• Alat has completed the strategic partnership investment, becoming a long-term, direct shareholder in TK Elevator with a 15% stake, a testament to TKE’s operational strength and compelling long-term value creation potential.

• TK Elevator and Alat have finalized a €160 million joint venture to manufacture and provide elevator and escalator solutions in Saudi Arabia and the MENA region.

• These milestones create a platform for strong future organic growth across the region.

Düsseldorf (Germany), – TK Elevator (TKE), a global leader in vertical transportation and urban mobility, and Alat, a Saudi Public Investment Fund (PIF) company, confirmed receipt of all statutory and regulatory approvals required to close their €160 million joint venture (JV). Alat also announced it is a significant long-term direct shareholder in TK Elevator, acquiring a 15% stake in the company and joining the investor consortium. The approvals complete the intent first announced in February 2025.

The newly formed JV will be headquartered in the Kingdom of Saudi Arabia and will, over time, locally manufacture elevators, escalators and moving walks for the Kingdom and the wider MENA region. Supported by a local product development center, it will be the first elevator and escalator manufacturing operation in Saudi Arabia by a global company, fully aligned with PIF’s economic-diversification agenda. The JV will serve as the TKE sales and service entity in Saudi Arabia.

TKE will contribute to Alat and Saudi Arabia advanced technology, manufacturing expertise and world-class safety methodology. The JV will serve as an innovation hub, featuring a product-development center and a training facility that complements TKE’s SEED Campus. Together, TKE and the JV will create a regional International Technical Services team to provide technical support and third-party maintenance under the TKE Universal Service proposition.

The partnership reinforces TKE’s dedication to improving urban life with innovative solutions and services for smart city mobility and will place TKE in a position to capitalize on one of the fastest growing and most innovative new installation markets globally.

Uday Yadav, CEO of TK Elevator, said: “Finalizing the joint venture and welcoming Alat as a long-term shareholder positions TK Elevator to meet surging demand for innovative mobility solutions during Saudi Arabia’s development super-cycle and beyond. We are excited to deepen this multi-dimensional partnership and shape the smart cities of the future together.”

Amit Midha, CEO of Alat, added: “Today’s approvals mark a decisive step in positioning Saudi Arabia as a global center for advanced manufacturing. Our partnership with TK Elevator will localize cutting-edge mobility technology, create high-value skilled jobs, and embed world-class expertise in Saudi talent, further strengthening the Kingdom’s emerging advanced manufacturing cluster. Together we will power the Kingdom’s giga-projects and export sustainable innovation throughout the region, fulfilling Vision 2030 and advancing Alat’s mandate to build a world-class manufacturing hub.”