Alat, TK Elevator to manufacture escalators in Saudi Arabia

Alat, a flagship company of the Public Investment Fund, and TK Elevator (TKE) announced the formation of a €160 million (nearly SAR 630 million) joint venture (JV).

In a statement, Alat said the JV will bring mobility products, solutions and manufacturing to Saudi Arabia, supported by a local product development center.

Alat will also become a direct TKE shareholder and member of the current investment consortium with a 15% stake.

The transaction is expected to close by the end of the third quarter of 2025, subject to customary statutory and regulatory approvals.

The partnership will deliver innovative end-to-end elevator and escalator solutions, manufactured in Saudi Arabia, aligning with PIF’s focus on economic diversification.

The newly formed entity, headquartered in Saudi Arabia, will over time locally manufacture elevators, escalators and moving walks for Saudi Arabia and the wider MENA region, establishing the first elevator and escalator manufacturing operation in Saudi Arabia by a global company.