Alat: Alat, a Public Investment Fund (PIF) company, and TK Elevator (TKE) today confirmed receipt of all statutory and regulatory approvals required to close their £160 million joint venture (JV) and Alat's 15% equity investment in TKE, according to an Alat press release. The approvals mark the completion of the intent first announced in February 2025.
According to Saudi Press Agency, the 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 market. 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 also act as TKE's sales and service entity in Saudi Arabia.
The release further details that 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.
Alat CEO Amit Midha expressed that the announcement marks a decisive step in positioning Saudi Arabia as a global center for advanced manufacturing. He stated that the partnership with TK Elevator will localize mobility technology, create skilled jobs, and cultivate expertise within Saudi talent, strengthening Saudi Arabia's emerging advanced manufacturing cluster. He emphasized that the partnership will support Vision 2030 and advance Alat's mandate to build a manufacturing hub for advanced technologies.
TKE CEO Uday Yadav remarked that finalizing the joint venture and welcoming Alat as a shareholder positions TK Elevator to meet the rising demand for mobility solutions during Saudi Arabia's development phase and beyond. He expressed excitement about deepening the partnership to shape smart cities of the future.
The release also highlights that this transaction with TK Elevator is the third strategic deal Alat has completed, following partnerships with SoftBank and Lenovo. These partnerships underscore Alat's mandate to become a global hub for advanced, sustainable manufacturing, accelerating localization, technology transfer, and export-led growth from Saudi Arabia to the world.