Saudi Arabia closes its March sukuk issuance at $1.18bn

RIYADH: Saudi Arabia’s technology space is poised for further improvement with the signing of an agreement between Dahua Technology and Alat, owned by the Kingdom’s Public Investment Fund.  

According to a press statement, the agreement is a part of Dahua’s recent expansion plan in the Middle East and North Africa region, after it opened an office and experience center in January. 

Under the deal, Dahua will work on manufacturing Artificial Intelligence of Things products tailored for smart cities and enterprises in the region. 

AIoT is the combination of artificial intelligence technologies with the Internet of Things infrastructure to achieve more efficient IoT operations, which will ultimately improve human-machine interactions and enhance data management and analytics.

Anticipating the roll-out of the first product by the end of 2024, the joint venture signals a long-term commitment to enhancing local infrastructure and fostering economic growth, the press statement added. 

“As a key regional player, we make decisions based on the goals our key markets have. This latest collaboration of ours is purely driven by Saudi Arabia’s grand plans to make its economy diverse, encourage new ideas, and create a brighter future,” said Gary Li, general manager of the Saudi Arabia representative office of Dahua MENA. 

He added: “The government’s focus on smart cities and big projects fits perfectly with what we believe in, and at Dahua, we see it as a great opportunity for us to showcase our expertise in smart video solutions as we work together to make a positive and meaningful as part of Saudi Arabia’s push toward a safer, smarter future.” 

The press statement added that Dahua’s Saudi Arabia subsidiary will continue to operate independently, ensuring seamless service delivery to clients, while the establishment of the joint venture will bolster manufacturing capabilities in the region without compromising daily operations or branding strategies. 

Dahua revealed that the initial focus of the company will be on manufacturing CCTV project-based products, with plans to expand into distribution products and other categories in the future.

The joint venture’s manufacturing facility will streamline local supply chains, accelerating product delivery for projects in Saudi Arabia and neighboring countries in the Gulf Cooperation Council and wider region. 

“The sales model will remain unchanged, ensuring continuity for local distributors, system integrators, and end-users. Clients across the region including our existing ones here in Dubai and the rest of the UAE can expect enhanced access to cutting-edge AIoT solutions tailored to their specific needs,” added Li. 

Headquartered in China, Dahua Technology was established in 2001, and the company is a prominent name which is known for manufacturing video surveillance equipment. 

In February, Alat had partnered with Softbank Group and Carrier Corp. to accelerate sustainable manufacturing in the Kingdom. 

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