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SoftBank and Saudi Wealth Fund to Forge Robotics Joint Venture

The new partnership aims to create a state-of-the-art manufacturing hub in Riyadh, enhancing global industrial robotics innovation
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SoftBank Group has unveiled plans to collaborate with Alat, a branch of Saudi Arabia’s Public Investment Fund (PIF), to establish a robotics joint venture focused on producing industrial robots. This initiative, part of a broader strategic partnership, entails an investment of up to $150 million to develop a fully automated manufacturing and engineering hub in Riyadh. This facility is set to cater to both local and international demands for industrial robotics, leveraging intellectual property from SoftBank and its affiliates.

Scheduled to commence operations in December 2024, the venture aims to pioneer in the realm of industrial automation. The collaboration reflects a deepening of ties between SoftBank and the PIF, which began in 2016 with a substantial $45 billion investment in SoftBank’s Vision Fund, propelling it to the forefront of technology financing.

In discussions with Alat’s CEO, Amit Midha, SoftBank’s Chairman and CEO Masayoshi Son highlighted the transformative potential of integrating generative AI with robotics, envisioning a future where robots possess autonomous learning capabilities, minimizing the need for human programming.

This joint venture is among four partnerships announced by Alat, which boasts a $100 billion investment budget, underscoring Saudi Arabia’s ambitious strategy to become a global leader in technology and innovation, particularly in the burgeoning field of industrial robotics.

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