Saudi Semiconductor Fund Alat Signals Willingness to Divest from China, Aligning with U.S. Stance
Alat Fund, Backed by Saudi Arabia‘s PIF, Expresses Readiness to Shift Investments Amid U.S.-China Tech Tensions
May 8, 2024 / Bloomberg --The head of Saudi Arabia’s newly established semiconductor and artificial intelligence technology investment fund, Alat, has stated that the fund would divest from China if required by the United States.
Image Source | (©Abdullah_Shakoor | pixabay)
Alat was created with a $100 billion investment from the Public Investment Fund (PIF), one of Saudi Arabia’s sovereign wealth funds. In February of this year, Alat announced a partnership with Zhejiang Dahua Technology.
The two companies plan to invest $200 million to establish Alat AIVisio Technology and build advanced production facilities. Their collaboration will focus on technology enablement, testing laboratories, and demonstration centers.
The United States has already requested that Abu Dhabi-based AI company G42 divest from Chinese technology to continue using the U.S. systems necessary for its AI applications. In mid-April, Microsoft announced a $1.5 billion investment in G42.