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.