§ Layoff
Saudi PIF-backed fund Alat removed founding CEO Amit Midha and dropped semiconductor investment plans amid a spending review.
Alat, the $100B Saudi Arabia PIF-backed electronics manufacturing fund, removed founding CEO Amit Midha in April 2026 as part of a wider spending review. The former Dell executive had been hired three years earlier to build the kingdom into an electronics manufacturing powerhouse. Alat simultaneously dropped semiconductor investment plans, reassigning its chip team and laying off staff. The fund appointed Dr. Muhammad Nasser Aldawood as acting CEO and is redirecting resources toward becoming a global data center hub.
The announcement date is 04/09/26.
This update is categorized as Layoff.
Saudi PIF-backed electronics fund Alat removed founding CEO Amit Midha in April 2026 amid a wider spending review. Alat also dropped plans to invest in semiconductor production.
