Alat and TK Elevator are forming a €160 million joint venture to manufacture and provide elevator and escalator solutions in Saudi Arabia and the MENA region, powering future organic growth. In addition, Alat will invest to become a significant long-term shareholder in TK Elevator, capitalizing on the company’s strong growth potential.

Riyadh, February 24, 2025 – Alat, a PIF company, and TK Elevator (TKE), a global leader in vertical transportation and urban mobility with global sales exceeding €9 billion, today 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 center. Alat will also become a direct TKE shareholder and member of the current investment consortium with a 15% stake, a testament to TKE’s operational strength and its attractive value creation prospects. The transaction is expected to close by the end of the third quarter of 2025, subject to customary statutory and regulatory approvals.