Saudi Arabia and Lenovo Partner to Establish Sustainable Manufacturing Hub

Saudi Arabia’s Alat has partnered with Lenovo Group to invest $2 billion through zero-coupon convertible bonds, aiming to establish a sustainable manufacturing hub in the Middle East and Africa (MEA) region. Lenovo will set up a regional headquarters in Riyadh and a new manufacturing facility focusing on smart, sustainable production. Alat will subscribe to Lenovo’s $2 billion convertible bonds, aligning with Saudi Arabia’s Vision 2030. The collaboration is expected to generate 15,000 direct and 45,000 indirect jobs in Saudi Arabia, with a cumulative gross domestic investment impact of $10 billion by 2030. Lenovo’s bonds will convert to equity upon maturity at a conversion price of 10.42 Hong Kong dollars ($1.33) per share. Amit Midha, CEO of Alat, and Yuanqing Yang, chairman and CEO of Lenovo, expressed enthusiasm for the partnership’s potential to transform Saudi Arabia into a center of innovation and technological advancement, fostering a diversified, resilient, and technologically advanced future.