News

Lenovo Will Issue $2 Billion In Bonds For Planned Saudi Expansion

The company has struck a deal with PIF-owned Alat to build a new headquarters and manufacturing plant in the Kingdom.

Published

4 months ago

May 29, 2024

Nour Nasir

Lenovo

Lenovo, the world’s largest PC manufacturer, will release $2 billion in convertible bonds to Saudi Arabia’s sovereign wealth fund as part of a substantial investment agreement planned to drive the Kingdom’s technological advancement.

The agreement, signed with Public Investment Fund-owned Alat, includes a new regional (Middle East and Africa) headquarters in Riyadh, an R&D center, plus a PC and server factory.

The deal will allow Lenovo to unlock “significant resources and financial flexibility to further accelerate our transformation and grow our business by capitalizing on the incredible growth momentum in the MEA region,” according to Chairman and CEO Yuanqing Yang.

The Lenovo investment takes advantage of Saudi Arabia’s Regional Headquarters Program, which offers business-friendly incentives, including a 30-year tax break and access to loan programs, employment support, export credit, land solutions, and further financial incentives.

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Alat, a Public Investment Company organization launched in February, is chaired by Crown Prince Mohammed bin Salman and aims to promote the Kingdom as a global power in sustainable technology, covering sectors such as semiconductors, robotics, mining, smart appliances, health, the built environment, and next-gen infrastructure.

Alat aims to create 39,000 jobs in Saudi Arabia and contribute $9.3 billion to the economy by 2030. Lenovo’s expansion into the Kingdom is expected to contribute significantly to these ambitions, as it controls around 25% of the global PC market.

The Lenovo-Alat deal comes as Saudi Arabia plans to boost foreign investment to $100 billion per year as part of its Vision 2030 agenda. The government hopes to have nearly 500 global companies headquartered in the country by 2030 as it attempts to pivot from a reliance on oil production.

News

Meta Reveals Orion AR Glasses, Offering A Glimpse Into The Future

The prototype was showcased at the Connect conference, bringing the company’s vision of blending virtual and physical worlds closer to reality.

Published

2 days ago

September 26, 2024

Joanna Melki

meta reveals orion ar glasses offering a glimpse into the future

Meta, the parent company of Facebook, has unveiled a working prototype of its augmented-reality glasses — named Orion — at its annual Connect conference. At the event, CEO Mark Zuckerberg outlined his vision to use the AR device to blend the real world with the virtual:

“This is the physical world with holograms overlaid on it,” Zuckerberg said as he slid the glasses from their metal case. Describing Orion as “a time machine” he added, “These glasses exist, they are awesome, and they are a glimpse of a future that I think is going to be pretty exciting”.

The Orion AR glasses are built from magnesium alloy and run on custom silicon chips developed by Meta. They offer users control via hand-tracking, voice commands, and a wrist-based neural interface. Zuckerberg said Meta plans to further refine the glasses, making them smaller, more affordable, and ready for mass production in the near future.

So far, sources have revealed that Meta aims to release its first consumer version of the Orion AR glasses by 2027, once the technology has become more cost-effective.

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In addition to Orion, Meta introduced a more modest mixed-reality headset called the Quest 3S, with a starting price of $300. The company also rolled out several new AI tools, including chatbot updates and the ability for Meta AI to auto-insert personalized images into Facebook and Instagram feeds. An audio upgrade also allows users to choose celebrity voices, like Judi Dench or John Cena, for the Meta AI assistant. “I think voice is going to be a way more natural way of interacting with AI than text,” Zuckerberg said.

Finally, Meta has introduced three new versions of its Llama 3 AI models. The company continues to invest billions in AI and metaverse technologies, pushing its capital expenditure forecast for 2024 to a record $37-40 billion.