Saudi Arabia’s new $100 Billion investment firm announce string of deals. It includes tie-ups with Softbank group corporation and China surveillance equipment maker. Saudi firm ALAT and Softbank will invest $150 million to establish a fully automated manufacturing and engineering hub in Riyadh (Capital of Saudi Arabia). They will build industrial robots based on intellectual property developed by Softbank.
Dahua Technology is investing in a venture to make products for use in surveillance. Alat and Dahua will invest $200 million in the business, majorly owned by the Saudi firm. It is a part of the Kingdom’s efforts to transform itself into an industrial powerhouse.
The Chinese company has previously supplied products to Saudi Arabia including face scanners for the government’s $500 billion megaproject, NEOM. Dahua was among firms banned from selling electronics in the U.S by regulators. It was placed on a list in 2022 by the U.S over national security concerns.
The Joe Biden administration has also banned the import of Dahua Technology. It has linked its technology to the abuse of China’s Uighur minority. Riyadh has deepened its cooperation with Beijing on security and sensitive tech amid a warming of political ties to the concern of Washington.
