The partnership has now received shareholder and regulatory approvals
Chinese tech giant Lenovo is set to manufacture computer devices in Saudi Arabia by 2026, following the completion of a US$ 2bn investment deal with Alat, a subsidiary of the Public Investment Fund.
First announced in May, the partnership has now received the required shareholder and regulatory approvals, paving the way for Lenovo to establish a regional headquarters and a manufacturing facility in the Kingdom.
The deal marks a significant step in aligning Lenovo’s growth ambitions with Saudi Arabia’s Vision 2030 goals of economic diversification, innovation, and job creation, the company said in a press release.
Saudi Made
The factory will manufacture millions of PCs and servers every year using local research and development teams for fully end-to-end ‘Saudi Made’ products and is expected to begin production by 2026, it added.
“Through this powerful strategic collaboration and investment, Lenovo will have significant resources and financial flexibility to further accelerate our transformation and grow our business by capitalizing on the incredible growth momentum in KSA and the wider MEA region,” noted Yuanqing Yang, CEO, Lenovo.
“We are incredibly proud to become a strategic investor in Lenovo and partner with them on their continued journey as a leading global technology company,” remarked Amit Midha, CEO, Alat.
