Latest news with #AmitMidha
Zawya
7 days ago
- Business
- Zawya
Alat, TK Elevator get key regulatory approvals for $186mln Saudi JV
Alat, a unit of Saudi sovereign wealth fund PIF, and TK Elevator (TKE), a global leader in vertical transportation and urban mobility, today (August 5) confirmed receipt of all statutory and regulatory approvals required to close their €160 million ($186.3 million) joint venture (JV) and Alat's 15% equity investment in TKE. These approvals mark the completion of the intent first announced in February 2025. The JV will be headquartered in 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. TKE will contribute advanced technology, manufacturing expertise and world-class safety methodology. 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. On the key approvals, Amit Midha, CEO of Alat, 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 localise 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," he stated. Uday Yadav, CEO of TK Elevator, said: "Finalising 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," he stated. This TK Elevator transaction, he said, was the third strategic deal Alat has completed, following the finalisation of its SoftBank and Lenovo partnerships, underscoring the company's mandate to become a global hub for advanced, sustainable manufacturing. "Through such partnerships, Alat is accelerating localisation, technology transfer and export-led growth from Saudi Arabia to the world," he added.- TradeArabia News Service Copyright 2025 Al Hilal Publishing and Marketing Group Provided by SyndiGate Media Inc. (
Saudi Gazette
31-07-2025
- Business
- Saudi Gazette
New Murabba, Alat sign MoU to develop next-gen vertical transport for The Mukaab
Saudi Gazette report RIYADH — New Murabba Development Company and Alat have signed a memorandum of understanding to explore advanced vertical mobility solutions — including next-generation elevators and escalators — for The Mukaab and the wider New Murabba development. The agreement focuses on deploying innovative technologies to enable seamless and intelligent movement within the mega urban destination. This includes the integration of transformative digital systems to elevate the visitor experience inside The Mukaab through cutting-edge, multi-sensory environments. Under the MoU, both parties will collaborate on identifying the best financing strategies for initial investments in hardware and R&D. The agreement also includes a feasibility study to establish high-performance manufacturing facilities in Saudi Arabia capable of meeting project demands, supporting national localization targets tied to New services such as warranty, maintenance, and software updates will also be jointly Dyke, CEO of New Murabba Development Company, said the agreement marks a key milestone in delivering a future-ready, smart urban destination."Our partnership with Alat reinforces our commitment to integrating next-gen technologies that will redefine urban living and visitor engagement," he CEO Amit Midha described the collaboration as a bold step toward shaping tech-enabled urban life."Combining Alat's AI-driven solutions with New Murabba's ambitious vision opens new possibilities for transformative smart city experiences," he Mukaab is envisioned as a next-generation urban marvel — measuring 400 meters in height, width, and length — making it the tallest and most prominent structure in combines traditional Najdi architectural aesthetics with advanced technology to create a mixed-use destination offering luxury hospitality, cultural attractions, residential units, retail zones, and interactive entertainment The Mukaab, visitors will be immersed in a world of innovation, from holographic 3D displays to a world-class digital sound system designed to accommodate large-scale structure will feature a one-of-a-kind lighting system that harmonizes art and innovation, enhancing the visual experience and seamlessly integrating with curated events and exhibitions.A unique pedestrian gateway will guide visitors through a tranquil path transitioning them from the bustling city into this immersive environment.
Zawya
25-02-2025
- Business
- Zawya
Alat, TKE to set up elevator manufacturing JV in Saudi Arabia
Saudi Arabia - Alat, a unit of Saudi wealth fund PIF, today (February 24) entered into an agreement with TK Elevator (TKE), a global leader in vertical transportation and urban mobility, for setting up a new joint venture for manufacture of end-to-end elevator and escalator solutions in the kingdom. In addition, Alat will invest to become a significant long-term shareholder in TK Elevator, capitalizing on the company's strong growth potential. The key venture, being established at an investment of €160 million ($166 million), will bring mobility products, solutions and manufacturing to the kingdom, supported by a local product development centre, said Alat in a statement. This JV will leverage Alat's extensive relationships and local market insight in the region and TKE's current business in KSA as well as outstanding technology and global manufacturing, R&D and services expertise. With this move, Alat will also become a 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, it added. This partnership will deliver innovative end-to-end elevator and escalator solutions, manufactured in Saudi Arabia, aligning with PIF's focus on economic diversification. The newly-formed entity, headquartered in Saudi Arabia, will over time locally manufacture elevators, escalators, and moving walks for the Saudi market and the wider Mena region, establishing the first elevator and escalator manufacturing operation in Saudi Arabia by a global company. The JV will also serve as TKE's sales and service entity in Saudi Arabia and will utilise the Mena network to enhance business in the region, said the statement. The partnership reinforces TKE's dedication to improving urban life with innovative solutions and services for urban mobility and will place TKE in a position to capitalize on one of the fastest growing and most innovative new installation markets globally. This JV is strategically positioned to meet the growing demand for mobility solutions within Saudi Arabia's ambitious giga-projects and other large-scale developments throughout the region. "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," remarked its CEO Amit Midha. "This aligns 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," he said. TKE will bring Alat and Saudi Arabia leading technology, manufacturing expertise and safety methodology. The JV will serve as an innovation hub, including a product development center and a training center, complementing TKE's Seed Campus, which provides comprehensive, globally standardized elevator training programs – ranging from technical skills to management, he added. Uday Yadav, the CEO of TK Elevator, said: "We are privileged to form a game-changing joint venture with Alat to support the kingdom's vision and power TK Elevator's future organic growth. 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 supercycle in the Kingdom of Saudi Arabia, while reinforcing our capabilities in building smart cities of the future across the globe." "Additionally, we are very pleased to welcome Alat as a direct shareholder and long-term investor on our company overall and look forward to benefiting from their engagement," he stated. TKE and the JV commit to developing a regional International Technical Services network team to implement technical customer support and develop third-party maintenance support capabilities under the Universal Service value proposition, he added. Copyright 2024 Al Hilal Publishing and Marketing Group Provided by SyndiGate Media Inc. (
Trade Arabia
24-02-2025
- Business
- Trade Arabia
Alat, TKE to set up elevator manufacture JV in Saudi Arabia
Alat, a unit of Saudi wealth fund PIF, today (February 24) entered into an agreement with TK Elevator (TKE), a global leader in vertical transportation and urban mobility, for setting up a new joint venture for manufacture of end-to-end elevator and escalator solutions in the kingdom. In addition, Alat will invest to become a significant long-term shareholder in TK Elevator, capitalizing on the company's strong growth potential. The key venture, being established at an investment of €160 million ($166 million), will bring mobility products, solutions and manufacturing to the kingdom, supported by a local product development centre, said Alat in a statement. This JV will leverage Alat's extensive relationships and local market insight in the region and TKE's current business in KSA as well as outstanding technology and global manufacturing, R&D and services expertise. With this move, Alat will also become a 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, it added. This partnership will deliver innovative end-to-end elevator and escalator solutions, manufactured in Saudi Arabia, aligning with PIF's focus on economic diversification. The newly-formed entity, headquartered in Saudi Arabia, will over time locally manufacture elevators, escalators, and moving walks for the Saudi market and the wider Mena region, establishing the first elevator and escalator manufacturing operation in Saudi Arabia by a global company. The JV will also serve as TKE's sales and service entity in Saudi Arabia and will utilise the Mena network to enhance business in the region, said the statement. The partnership reinforces TKE's dedication to improving urban life with innovative solutions and services for urban mobility and will place TKE in a position to capitalize on one of the fastest growing and most innovative new installation markets globally. This JV is strategically positioned to meet the growing demand for mobility solutions within Saudi Arabia's ambitious giga-projects and other large-scale developments throughout the region. "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," remarked its CEO Amit Midha. "This aligns 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," he said. TKE will bring Alat and Saudi Arabia leading technology, manufacturing expertise and safety methodology. The JV will serve as an innovation hub, including a product development center and a training center, complementing TKE's Seed Campus, which provides comprehensive, globally standardized elevator training programs – ranging from technical skills to management, he added. Uday Yadav, the CEO of TK Elevator, said: "We are privileged to form a game-changing joint venture with Alat to support the kingdom's vision and power TK Elevator's future organic growth. 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 supercycle in the Kingdom of Saudi Arabia, while reinforcing our capabilities in building smart cities of the future across the globe." "Additionally, we are very pleased to welcome Alat as a direct shareholder and long-term investor on our company overall and look forward to benefiting from their engagement," he stated.
Arab News
24-02-2025
- Business
- Arab News
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.
