n February 2024, Saudi Arabia established Alat, an advanced technology firm owned by the Public Investment Fund (PIF). Alat and, more broadly, the Kingdom's transition away from being solely an oil–based economy, will significantly impact Saudi Arabia's foreign and domestic politics. Alat and Saudi Arabia's innovation effortsWhen Saudi Crown Prince Mohammed bin Salman announced the creation of Alat in February 2024, he stressed the vital role this organization will play in Saudi Arabia's economic development. Last year, China brokered a historic deal between Saudi Arabia and Iran, two hostile countries. Despite Vision 2030's efforts, Saudi Arabia's private sector's share of GDP was 41% in 2022—it has increased in recent years, but it is still lower than that of other competitors.
