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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

7 months ago

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lenovo will issue $2 billion in bonds for planned saudi expansion
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.

Also Read: Telecom Leader Myriota Introduces Satellite IoT Developer Platform

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.

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UAE Prepares To Launch Two Satellites: Thuraya-2 And MBZ-SAT

HH Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum chaired the first meeting of the Supreme Space Council yesterday.

Published

3 days ago

on

December 17, 2024

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uae prepares to launch two satellites thuraya-2 and mbz-sat

HH Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai and Deputy Prime Minister of the UAE, chaired the first meeting of the Supreme Space Council in Dubai on December 16, 2024. The session highlighted the UAE’s ambitious space plans and took stock of the sector’s economic progress.

The council emphasized the growing role of private companies in advancing space technologies, noting that their contributions are now equal to that of the public sector. Members also praised initiatives like the Space Economic Zones Programme, which are designed to fuel innovation and investment in the space industry.

Discussing the UAE’s space journey, HH Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum remarked, “The national space sector continues to grow and advance, and we take immense pride in the remarkable achievements we have accomplished over the years”.

Sheikh Hamdan also received updates on two upcoming satellite projects: Thuraya-2 and MBZ-SAT. Thuraya-2, developed by Space42, is slated for launch this December. Meanwhile, the MBZ-SAT, created by the Mohammed Bin Rashid Space Centre (MBRSC), will soon follow. MBRSC, a major driver of the UAE National Space Programme, continues to lead the nation’s space-related developments.

Space42 took the opportunity to showcase its advancements, including ongoing collaborations between public and private entities. The company also outlined strategies to promote innovation, boost revenue streams, and create new opportunities for growth in the sector.

Also Read: IBM Opens New Doha Office To Support Qatar’s Digital Growth

The UAE’s current projects build on a growing legacy of space exploration. Back in 2020, the nation made headlines with its Mars mission, successfully sending a probe into the planet’s orbit in 2021. This mission, which is now in its second phase as of June 2024, has been collecting critical data to develop a comprehensive diurnal image of Mars.

The UAE also ventured into lunar exploration with an unmanned mission aimed at studying untouched regions of the Moon’s surface. While the probe ultimately crashed during its landing attempt after communication was lost seconds before touchdown, the effort represented a significant step in the country’s exploration ambitions.

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