PIF's Alat, TK Elevator form $167m JV to build manufacturing hub
RIYADH: A €160 million ($167 million) joint venture between the Public Investment Fund's Alat and TK Elevator has been announced to advance mobility development in Saudi Arabia.
The partnership will introduce products, end-to-end solutions, and manufacturing to the Kingdom, supported by a local development center. This marks the first elevator and escalator production operation in Saudi Arabia by a global firm, according to a statement.
This falls in line with PIF's strategy to diversify the Saudi economy and develop key sectors, thereby contributing to the realization of Vision 2030's objectives for sustainable urban development and economic growth.
It also aligns well with the fact that the Kingdom's elevator and escalator market is anticipated to reach $1.84 billion by 2030, according to Markets and Data.
'Alat's partnership with TK Elevator is a cornerstone of our commitment to create a global sustainable technology manufacturing hub in Saudi Arabia focused on advanced industrials and electronics,' CEO of Alat Amit Midha said.
Under the new deal, Alat will also become a direct TK Elevator shareholder and member of the current investment consortium with a 15 percent stake. This move further cements the firm's operational strength and its attractive value creation prospects.
CEO of TK Elevator Uday Yadav said the company is 'privileged' to form a joint venture with Alat to support the Kingdom's vision and power his firm's future organic growth.
Yadav added: 'This partnership marks another important milestone in our transformation journey and represents a new era that underscores TK Elevator's active participation in the upcoming development super cycle in the Kingdom of Saudi Arabia while reinforcing our capabilities in building smart cities of the future across the globe.'
The CEO went on to say that the firm is pleased to welcome Alat as a direct shareholder and long-term investor in the company and that they are looking forward to benefiting from their engagement.
The statement further revealed that the transaction is expected to close by the end of the third quarter of 2025, subject to customary statutory and regulatory approvals.
The new venture also reflects TK Elevator's commitment to enhancing urban living through innovative mobility solutions and services. It will also help TK Elevator benefit from one of the fastest growing and most innovative new installation markets worldwide.
The newly formed entity will also act as TKE's sales and service hub in the Kingdom, leveraging the Middle East and North Africa network to drive regional business growth.
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