Alat, TK Elevator secure regulatory nods to manufacture escalators in Saudi Arabia

Logo of Alat Co.

Alat, a flagship company of the Public Investment Fund, and TK Elevator (TKE) received today all statutory and regulatory approvals required to close their €160 million joint venture (JV) and Alat's 15% equity investment in TKE.

The approvals mark the completion of the intent first announced in February 2025, Alat added in a statement.

For more news and details on the projects

According to Argaam’s data, Alat and TK Elevator announced in February the formation of a €160 million (nearly SAR 630 million) joint venture. Alat will also become a direct TKE shareholder and member of the current investment consortium with a 15% stake.

The JV will bring mobility products, solutions, and manufacturing to Saudi Arabia, supported by a local product development center. 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.