Riyadh, Saudi Arabia: Alat, a Public Investment Fund (PIF) company, and TK Elevator (TKE), a global leader in urban mobility solutions, have successfully finalized all regulatory approvals for their €160 million joint venture (JV) and Alat’s 15% equity stake in TKE. This milestone strengthens the Kingdom’s position as a hub for advanced and sustainable manufacturing.
A New Era for Elevator and Escalator Manufacturing in Saudi Arabia
The JV will be headquartered in Saudi Arabia and will manufacture elevators, escalators, and moving walks for both the Kingdom and the wider MENA region. This will be the first-ever local elevator and escalator manufacturing operation by a global company in Saudi Arabia, fully supporting Vision 2030 and PIF’s economic-diversification goals.
The partnership will also create high-value skilled jobs, foster local technology transfer, and support giga-projects while enabling sustainable exports from the Kingdom to the regional market.
Driving Innovation and Training Local Talent
The JV will feature a local product-development center and training facility that complements TKE’s SEED Campus. It will also form a regional International Technical Services team, capable of delivering technical support and third-party maintenance services under TKE’s Universal Service proposition.
Amit Midha, CEO of Alat, highlighted the strategic impact of the deal:
“This partnership positions Saudi Arabia as a global hub for advanced manufacturing. We are localizing cutting-edge mobility technology, creating jobs, and nurturing world-class expertise in Saudi talent.”
Uday Yadav, CEO of TK Elevator, added:
“This joint venture will meet surging demand for innovative mobility solutions during Saudi Arabia’s development super-cycle and help shape the smart cities of the future.”
Strengthening Saudi Arabia’s Role in Global Advanced Manufacturing
This strategic JV is Alat’s third major international deal, following partnerships with SoftBank and Lenovo. These collaborations underscore Alat’s mandate to accelerate localization, technology transfer, and export-led growth, making Saudi Arabia a global hub for advanced sustainable manufacturing.
With this landmark agreement, Alat and TK Elevator are paving the way for smart urban mobility and supporting the Kingdom’s Vision 2030 goals.
