PIF-backed tech fund Alat inks $2 billion Lenovo deal
Under the deal, the Hong Kong PC giant will open a manufacturing plant, a research center and its Middle East and Africa headquarters in Riyadh
Alat CEO Amit Midha. (Photo: Getty Images)
Saudi Arabia’s technology investment mega-fund Alat bought $2 billion worth of convertible bonds in Hong Kong PC giant Lenovo.
Under the deal, Alat has lured the world’s largest seller of personal computers to open a manufacturing plant to produce servers and PCs, as well as open a research center and its Middle East and Africa headquarters in Riyadh.
Launched earlier this year, Alat has previously signed partnerships with U.S.-based Carrier, Japan’s SoftBank Group and China’s Dahua Technology to build manufacturing plants in Saudi Arabia.
The SoftBank robotics plant is expected to open and assemble its first robot by year’s end.
In February, Saudi Arabia tapped ex-Dell Technologies executive Amit Midha to lead the new Public Investment Fund-owned industrial electronics company with $100 billion in backing that aims to become an AI investing and local manufacturing powerhouse.
Chaired by Saudi Crown Prince Mohammed bin Salman, Alat is targeting the creation of 39,000 direct jobs in Saudi Arabia and a $9.3 billion contribution to GDP by 2030.
The company is eyeing 30 product categories including robotics, computing and digital entertainment, as well as advanced heavy machinery.