Reported 4 months ago
Saudi Arabia's investment of $2 billion in Lenovo Group Ltd. exemplifies the nation's strategy of using its cash reserves to attract foreign companies and position itself as the Gulf's tech hub. Through its sovereign wealth fund, Saudi Arabia aims to create local jobs and boost GDP by 2030 by requiring foreign companies to invest in the kingdom in exchange for financial support, competing with the UAE to dominate the tech industry in the region. The $1 trillion Public Investment Fund's Alat unit is playing a significant role in this strategy, offering funds to firms willing to contribute to Saudi Arabia's electronics manufacturing ambitions, following a trend of Saudi investments in various industries like AI and electric vehicles.
Source: YAHOO