inside the 110-meter-deep mine shaft in Kolwezi on September 27, 2026. (Photo by MARIE RUWET / AFP)
TOPSHOT - Artisanal miners pass bags of copper ore to one another in a human chain inside the 110-meter-deep mine shaft in Kolwezi on September 27, 2026. (Photo by MARIE RUWET / AFP)
TT

London Copper Climbs as Tight Supply, Falling Oil Offer Support

TOPSHOT - Artisanal miners pass bags of copper ore to one another in a human chain inside the 110-meter-deep mine shaft in Kolwezi on September 27, 2026. (Photo by MARIE RUWET / AFP)
TOPSHOT - Artisanal miners pass bags of copper ore to one another in a human chain inside the 110-meter-deep mine shaft in Kolwezi on September 27, 2026. (Photo by MARIE RUWET / AFP)

London copper recouped some of the previous week's losses on Monday, supported by supply concerns and lower oil prices, as talks to end the US-Israeli war on Iran continued.

Benchmark three-month copper on the London Metal Exchange was up 0.73% at $14,258.5 a metric ton by 0700 GMT. The most-traded copper contract on the Shanghai Futures Exchange edged 0.27% lower to 108,720 yuan ($16,354.53) a ton, reported Reuters.

An inflow of stocks into US warehouses ‌ahead of ‌a potential tariff on imports of refined ‌copper ⁠has created regional bottlenecks ⁠and generated supply fears.

Chile's copper commission Cochilco on Friday sharply lowered its 2026 output forecast from the world's largest copper producer.

In China, the world's biggest consumer, tight supply had the closely watched Yangshan premium <SMM-CUYP-CN> end last week at $200 a ton, near its highest level in ⁠over a decade.

The premium shows good demand ‌for imported copper into China, ‌with inventories in SHFE-monitored warehouses <CU-STX-SGH> down more than 75% in ‌the last six months.

"Underlying fundamentals remain supportive, with ‌signs of tightness still evident across the physical market," analysts from ING said in a note.

Oil prices fell as Iranian and Qatari officials, who are acting as mediators, held a third straight ‌day of talks to end the Iran war.

Lower oil prices could ease the pressure ⁠on economic activity ⁠and on demand for growth-sensitive industrial metals such as copper. Concerns around high oil prices helped make October the first month since June that copper prices fell.

The US dollar index fell ahead of the US midterms, supporting greenback-denominated commodities by making them cheaper for buyers using other currencies.

Among LME metals, aluminium dipped 0.15%, zinc ticked 0.14% higher, lead fell 0.21%, nickel rose 1.5% and tin gained 0.68%.

On the SHFE, aluminium lost 0.93%, zinc fell 1.01%, lead dropped 0.59%, nickel lost 0.5% and tin lost 1.4%.


Turkish Manufacturing Contracts in October at Fastest Pace Since June, PMI Shows

 People walk past displayed items in a clothes shop at Eminonu commercial area, in Istanbul, Türkiye, Thursday, March 26, 2026. (AP)
People walk past displayed items in a clothes shop at Eminonu commercial area, in Istanbul, Türkiye, Thursday, March 26, 2026. (AP)
TT

Turkish Manufacturing Contracts in October at Fastest Pace Since June, PMI Shows

 People walk past displayed items in a clothes shop at Eminonu commercial area, in Istanbul, Türkiye, Thursday, March 26, 2026. (AP)
People walk past displayed items in a clothes shop at Eminonu commercial area, in Istanbul, Türkiye, Thursday, March 26, 2026. (AP)

Türkiye's manufacturing sector ‌contracted in October at the fastest pace since June as sharper declines in output and new orders weighed on activity, a business survey showed on Monday.

The headline Istanbul Chamber of Industry Türkiye Manufacturing PMI, compiled by S&P Global, fell to 47.3 in October from 47.9 in September.

The 50 mark separates growth ‌from contraction.

"The ‌economic environment facing Turkish ‌manufacturers ⁠is such that they ⁠continued to find it difficult to generate growth as the final quarter of the year began," said Andrew Harker, economics director at S&P Global Market Intelligence.

Output was cut for a fifth ⁠straight month and at the fastest ‌pace in four ‌months, while new orders fell for a ‌40th consecutive month. The decline in new ‌business was the sharpest since July, with export orders also continuing to soften.

Manufacturers reduced headcount again, but the pace of job shedding ‌eased for a second month and was the weakest since ⁠June.

Input costs and output prices both rose sharply, though their inflation rates eased from September. S&P Global said 29% of respondents reported higher input prices, citing oil, raw materials and exchange rate weakness.

Manufacturers still expected output to rise over the coming year, but confidence slipped to a three-month low. Suppliers' delivery times lengthened again, extending a run of monthly deterioration to a full year.


Sumou Real Estate and Saudi Downtown to Develop Residential Project in Al Khobar

The Sumou pavilion at the Real Estate Future Forum in Riyadh. (Sumou)
The Sumou pavilion at the Real Estate Future Forum in Riyadh. (Sumou)
TT

Sumou Real Estate and Saudi Downtown to Develop Residential Project in Al Khobar

The Sumou pavilion at the Real Estate Future Forum in Riyadh. (Sumou)
The Sumou pavilion at the Real Estate Future Forum in Riyadh. (Sumou)

Sumou Real Estate Company announced the signing of an agreement with Saudi Downtown Company, wholly owned by the Saudi Public Investment Fund, to develop, execute and market a residential units project in Downtown Al Khobar with an area of 4,827 m².

Under the agreement, signed on Sunday, Sumou Real Estate will oversee the development, execution and marketing of the project, as well as the sale of its residential units.

Saudi Downtown Company's contribution will be in the form of land, while Sumou Real Estate Company's contribution includes a partial investment and financing the remaining portion from off-plan sales proceeds.

The agreement also appoints Sumou as developer, contractor and marketer of the project in exchange for agreed fees, in addition to a share of the project's profits.

Sumou Real Estate Company will receive development management fees of 6.5% of total development costs, in addition to marketing and sales fees of 2% of total sales.

It will also receive 32% of the project's net profits in return for the investment the Company will provide.

The agreement is valid for 48 months from the date it takes effect.

The project is expected to have a positive impact on the Company's results once the agreement becomes effective and work commences.