CEO of Saudi Arabia's $100 billion new investment company has been selected! Former Dell Tech executive takes the position
Saudi Arabia has appointed Amit Midha, former President of Dell Tech Asia Pacific, Japan, and Global Digital Cities, as the CEO of the newly established investment company, Alat. Prior to this, the Saudi sovereign wealth fund, PIF, has invested $100 billion in this investment company, and the first round of investments is expected to be announced this month.
Saudi Arabia has appointed Amit Midha, former President of Dell Tech Asia Pacific, Japan, and Global Digital Cities, as the CEO of the newly formed investment company, Alat. The company's investment direction is very broad, including technology, semiconductors, and even commodities. Prior to this, the Saudi sovereign wealth fund, PIF, had invested $100 billion in this investment company, and the first round of investments is expected to be announced this month.
Amit Midha posted on LinkedIn, stating, "Alat is a company focused on transforming global leading companies and building a world-class sustainable industrial and electronics hub in Saudi Arabia."
According to media reports, Alat will be chaired by Saudi Crown Prince Mohammed bin Salman and is expected to be officially announced on February 20th, along with its first wave of investment actions. The company is expected to sign agreements with key international participants and invest in large industrial companies that Saudi Arabia hopes to establish local operations.
Last month, Saudi Minister of Communications and Information Technology, Abdullah Alswaha, stated at the World Economic Forum in Davos that the Saudi sovereign wealth fund plans to make "massive investments" in the semiconductor industry this year. He stated, "We plan to announce a specific leader to lead Saudi Arabia's efforts," but declined to provide further details.
This latest move highlights Saudi Arabia's commitment to transform itself from an oil-dependent economy into a powerhouse that can make money in all fields, from technology to metals, mining, and tourism. The Saudi sovereign wealth fund has rapidly accumulated $700 billion in assets and aims to control $1 trillion in assets by 2025.
Another key endeavor of Saudi Arabia is to develop an automotive manufacturing center on its west coast. Currently, US electric vehicle manufacturer Lucid Group Inc. has started assembling cars in the area, and the brand Ceer, created by Hyundai Motor and the Saudi sovereign wealth fund, will also join. The center also plans to develop downstream industries, including chip and battery manufacturing.