Saudi Arabia is taking its economic diversification seriously. With oil prices increasingly unpredictable and disconnected from its energy policies, the Kingdom is looking for fresh growth opportunities elsewhere—including in semiconductors. This week saw the third edition of the Saudi Future Semiconductors Forum, the aim of which is to promote Saudi Arabia as a chip manufacturing destination and help it build a digital economy.
Earlier this year, the Public Investment Fund, Saudi Arabia’s sovereign wealth fund, set up a company dubbed Alat, with a capital of $100 billion and the purpose of building manufacturing hubs to attract businesses, Bloomberg noted in its report on the Future of Semiconductors Forum. The company is already spending the money allocated by the state to further Saudi interests in digital technology.