RIYADH: Leading initiatives to diversify revenue sources and lessen dependency on oil, Saudi Arabia’s Public Investment Fund is a crucial component of the Kingdom’s economic development. With $925 billion in assets under control, PIF is one of the most significant sovereign wealth funds globally, propelling investments in infrastructure, technology, sustainability, and culture in 2024.
As a result of the Kingdom’s ambitious ambition to develop a sustainable and diversified economy, Vision 2030, the non-oil sector now accounts for 52% of Saudi Arabia’s GDP. PIF has played a pivotal role in this development by broadening its scope both domestically and abroad through historic projects aimed at changing industries and boosting the Kingdom’s competitiveness internationally.
The fund established Alat in February with the goal of establishing Saudi Arabia as a global center for the production of sustainable technologies. This goal was emphasized by Alat and Lenovo Group’s collaboration in May, when the two companies agreed to invest $2 billion in zero-coupon convertible bonds.
In order to support Lenovo’s worldwide operations, the partnership will create a new manufacturing base in addition to regional headquarters for the Middle East and Africa in Riyadh. In order to address the growing need for renewable energy technologies and AI-driven solutions, Alat broadened its focus by June by establishing two new business units in electrification and artificial intelligence infrastructure.
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