The Kingdom of Saudi Arabia’s plan to channel two billion dollars into the ‘Lenovo’ group stands as a recent illustration of its aggressive investment strategy aimed at attracting foreign enterprises, positioning the country as a technological frontrunner in the region, as reported by an international business news outlet.
The Saudi sovereign wealth fund’s subsidiary, ‘Alaat’, is playing a pivotal role in the technology sector’s growth. Earlier this year, it invested in Lenovo, reinforcing its support for the country’s technological prowess.
In response, the Chinese computer manufacturing company has committed to establishing a production facility and a regional headquarters in Saudi Arabia.
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Projections indicate that this direction could generate 15,000 direct job opportunities, contributing an estimated 10 billion dollars to the Gross Domestic Product (GDP) by 2030.
Attracting foreign investment has become a central focus for the Kingdom, aligned with an ambitious plan to diversify its economy. The Saudi Public Investment Fund (PIF), valued at one trillion dollars and increasingly prominent in the technology sector, is leveraging its weight to support the promising field, translating into a growing influx of foreign companies investing in Saudi Arabia.
The substantial 100 billion dollars represented by ‘Alaat’ stands as a testament to these goals, enabling it to offer capital to companies that align with the Kingdom’s vision to become a key player in electronics manufacturing.
Earlier this year, it announced a series of deals, including partnerships with ‘Softbank’ and others, signaling a radical transformation in various industries.
The investment agreement with ‘BlackRock’, amounting to 5 billion dollars earlier this year and establishing a presence in Riyadh, underscores the increasing trend in investment support as envisioned by the 2030 plan.
The Kingdom of Saudi Arabia has launched the National Center for Semiconductors to attract chipmakers to the country. The new initiative aims to draw at least 50 semiconductor companies to the Kingdom by 2030. The center will attract over 25 global experts in the field through a distinguished program designed to train more than 5,000 semiconductor engineers by 2030. Overseen by the Saudi Technology Fund, which has been allocated 266 million dollars, the National Center for Semiconductors aims to attract global chipmakers to its hub and establish a local industry worth approximately 13.33 billion dollars within six years.
