Alat, TKE Finalize Regulatory Approvals for €160 Million JV

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.
 The release said 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.
 According to the release, 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 said: “Today’s announcement marks 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 cultivate world-class expertise within Saudi talent, further strengthening Saudi Arabia’s emerging advanced manufacturing cluster. Together, we will power the Kingdom's giga-projects and export sustainable innovation throughout the region. This partnership will fulfill Vision 2030 and advance Alat's mandate to build a world-class manufacturing hub for advanced technologies. Paving the way for future collaborations that support this ambition.”
 TKE CEO Uday Yadav 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.”
 According to the release, this TK Elevator transaction is the third strategic deal Alat has completed, following the finalization of SoftBank and Lenovo partnerships, underscoring the company’s mandate to become a global hub for advanced, sustainable manufacturing. "Through such partnerships, Alat is accelerating localization, technology transfer, and export-led growth from Saudi Arabia to the world," it added.