Latest news with #AmitMidha
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.
Arab News
09-02-2025
- Automotive
- Arab News
Saudi PIF's Alat and Lenovo break ground on new 200k sq. meter facility in Riyadh
RIYADH: Saudi Arabia's Public Investment Fund's Alat and Chinese tech giant Lenovo have officially broken ground on a new manufacturing hub in Riyadh, marking a key milestone in their $2 billion strategic partnership. Located within the Special Integrated Logistics Zone at Riyadh Integrated, the facility will span 200,000 sq. meters and is expected to begin production in 2026. The collaboration is projected to generate up to 15,000 direct and 45,000 indirect jobs while contributing as much as $10 billion to the Kingdom's non-oil gross domestic product by 2030. The hub will produce millions of 'Saudi Made' laptops, desktops, and servers, contributing to the nation's Vision 2030 goals of economic diversification and industrial development. A Historic Milestone: Breaking Ground in Saudi Arabia. Today, Alat and @Lenovo celebrated the official groundbreaking of a state-of-the-art manufacturing site at Riyadh Integrated , operated by Special Integrated Logistics Zone (SILZ) in Riyadh. This landmark factory will… — Alat | #TomorrowMadeBetter (@alat_tech) February 9, 2025 The two companies took a step further in their partnership during LEAP25 held from Feb. 9— 12 in Riyadh, announcing the establishment of an advanced manufacturing and technology center based on artificial intelligence and robotics. This is also part of PIF's strategy to boost the Kingdom's local manufacturing by increasing local content from 47 percent in 2024 to 60 percent by 2025, contributing $320 billion to non-oil GDP and creating 1.8 million jobs. 'Through this powerful strategic collaboration and investment with Alat, we gain greater global presence, a strong regional foothold, and the ability to capitalize on the incredible growth momentum in Saudi Arabia and the wider MEA region,' said Yuanqing Yang, chairman and CEO of Lenovo. The groundbreaking follows the completion of Lenovo's $2 billion investment in Alat, which was finalized after securing shareholder and regulatory approvals. Initially announced in May, the deal was completed in January and involves the issuance of three-year zero-coupon convertible bonds, establishing a long-term partnership between the two firms. The manufacturing facility will complement Lenovo's global production network, which includes over 30 factories across China, Germany, India, Japan, the US, and other markets. According to Lenovo, the new hub will enhance supply chain resilience and improve service to customers across the Middle East and Africa region. The firm also plans to establish its MEA regional headquarters in Riyadh, expand research and development activities, and open a flagship retail space in the Kingdom. Amit Midha, the CEO of Alat, emphasized the broader economic impact of the collaboration, saying: 'We are incredibly proud to become a strategic investor in Lenovo and partner with them on their continued journey as a leading global technology company.' Beyond manufacturing, the agreement includes a business development partnership leveraging Alat's regional relationships and market expertise. Alat, which aims to build advanced manufacturing capabilities across multiple industries, has outlined plans to produce goods across 34 product categories within nine business units, including semiconductors, smart devices, electrification, and artificial intelligence infrastructure. Lenovo, recognized as one of Gartner's top 25 supply chains, expects the Saudi facility to strengthen its operations in the MEA region while supporting the Kingdom's ambition to become a global technology and manufacturing hub.
