TKE: New investor and a joint venture

TK Elevator and Alat announce strategic joint venture to manufacture end-to-end elevator and escalator solutions in Saudi Arabia, with Alat also becoming a shareholder in TK Elevator.

TK Elevator (TKE) and Alat, a Saudi Public Investment Fund (PIF) company, announced the formation of a €160 million joint venture (JV). The JV will bring mobility products, solutions and manufacturing to the Kingdom of Saudi Arabia (KSA), supported by a local product development centre.

Enhance business in the region

Alat will 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, according to a TKE press release.

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," according to TKE.

The JV will also serve as TKE’s sales and service entity in Saudi Arabia and will utilize the MENA region network to enhance business in the region.

More information: tkelevator.com