in lenovo.com: The global technology powerhouse Lenovo Group Limited (HKSE:
992) (ADR: LNVGY) and Alat, a PIF company, have announced the
completion of the US$2 billion investment (via three-year zero-coupon
convertible bonds) alongside reaching the strategic collaboration
agreements that were initially announced in May 2024. The deal has received shareholders’ approval and all regulatory approvals required for completion. Following
the completion, Lenovo will establish a regional Middle East and Africa
headquarters (RHQ) in Riyadh, Kingdom of Saudi Arabia (KSA), and a
sustainable manufacturing facility in the Kingdom to serve customers in
the region and beyond. The factory will manufacture millions of PCs and
servers every year using local research and development (R&D) teams
for fully end-to-end ‘Saudi Made’ products and is expected to begin
production by 2026. The factory will join Lenovo’s extensive footprint
of 30+ manufacturing sites around the world, spanning Argentina, Brazil,
China, Germany, Hungary, India, Japan, Mexico, and the USA.