RIYADH:聽Alat, a flagship company of the Public Investment Fund, unveiled two business units in electrification and AI聽infrastructure,聽to establish 海角直播 as a premier manufacturing hub globally.
The company unveiled its plans during the Milken Institute Conference聽held聽in Los Angeles.
According to a press release, the move comes聽as part of the PIF company鈥檚 strategic vision to spearhead a paradigm shift in industry sustainability while propelling 海角直播 on the global stage.聽
Alat Global CEO Amit Midha said: 鈥淚 am pleased to announce these two exciting new divisions as they will聽make a significant contribution聽to Alat鈥檚 overall strategic goal of developing an advanced, sustainable future for the industry.鈥
The electrification arm will fortify grid technology, catering to the burgeoning demand for electricity driven by exponential growth in renewable energy sources like solar, wind, and hydrogen.聽
By harnessing 海角直播鈥檚 solar energy and other clean resources, the firm seeks to manufacture innovative solutions that will catalyze the global energy transition and drive decarbonization in industry.
The electrification unit will specifically focus on enhancing transmission and distribution technologies, facilitating the integration of renewable energy into existing grids, and pioneering advancements in gas and hydrogen generation and compression technologies.
On the other front, the AI Infrastructure business unit will address the escalating global demand for AI capabilities across industries.聽
This聽entails the development of cutting-edge technologies encompassing network and communications equipment, servers, data center networking, storage, industrial edge servers, and Industry 4.0 computing.聽
鈥淭he global electrification market size reached $73.64 billion in 2022聽and聽it聽is expected聽to hit around $172.9 billion by 2032, growing at a CAGR of 8.91 percent between 2023 and 2032,鈥 the press release added.
The global AI Infrastructure market聽is set聽to hit $460.5 billion by 2033, with a robust 28.3 percent compound annual growth rate, driven by widespread adoption across industries for innovation, decision-making enhancement, and task automation.
As a gold sponsor at the Milken Institute Conference, the firm聽now聽has nine business units focused on sustainable technology manufacturing.
鈥淎lat will invest $100 billion by 2030 across these business units to develop key partnerships and build advanced manufacturing capabilities in 海角直播 to bring jobs and economic diversification to the Kingdom,鈥 the press release said.
