Riyadh - Sharikat Mubasher: The Saudi manufacturing company Alat, owned by the Public Investment Fund (PIF), formed a €160 million joint venture with TK Elevator (TKE), a global leader in vertical transportation and urban mobility, to manufacture and provide elevator and escalator solutions in Saudi Arabia and the Middle East and North Africa (MENA) region.

The JV will bring mobility products, solutions, and manufacturing to the Kingdom, supported by a local product development center, Alat announced in a press release yesterday.

Alat will become a direct TKE shareholder and member of the current investment consortium with a 15% stake. The transaction is expected to be closed by the end of the third quarter of 2025, subject to customary statutory and regulatory approvals.

The newly formed entity, headquartered in Saudi Arabia, will serve as an innovation hub, including a product development center and a training center, complementing TKE’s SEED Campus, which provides comprehensive, globally standardized elevator training programs ranging from technical skills to management. 

Commenting on this partnership, Amit Midha, CEO of Alat, said: “Alat’s partnership with TK Elevator is a cornerstone of our commitment to create a global sustainable technology manufacturing hub in Saudi Arabia focused on advanced industrials and electronics. This aligns with PIF's strategy to diversify the Saudi economy and develop key sectors, thereby contributing to the realization of Vision 2030's objectives for sustainable urban development and economic growth.”

For his part, Uday Yadav, CEO of TK Elevator, stated that the partnership marks another important milestone in the company’s transformation journey and represents a new era that underscores TK Elevator’s active participation in the upcoming development supercycle in Saudi Arabia.

Moreover, the JV will leverage Alat’s extensive relationships and local market insight in the region and TKE’s current business in the Kingdom as well as outstanding technology and global manufacturing, R&D, and services expertise.