OIL - Alat and Carrier Partner to Advance Climate and Energy Solutions in the Kingdom of Saudi Arabia | Benzinga
Agreement includes development of a cutting-edge manufacturing and R&D center expected to create more than 5,000 local jobs.
RIYADH, Saudi Arabia, Feb. 20, 2024 /PRNewswire/ -- Alat (Alat), a PIF company, and Carrier Global Corporation (NYSE:CARR), global leader in intelligent climate and energy solutions, today announced their commitment to build a cutting-edge manufacturing and R&D facility in Saudi Arabia that will deliver advanced heating, ventilation and air conditioning (HVAC) solutions. The partnership will serve customers in the Kingdom, and its visionary Giga projects, such as NEOM, as well as ensure broader regional – and even global – distribution. Alat was established on February 1, 2023, by His Royal Highness Prince Mohammed bin Salman Abdulaziz Al Saud, Crown Prince and Prime Minister, Chairman of the Board of Directors of Alat.
The agreement will leverage Alat's financial strengths and Carrier's technology and manufacturing capabilities to develop made-in-Saudi Arabia intelligent climate solutions, marking the first phase of the partnership with Alat. These offerings will address the continued growth of the HVAC industry in the Middle East and North Africa (MENA) region, which is expected to become a US$10 billion addressable market by 2030 – and a US$334 billion market globally by 2030 – driven by secular trends including urbanization, sustainability and energy solutions, and digital transformation. This market will also provide scale to develop products, such as solutions for district cooling and heating, which could be used globally.
Amit Midha, Chief Executive Officer at Alat, said: "We are proud to partner with a global leader in intelligent climate and energy solutions, and bring to the Kingdom expertise and innovation in this field. We see Carrier as a long-term partner in our Smart Buildings line of business, which ...