Riyadh, Saudi Arabia - Alat, a subsidiary of Saudi Arabia's Public Investment Fund (PIF), and SoftBank Group Corp. have formed a strategic partnership to establish an industrial robot manufacturing company in Saudi Arabia.
The new joint venture will focus on developing next-generation industrial robots for advanced manufacturing and assembly processes.
Alat and SoftBank will invest up to $150 million in the venture, including a fully automated manufacturing and engineering center in Riyadh, which is expected to open in December 2024.
Amit Midha, CEO of Alat, said the project aims to drive manufacturing innovation and significantly contribute to Saudi Arabia's GDP.
Masayoshi Son, Chairman & CEO of SoftBank Group, highlighted Saudi Arabia's growth trajectory and commitment to renewable energy as critical reasons for the partnership.
Alat is a newly established Saudi Arabian company under the Public Investment Fund.
With an investment budget of US$100 billion, Alat aims to transform the global electronics and industrial sectors in line with Saudi Arabia's Vision 2030 economic goals.
