Saudi Arabia has appointed Amit Midha, former president of Dell Technologies Asia Pacific, Japan and Global Digital Cities, as CEO of ALAT, a newly formed investment firm that invests in a wide range of technologies, semiconductors and even capital goods. Previously, Saudi sovereign wealth **PIF, which has contributed $100 billion to the investment firm, is expected to announce the first round of investment this month.
In a post on LinkedIn, Amit Midha said, "ALAT is a company focused on transforming a leading global company and building a world-class sustainable industrial and electronics hub in Saudi Arabia. ”
* ALAT, which will be chaired by Saudi Crown Prince Mohammed bin Salman, is expected to be formally announced on February 20, when its first wave of investment actions will be announced, the report reported. The company is expected to enter into agreements with key international players and invest in large industrial companies that Saudi Arabia wants to see establish a presence locally.
Saudi Communications and Information Technology Minister Abdullah Alswaha said at the World Economic Forum in Davos last month that Saudi Arabia's sovereign wealth** plans to make "massive investments" in the semiconductor industry this year. He said at the time that "there are plans to announce a specific leader to lead the Saudi effort," but declined to provide more details.
This latest move underscores Saudi Arabia's commitment to transforming itself from an oil-dependent economy into a powerhouse that makes money in everything from technology to metals, mining and tourism. Saudi sovereign wealth** has rapidly amassed $700 billion in assets and aims to control $1 trillion by 2025.
Another key attempt by the Saudis is to develop an automobile manufacturing center on the country's west coast. Currently, Lucid Group Inc., an American electric vehicle manufacturerCars have already begun to be assembled there, and Hyundai Motor and CEER, a brand created by Saudi sovereign wealth**, will join in later. The center also plans to develop downstream industries, including the manufacture of chips and batteries.