RIYADH, May 29 (Xinhua) -- Alat, a sci-tech company owned by the Saudi Public Investment Fund, and China's computer manufacturer Lenovo announced Wednesday a strategic collaboration and investment agreement.
Under the agreement, Lenovo will establish a regional headquarters in Riyadh for the Middle East and Africa (MEA) region and a new manufacturing hub in the kingdom, according to a statement by Alat.
Meanwhile, Lenovo will issue 2 billion U.S. dollars worth of convertible bonds to Alat, at an initial conversion price of 10.42 Hong Kong dollars (1.33 dollars) per share, said a statement from Lenovo.
Alat expects this investment to create 15,000 direct and 45,000 indirect jobs locally in Saudi Arabia, generating a cumulative GDP impact of 10 billion dollars by 2030.
Alat CEO Amit Midha said, "We are incredibly proud to become a strategic investor in Lenovo and partner with them on their continued journey as a leading global technology company."
Yang Yuanqing, the chairman and CEO of Lenovo, said, "Through this powerful strategic collaboration, Lenovo will have significant resources and financial flexibility to further accelerate our transformation and grow our business by capitalizing on the incredible growth momentum in the MEA region."
