Alat – a PIF company launched on February 1, 2024 by His Royal Highness Prince Mohammed bin Salman bin Abdulaziz Al Saud, Crown Prince and Prime Minister, Chairman of the Board of Directors of Alat – has announced the establishment of a strategic partnership with SoftBank Group to establish a next generation industrial automation business in the Kingdom of Saudi Arabia that will manufacture groundbreaking industrial robots.
PIF is short for the Public Investment Fund, the sovereign wealth fund of Saudi Arabia. PIF is one of the largest investment funds in the world, with approximately $776 billion in assets.
Alat, headquartered in Riyadh, has been established to create a “global champion” in electronics and advanced industrial segments and mandated to create world class manufacturing enabled by global innovation and technology leadership. [Read more…] about Saudi Arabia announces spectacular $100 billion investment to establish industrial robotics and automation business