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Azerbaijan urges Korean firms to invest in Alat FEZ
Azerbaijan urges Korean firms to invest in Alat FEZ

Korea Herald

time06-05-2025

  • Business
  • Korea Herald

Azerbaijan urges Korean firms to invest in Alat FEZ

Azerbaijan commended Korean manufacturing companies to its Alat Free Economic Zone investment hub at a networking event held Wednesday at Ambassador Pullman Seoul. Speaking at "Alat Free Economic Zone: Unlocking potential for Korean manufacturing companies," Azerbaijani Ambassador to Korea Ramin Hasanov recommended AFEZ as a gateway for Korean investors seeking access to the wider Caucasus and Central Asian markets. Hasanov highlighted AFEZ's strategic location near major production and export hubs such as Baku International Sea Trade Port, and plans for a fully green airport to be completed by 2026. 'Korean investors are welcome to explore a myriad of commercial advantages provided by Alat Free Economic Zone,' he underlined. Azerbaijan is expanding specialized industrial sites, such as agri-parks, techno-parks and industrial districts, to attract foreign investment, while leveraging the strategic value of regional connectivity projects, particularly the Trans-Caspian East-West Middle Corridor, which links Turkey to Central Asia and China via the Caucasus and Caspian Sea, according to Hasanov. 'We invite Korean transit operators, freight-forwarding and logistics companies to benefit from the economic advantages provided by the Middle Corridor," said Hasanov. According to Hasanov, Azerbaijan is developing new cities and towns from the ground up using green technologies, modern urban planning and intelligent systems, while promoting smart city, smart village and smart farm concepts. 'Our goal is to transform these areas into net-zero emission zones by 2050.' 'Korea is one of the few countries worldwide that has been invited at the highest level to participate in the restoration and reconstruction works conducted in our liberated territories,' he noted, inviting Korean investors to the Garabagh and East Zangazur economic regions. sanjaykumar@

Mohammed bin Salman: Unprecedented Transformations, Reforms, and Global Achievements
Mohammed bin Salman: Unprecedented Transformations, Reforms, and Global Achievements

Asharq Al-Awsat

time26-03-2025

  • Business
  • Asharq Al-Awsat

Mohammed bin Salman: Unprecedented Transformations, Reforms, and Global Achievements

For Saudis, every anniversary of the pledge of allegiance has become synonymous with new reforms and unprecedented transformations across various sectors. This ongoing progress is at the heart of Vision 2030, an ambitious plan designed to diversify the economy, drive sustainable development, unlock the potential of promising industries, and position Saudi Arabia as a leading economic force in the region and beyond. Crown Prince Mohammed bin Salman bin Abdulaziz has placed the nation's interests, the well-being of its citizens, and their quality of life at the forefront of his priorities. His leadership emphasizes empowering youth and women, while preserving Saudi Arabia's authentic identity and values, which reflect the Kingdom's deep-rooted heritage and its bright image on the global stage. Among the key sectors driving Saudi Arabia's transformation, tourism has emerged as a major contributor to economic diversification. With mega-projects like NEOM, the Red Sea Project, and Qiddiya, alongside the introduction of the electronic tourist visa, the Kingdom has attracted massive investments and millions of visitors. The technology sector has also undergone a significant transformation, making Saudi Arabia a regional hub for innovation, with heavy investments in artificial intelligence (AI) and the Internet of Things (IoT). Crown Prince and Prime Minister Mohammed bin Salman bin Abdulaziz at a cabinet meeting. (SPA) Meanwhile, the industrial sector has expanded and evolved with a focus on advanced manufacturing, renewable energy, and high-tech industries. Logistics, leveraging the Kingdom's strategic location as a global connectivity hub, has also seen substantial development through major upgrades to airports, ports, and transportation networks. In a major step toward industrial advancement, Crown Prince Mohammed announced the launch of Alat, a subsidiary of the Public Investment Fund (PIF), which aims to establish Saudi Arabia as a global center for sustainable industries focused on advanced technologies and electronics. The company will develop and manufacture semiconductors, robotics, and drones, catering to local, regional, and international markets. The creation of Alat reflects Saudi Arabia's commitment to economic diversification and its ambition to become a leading industrial and technological powerhouse. The Kingdom has also made significant strides in biotechnology and environmental sustainability. The National Biotechnology Strategy, launched last year, aims to position Saudi Arabia as a leader in the biotech sector while improving public health, protecting the environment, and ensuring food and water security. In parallel, the National Red Sea Sustainability Strategy seeks to safeguard the Red Sea's ecosystem, promote sustainable development, and advance the transition to a blue economy. Facing economic challenges Despite global economic challenges, Saudi Arabia has demonstrated remarkable resilience, achieving 1.3% economic growth in 2024. This success is the result of extensive efforts to diversify the economy, with the non-oil sector's contribution to GDP exceeding 51%, a testament to the Kingdom's strategic vision and sound economic policies. Moreover, the country has effectively managed inflation, keeping it at just 1.7% by the end of last year, placing it among the top-performing economies in the G20 in this regard. Attractive environment for investment Under the leadership of the Crown Prince, Saudi Arabia has become one of the world's most attractive investment destinations. Major reforms have transformed the investment landscape, enabling the execution of mega-projects aligned with Vision 2030. Last year, the government introduced a new investment law aimed at attracting foreign investors and diversifying revenue sources. More than 600 multinational companies relocated their regional headquarters to the Kingdom, while over 14,454 new investment licenses were issued this year, bringing the total number of active licenses to over 40,000. Foreign direct investment (FDI) has more than doubled since the launch of Vision 2030, reaching SAR 900 billion ($240 billion). Artificial intelligence Artificial intelligence has become a cornerstone of Vision 2030, serving as a key driver of economic diversification and digital transformation. The Kingdom has taken major steps to strengthen its digital infrastructure, establishing itself as a regional and global leader in AI development and applications. These efforts have positioned Saudi Arabia 14th globally and 1st in the Arab world in the Global AI Index, while also securing the top global ranking for government AI strategy. Within just two years, the Kingdom has attracted $28.3 billion in AI investments, reinforcing its leadership in this transformative sector. Under the direction of the Crown Prince, the Saudi Authority for Data and Artificial Intelligence (SDAIA) has revolutionized digital services, making a significant impact across multiple industries. One of its most notable initiatives is the 'Ainai' (My Eyes) Project, which leverages AI for early detection of diabetic retinopathy and has successfully diagnosed over 846 patients in just one year. In government services, the Unified National Access System has saved over SAR 2 billion in operational costs while reducing reliance on self-service devices and manual processing. Meanwhile, the 'Nafath' application has helped users save over 5 billion minutes by eliminating the need for multiple passwords and has contributed to environmental sustainability by reducing 260,000 daily car trips. Within just two years, the Kingdom has attracted $28.3 billion in AI investments. (SPA) Saudi Arabia has also harnessed AI and smart technologies to improve the Hajj and Umrah experience, overcoming major logistical challenges and ensuring seamless services for millions of pilgrims. Digital platforms like 'Tawakkalna' have provided over 350 electronic services, benefiting 253 government agencies and enhancing the pilgrimage experience. International forums and conferences As Saudi Arabia continues its transformation, it has emerged as a global hub for international conferences and exhibitions. The Kingdom has successfully hosted major global events, reinforcing its growing influence on the world stage. In April, Riyadh hosted the World Economic Forum (WEF) 2024, bringing together world leaders, experts, and decision-makers to address global challenges and foster collaborative solutions. Automotive industry Saudi Arabia is also making significant strides in the automotive industry. The establishment of the 'King Salman Automotive Manufacturing Complex' in King Abdullah Economic City is set to become a major hub for car manufacturing. The complex will house Lucid Motors and Ceer (Saudi Arabia's first EV brand), marking a major milestone in the Kingdom's push toward electric vehicle production. In addition, a $488 million joint venture with Hyundai will establish an advanced automated car manufacturing plant, set to begin production in 2026, making it Hyundai's first facility in the Middle East. The 'King Salman Automotive Manufacturing Complex' in King Abdullah Economic City will house Lucid Motors and Ceer. (SPA) Road networks Infrastructure development remains a key priority, with Crown Prince Mohammed launching the Riyadh Circular Roads Development Program in August. The initiative includes the expansion and development of over 500 km of roads, with four major projects valued at over $3.46 billion. Architectural heritage To celebrate and preserve the Kingdom's rich architectural heritage, the Crown Prince unveiled the Saudi Architecture Characters Map. This initiative, which identifies 19 distinct architectural styles inspired by Saudi Arabia's geographic and cultural heritage, aims to enhance the nation's architectural diversity, improve urban landscapes, and create 34,000 direct and indirect jobs in engineering, construction, and urban development. Sustainable tourism has also become a key pillar of Vision 2030, balancing economic growth with environmental and cultural preservation. The 2025 Saudi Tourism Forum, held in Riyadh, highlighted the Kingdom's diverse tourism potential, attracting investors and fostering collaboration between the public and private sectors. The event showcased Saudi Arabia's efforts to promote cultural and environmental tourism, ensuring that economic benefits align with the preservation of historical and ecological treasures. For example, Al-Ahsa, a UNESCO World Heritage site, is a prime example of cultural and natural tourism, with its vast palm groves, water springs, and rich traditions dating back thousands of years. Additionally, Time Magazine has named Shebara Resort, owned and operated by Red Sea Global, among the 'World's Greatest Places of 2025.' This recognition highlights the resort's status as a luxury destination that seamlessly combines elegance, sustainability, and breathtaking natural beauty. With its commitment to innovation, sustainability, and economic diversification, Saudi Arabia is rapidly advancing toward a new era of global leadership and prosperity.

Alat, TKE to set up elevator manufacturing JV in Saudi Arabia
Alat, TKE to set up elevator manufacturing JV in Saudi Arabia

Zawya

time25-02-2025

  • Business
  • Zawya

Alat, TKE to set up elevator manufacturing JV in Saudi Arabia

Saudi Arabia - Alat, a unit of Saudi wealth fund PIF, today (February 24) entered into an agreement with TK Elevator (TKE), a global leader in vertical transportation and urban mobility, for setting up a new joint venture for manufacture of end-to-end elevator and escalator solutions in the kingdom. In addition, Alat will invest to become a significant long-term shareholder in TK Elevator, capitalizing on the company's strong growth potential. The key venture, being established at an investment of €160 million ($166 million), will bring mobility products, solutions and manufacturing to the kingdom, supported by a local product development centre, said Alat in a statement. This JV will leverage Alat's extensive relationships and local market insight in the region and TKE's current business in KSA as well as outstanding technology and global manufacturing, R&D and services expertise. With this move, Alat will also become a member of the current investment consortium with a 15% stake, a testament to TKE's operational strength and its attractive value creation prospects. The transaction is expected to close by the end of the third quarter of 2025, subject to customary statutory and regulatory approvals, it added. This partnership will deliver innovative end-to-end elevator and escalator solutions, manufactured in Saudi Arabia, aligning with PIF's focus on economic diversification. The newly-formed entity, headquartered in Saudi Arabia, will over time locally manufacture elevators, escalators, and moving walks for the Saudi market and the wider Mena region, establishing the first elevator and escalator manufacturing operation in Saudi Arabia by a global company. The JV will also serve as TKE's sales and service entity in Saudi Arabia and will utilise the Mena network to enhance business in the region, said the statement. The partnership reinforces TKE's dedication to improving urban life with innovative solutions and services for urban mobility and will place TKE in a position to capitalize on one of the fastest growing and most innovative new installation markets globally. This JV is strategically positioned to meet the growing demand for mobility solutions within Saudi Arabia's ambitious giga-projects and other large-scale developments throughout the region. "Alat's partnership with TK Elevator is a cornerstone of our commitment to create a global sustainable technology manufacturing hub in Saudi Arabia focused on advanced industrials and electronics," remarked its CEO Amit Midha. "This aligns with PIF's strategy to diversify the Saudi economy and develop key sectors, thereby contributing to the realization of Vision 2030's objectives for sustainable urban development and economic growth," he said. TKE will bring Alat and Saudi Arabia leading technology, manufacturing expertise and safety methodology. The JV will serve as an innovation hub, including a product development center and a training center, complementing TKE's Seed Campus, which provides comprehensive, globally standardized elevator training programs – ranging from technical skills to management, he added. Uday Yadav, the CEO of TK Elevator, said: "We are privileged to form a game-changing joint venture with Alat to support the kingdom's vision and power TK Elevator's future organic growth. This partnership marks another important milestone in our transformation journey and represents a new era that underscores TK Elevator's active participation in the upcoming development supercycle in the Kingdom of Saudi Arabia, while reinforcing our capabilities in building smart cities of the future across the globe." "Additionally, we are very pleased to welcome Alat as a direct shareholder and long-term investor on our company overall and look forward to benefiting from their engagement," he stated. TKE and the JV commit to developing a regional International Technical Services network team to implement technical customer support and develop third-party maintenance support capabilities under the Universal Service value proposition, he added. Copyright 2024 Al Hilal Publishing and Marketing Group Provided by SyndiGate Media Inc. (

Saudi tech firm Alat buys 15% stake in Germany's TK Elevator
Saudi tech firm Alat buys 15% stake in Germany's TK Elevator

Zawya

time25-02-2025

  • Business
  • Zawya

Saudi tech firm Alat buys 15% stake in Germany's TK Elevator

Saudi Arabia's new advanced industries firm Alat has bought a 15% stake in Germany's TK Elevator and unveiled a $160 million joint venture for elevators and escalator solutions, the companies said on Monday. Alat was launched by Saudi crown prince Mohammed bin Salman earlier in the month and is aimed at helping make the kingdom a global centre for electronics and advanced industries. It will become a direct shareholder of TK Elevator and a member of the current investment consortium, the companies said in a statement, adding that the deal is expected to close by the third quarter. The joint venture will be headquartered in Saudi Arabia and aims to manufacture elevators, escalators and moving walks locally. In 2020, Germany's Thyssenkrupp closed a 17.2 billion euro ($18.01 billion) sale of its elevator division, later renamed TK Elevator, to private equity firms. ($1 = 0.9551 euros) (Reporting by Disha Mishra in Bengaluru; Editing by Devika Syamnath)

Alat, TKE to set up elevator manufacture JV in Saudi Arabia
Alat, TKE to set up elevator manufacture JV in Saudi Arabia

Trade Arabia

time24-02-2025

  • Business
  • Trade Arabia

Alat, TKE to set up elevator manufacture JV in Saudi Arabia

Alat, a unit of Saudi wealth fund PIF, today (February 24) entered into an agreement with TK Elevator (TKE), a global leader in vertical transportation and urban mobility, for setting up a new joint venture for manufacture of end-to-end elevator and escalator solutions in the kingdom. In addition, Alat will invest to become a significant long-term shareholder in TK Elevator, capitalizing on the company's strong growth potential. The key venture, being established at an investment of €160 million ($166 million), will bring mobility products, solutions and manufacturing to the kingdom, supported by a local product development centre, said Alat in a statement. This JV will leverage Alat's extensive relationships and local market insight in the region and TKE's current business in KSA as well as outstanding technology and global manufacturing, R&D and services expertise. With this move, Alat will also become a member of the current investment consortium with a 15% stake, a testament to TKE's operational strength and its attractive value creation prospects. The transaction is expected to close by the end of the third quarter of 2025, subject to customary statutory and regulatory approvals, it added. This partnership will deliver innovative end-to-end elevator and escalator solutions, manufactured in Saudi Arabia, aligning with PIF's focus on economic diversification. The newly-formed entity, headquartered in Saudi Arabia, will over time locally manufacture elevators, escalators, and moving walks for the Saudi market and the wider Mena region, establishing the first elevator and escalator manufacturing operation in Saudi Arabia by a global company. The JV will also serve as TKE's sales and service entity in Saudi Arabia and will utilise the Mena network to enhance business in the region, said the statement. The partnership reinforces TKE's dedication to improving urban life with innovative solutions and services for urban mobility and will place TKE in a position to capitalize on one of the fastest growing and most innovative new installation markets globally. This JV is strategically positioned to meet the growing demand for mobility solutions within Saudi Arabia's ambitious giga-projects and other large-scale developments throughout the region. "Alat's partnership with TK Elevator is a cornerstone of our commitment to create a global sustainable technology manufacturing hub in Saudi Arabia focused on advanced industrials and electronics," remarked its CEO Amit Midha. "This aligns with PIF's strategy to diversify the Saudi economy and develop key sectors, thereby contributing to the realization of Vision 2030's objectives for sustainable urban development and economic growth," he said. TKE will bring Alat and Saudi Arabia leading technology, manufacturing expertise and safety methodology. The JV will serve as an innovation hub, including a product development center and a training center, complementing TKE's Seed Campus, which provides comprehensive, globally standardized elevator training programs – ranging from technical skills to management, he added. Uday Yadav, the CEO of TK Elevator, said: "We are privileged to form a game-changing joint venture with Alat to support the kingdom's vision and power TK Elevator's future organic growth. This partnership marks another important milestone in our transformation journey and represents a new era that underscores TK Elevator's active participation in the upcoming development supercycle in the Kingdom of Saudi Arabia, while reinforcing our capabilities in building smart cities of the future across the globe." "Additionally, we are very pleased to welcome Alat as a direct shareholder and long-term investor on our company overall and look forward to benefiting from their engagement," he stated.

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