Latest news with #elevators
Yahoo
5 days ago
- Business
- Yahoo
Otis and Sobha Realty Continue to Elevate Luxury Living in Dubai
DUBAI, UAE, Aug. 4, 2025 /PRNewswire/ -- Otis Worldwide Corporation (NYSE: OTIS), the world's leading elevator and escalator manufacturing, installation and service company, will provide and install 76 elevators at the Riverside Crescent project by Sobha Realty - a leading global luxury real estate developer. Otis will install advanced elevator systems including 50 Otis Skyrise®, 12 Otis Arise™ and 14 machine-roomless Otis Gen2® elevators to enhance the living experience for tenants. Located in Sobha Hartland II, the project will redefine luxury living in Dubai, offering unparalleled views and amenities. Within the first phase of the project, which features 6 high-rise residential towers reaching 71 stories and 249 meters in height, the elevators will move at speeds up to 6 m/second and come equipped with EMS Panorama™ 2.0, providing a new dimension of control and visibility for facility teams to monitor and manage operation-critical functions. Varughese Mathew, Chief Operating Officer of Sobha said: "At Sobha Realty, we always prioritise safety and quality in every aspect of project development. At Riverside Crescent, we want to ensure safe, smooth and efficient vertical mobility for all our residents and visitors. Our collaboration with Otis reflects a shared commitment to innovation and reliability, which helps us achieve our goals and meet our high standards." João Penedo, Otis Senior Vice President for Iberia, Africa and Middle East said: "Otis has proudly served the United Arab Emirates for more than 50 years. Our commitment to safety, innovation, and quality aligns perfectly with Sobha Realty's vision for Riverside Crescent. Our history of successful collaboration reflects our mutual dedication to delivering exceptional solutions and meeting the high expectations of our customers. We look forward to enhancing the Riverside Crescent experience with our advanced elevator technology." About Sobha RealtyHeadquartered in Dubai, Sobha Realty is a leading backward-integrated real estate developer and construction company, renowned for redefining quality benchmarks in the industry. With over 50 plus years of excellence, Sobha has delivered meticulously crafted residential and commercial spaces across the Middle East. Driven by innovation and integrity, Sobha continues to set new standards in construction, building a legacy of trust, craftsmanship, and sustainable development. For more information, please visit Sobha Realty. About OtisOtis gives people freedom to connect and thrive in a taller, faster, smarter world. The global leader in the manufacture, installation and servicing of elevators and escalators, we move 2.4 billion people a day and maintain approximately 2.4 million customer units worldwide – the industry's largest Service portfolio. You'll find us in the world's most iconic structures, as well as residential and commercial buildings, transportation hubs and everywhere people are on the move. Headquartered in Connecticut, USA, Otis is 72,000 people strong, including 44,000 field professionals, all committed to manufacturing, installing and maintaining products to meet the diverse needs of our customers and passengers in more than 200 countries and territories. To learn more, visit and follow us on LinkedIn, Instagram and Facebook @OtisElevatorCo. Media Contacts: Otis: İpek Akyıldız: Sobha Realty: hello@ View original content to download multimedia: SOURCE Otis Worldwide Corporation
Yahoo
7 days ago
- Business
- Yahoo
Otis Worldwide Corporation (OTIS) Had A Tough Quarter & China Was Horrible, Says Jim Cramer
We recently published . Otis Worldwide Corporation (NYSE:OTIS) is one of the stocks Jim Cramer recently discussed. Otis Worldwide Corporation (NYSE:OTIS) is an industrial equipment company that sells elevators and other products. Its shares have lost 6.6% year-to-date, primarily on the back of a stunning 14.7% dip in July after the firm's $3.6 billion in revenue for the second quarter fell short of analyst estimates of $3.7 billion. Crucially, investors were also worried about Otis Worldwide Corporation (NYSE:OTIS) exposure to China and the fact that its China sales dipped by 20%. Cramer admitted that the firm had a bad quarter: 'I had Judy Marks on, they had a very tough quarter. China was really, really horrible.' Cramer previously discussed Otis Worldwide Corporation (NYSE:OTIS)'s China exposure as well: 'Otis, look I'm, Judy Marks is going to come on Mad Money, and she has held in and done great things. And they've had a lot of service revenue, including China. She'd tell you over and over again that that business remains very strong. So I have to find out more, that was a very tough hit. Very good company. That's a spinoff of United Technologies. While we acknowledge the potential of OTIS as an investment, our conviction lies in the belief that some AI stocks hold greater promise for delivering higher returns and have limited downside risk. If you are looking for an extremely cheap AI stock that is also a major beneficiary of Trump tariffs and onshoring, see our free report on the . READ NEXT: 30 Stocks That Should Double in 3 Years and 11 Hidden AI Stocks to Buy Right Now. Disclosure: None. This article is originally published at Insider Monkey.
Yahoo
27-07-2025
- Business
- Yahoo
Otis Worldwide Corporation (OTIS) Has A Lot Of China Revenue, Says Jim Cramer
We recently published . Otis Worldwide Corporation (NYSE:OTIS) is one of the stocks Jim Cramer recently discussed. Otis Worldwide Corporation (NYSE:OTIS) is a specialty industrial equipment company that deals with elevators, escalators, and associated products. Its shares have lost 3% year-to-date, primarily due to a major 12.3% drop in July. The stock fell after Otis Worldwide Corporation (NYSE:OTIS)'s second-quarter earnings results saw its $3.61 billion revenue miss analyst estimates of $3.71 billion. Additionally, the firm's New Equipment business saw China sales fall by 20%. Cramer quoted Otis Worldwide Corporation (NYSE:OTIS)'s CEO as saying that the business remains strong: 'Otis, look I'm, Judy Marks is going to come on Mad Money, and she has held in and done great things. And they've had a lot of service revenue, including China. She'd tell you over and over again that that business remains very strong. So I have to find out more, that was a very tough hit. Very good company. That's a spinoff of United Technologies. Pixabay / Public Domain Back in 2024, Cramer had asserted that Otis Worldwide Corporation (NYSE:OTIS) could overcome Chinese weakness due to its presence in the repair and refurbishment market: 'Otis Worldwide's up 121% since the breakup — thank you, Judy Marks — gives you 134% total return including dividends. The elevator business is now worth nearly $40 billion all on its own. Look, a lot of people think of Otis as a traditional movement play — cyclical, hostage to new construction — but in reality the company gets the vast bulk of its money from servicing and repairing existing elevators, which is why even though China's soft, you still got to repair them.' While we acknowledge the potential of OTIS as an investment, our conviction lies in the belief that some AI stocks hold greater promise for delivering higher returns and have limited downside risk. If you are looking for an extremely cheap AI stock that is also a major beneficiary of Trump tariffs and onshoring, see our free report on the . READ NEXT: 30 Stocks That Should Double in 3 Years and 11 Hidden AI Stocks to Buy Right Now. Disclosure: None. This article is originally published at Insider Monkey. Error while retrieving data Sign in to access your portfolio Error while retrieving data Error while retrieving data Error while retrieving data Error while retrieving data
Argaam
03-07-2025
- Business
- Argaam
Atlas Elevators to supply, install elevators for NHC project
Atlas Elevators General Trading and Contracting Co. signed on July 2 a supply and installation agreement with Al-Sabq Al-Arabi Company for Trading and Contracting (SATC) — the main contractor for the National Housing Company's (NHC) Al-Fursan project. The value of the agreement can not be determined at present, as it depends on supply and demand for the company's products through one year, the company said in a statement to Tadawul. The one-year agreement seeks mutual benefits for both parties. Atlas Elevators will provide SATC with supply and installation services at competitive prices. The agreement further ensures the highest quality and performance in accordance with the agreed-on specifications. This will guarantee the optimal implementation of the Al-Fursan project, opening new horizons for both parties to grow and expand, while supporting the strategic objectives of the company. Under to the agreement, Atlas Elevators will supply and install the agreed-upon products at the specified times and locations, in line with the project's timeline and in compliance with Saudi code specifications. The company will provide advanced and integrated elevator and mechanical systems solutions, ensuring the highest technical and safety standards. The company expects the agreement to reflect positively on its financial results during the contract period. It also confirmed that there are no related parties involved in this agreement.
Yahoo
26-06-2025
- Business
- Yahoo
UK Elevators & Escalators Market Forecast Report 2025: Market Set to Reach 9,874 Units by 2030, with 3.11% CAGR During 2024-2030
The UK Elevators & Escalators Market, sized at 8,218 units in 2024, is projected to reach 9,874 units by 2030, with a CAGR of 3.11%. Notable developments include Otis's installation of 26 VT units at One Exchange Square and KONE's modernization of Liverpool's rail network escalators. Trade tensions due to US tariffs impact costs, potentially boosting demand for locally manufactured products. Segments like machine roomless traction dominate due to space efficiency, while urbanization and AI integration provide growth opportunities. Major players include Otis, KONE, TK Elevator, and Schindler, navigating challenges such as construction cost hikes and skilled labor shortages. UK Elevators & Escalators Market Dublin, June 26, 2025 (GLOBE NEWSWIRE) -- The "UK Elevators & Escalators Market - Size & Growth Forecast 2025-2030" report has been added to UK Elevators & Escalators Market was sized at 8,218 Units in 2024, and is projected to reach 9,874 Units by 2030, rising at a CAGR of 3.11%. SEGMENTATION INSIGHTS The U.K. elevator market by the installed base is expected to reach 393 thousand units by 2030. The machine roomless traction segment accounted for the largest market share due to its space-saving design, energy efficiency, and ability to support green building initiatives. The U.K. installed base escalators market is expected to reach 14 thousand units by 2030. Escalators used in the commercial sector accounted for the largest share in 2024 due to increasing retail projects in the pipeline. The parallel escalators segment accounted for the largest market share in 2024 due to the high construction of commercial buildings. The modernization market in the U.K. elevator and escalator market is expected to reach USD 344.18 million by 2030. Elevator and Escalator Market News In June 2024, Otis installed 26 vertical transportation (VT) units at One Exchange Square, a 13-story office building at London's Broadgate Campus. The units included four LinkTM escalators, seven platform lifts, and fifteen Gen2 lifts. The elevator has facilities such as Compass 360 destination-dispatch system, EMS PanoramaTM 2.0 elevator-management system, and Internet of Things connectivity with Otis ONETM. KONE won the order to modernize escalators along Liverpool's commuter rail network in 2024. The order comprises the complete replacement of fourteen escalators with KONE EcoMod 140, which is energy-efficient and can transport 7,300 passengers per hour. The modernization project is expected to be completed in Q4 2026. IMPACT OF TARIFF The U.S. administration implemented a high baseline tariff, introducing 10% on goods from all countries, which was effective from April 5, 2025. Additionally, higher reciprocal tariffs were imposed on specific trading partners, including the European Union and the U.K., which was effective from April 9, 2025. The U.S. government announced a temporary pause in tariff hikes, but the situation remains uncertain after 90 days, with a 10% minimum tariff in effect. This trade tension significantly impacts the manufacturer of the U.K. elevator and escalator market, which significantly imports motor parts, lumber, and other raw materials from different countries. The U.K. imports significant amounts of aluminum, copper, and other raw materials from China and other countries such as Canada & Mexico. These added costs are likely to be passed on to U.K. consumers, causing a notable increase in the prices of elevators & escalators. As a result, demand for locally manufactured elevators & escalators is expected to grow. Major elevator & escalator companies such as Otis, KONE, Schindler & others are importing raw materials & motor parts from China and the Japanese market. The surge in tariff rates is expected to increase the prices of elevators & escalators manufactured by them. However, in May 2025, the U.K. decided not to impose tariffs on imported copper, lumber, and aluminum from the U.S. UK ELEVATOR AND ESCALATOR MARKET OPPORTUNITIES & DRIVERS Integration of Artificial Intelligence (AI) in the U.K. Elevator and Escalator Market is Expected to Create Opportunities in the Market The integration of AI in the U.K. elevator and escalator market reflects a growing trend in the modernization of urban infrastructure. AI-driven solutions enhance safety, efficiency, and user experience in public and private transportation systems. AI Monitors real-time data from IoT-enabled sensors attached to escalators and elevators to anticipate and stop problems before they happen. This improves equipment reliability and drastically cuts downtime. AI-based predictive maintenance systems have been implemented in several U.K. commercial and residential buildings by multinational corporations with significant operations in the U.K., including KONE and Otis. Urbanization and Population Growth in the U.K. Rapid urbanization and rising population are key drivers of the construction market. By 2024, the population is expected to reach approximately 36 million people, with 84.4% living in urban areas. This urbanization requires extensive development in housing, infrastructure, and utilities, thereby supporting the U.K. elevator and escalator market growth. In addition, the U.K. government is investing to support population growth, focusing on housing, healthcare, education, and infrastructure. In 2024-2025, over 6.64 billion has been allocated for Affordable housing to address the growing demand. It is also investing in healthcare, and millions of dollars are expected to be allocated in the market. Growing Investments in the U.K.'s Housing Sector The housing sector in the U.K. is experiencing strong and stable growth, supporting high demand for new homes and active government initiatives to make housing more affordable. Urban regeneration projects and a growing focus on sustainable construction are creating modern, eco-friendly communities across cities and towns. The sector is appealing to significant domestic and international investment, which leads to innovation and developed building standards. Furthermore, the U.K. government revealed a USD 2.66 billion investment to build 18,000 new affordable homes, with construction expected to begin in March 2027 and be finished by June 2029. This investment is part of the high demand for affordable housing programs. Moreover, they also planned to allocate more funds for 2026-27 and the coming years, ensuring constant support is available for the construction of affordable housing. Expansion and Development of the Growing Airport Industry The U.K. is actively developing its transport industry to improve global connectivity, supporting the rising passenger demand as well as economic growth. Major airports in the country are undergoing large-scale upgrades, including runway expansion, terminal enhancements, and digital infrastructure improvements. These developments aim to strengthen the U.K.'s position as a leading international aviation hub while also creating new jobs and boosting the economy. It is taking steps to address airport capacity issues by investing in airport expansion projects at Heathrow, Gatwick, and Luton airports in 2025. Such steps are projected to support the U.K. elevator and escalator market growth. Meanwhile, London City Airport has been approved for an expansion that will accommodate up to 9 million passengers every year by 2031. In addition, London Stansted is also investing USD 1.47 billion in terminal expansions and improvements to passenger services. In addition, the UK has the third-largest aviation network in the world, behind China and the United States, and London's airports serve more routes than any other European city. INDUSTRY RESTRAINTS High Construction Cost in the United Kingdom In the U.K., the cost of construction has risen in recent years. Industry reports advise that construction costs have risen by around 15-20% since 2020, mainly due to the rising prices of resources such as steel, timber, and cement. These price increases have been intensified by supply chain disruptions affected by the pandemic, as well as ongoing geopolitical tensions affecting global trade. In 2024, the U.K.'s construction industry recorded a real term of 0.7% primarily due to high price increases, rising construction material costs and energy prices, and a significant weakness in the residential construction sector. Furthermore, the rise in construction costs is also impacting U.K. housing prices. It's making it more expensive to buy a new home, as developers are passing on the increased costs to buyers. Moreover, they are facing a challenging era, as they try to balance the need to build new homes and commercial properties with rising costs. Skilled Labor Shortage and Regulatory Challenge The U.K.'s ambitious Vision 2030 focuses on infrastructure development, which is facing significant challenges due to a severe shortage of skilled labor, particularly in the installation and maintenance of elevators and escalators, and can subsequently hamper the U.K. elevator and escalator market growth. Additionally, the U.K. construction sector is facing a general skills shortage, with 62% of organizations reporting difficulty finding workers with the right skills. This is particularly important in the construction industry, which needs at least 225,000 additional workers by 2027. The construction, manufacturing, and industrial sectors are now facing a shortage of skilled employees with the right qualifications or experience. The construction market is experiencing insistent labor shortages, particularly among bricklayers, carpenters, electricians, and plumbers. These shortages have led to project delays and increased costs. UK ELEVATOR AND ESCALATOR MARKET VENDOR LANDSCAPE Key Vendors Otis KONE TK Elevator Schindler Mitsubishi Electric Hitachi Stannah elevators Fujitec Other Prominent Vendors Toshiba Elevator and Building Systems Corporation Delfar Elevator Co., Ltd. Orona KLEEMANN Cibes Lift Aritco Key Attributes: Report Attribute Details No. of Pages 120 Forecast Period 2024 - 2030 Estimated Market Value in 2024 8218 Units Forecasted Market Value by 2030 9874 Units Compound Annual Growth Rate 3.1% Regions Covered United Kingdom Elevator Market Segmentation by Machine Type Hydraulic and Pneumatic Machine Room Traction Machine Room Less Traction Others Climbing Elevators Industrial Elevators Carriage Type Passenger Freight Capacity 2-15 Persons 16-24 Persons 25-33 Persons 34 Persons and Above End-User Commercial Residential Industrial Others Public Transit Institutional Infrastructural Escalator Market Segmentation by Product Type Parallel Multi Parallel Walkway Crisscross End-User Public Transit Commercial Others Institutional Sector Infrastructure Industrial For more information about this report visit About is the world's leading source for international market research reports and market data. We provide you with the latest data on international and regional markets, key industries, the top companies, new products and the latest trends. Attachment UK Elevators & Escalators Market CONTACT: CONTACT: Laura Wood,Senior Press Manager press@ For E.S.T Office Hours Call 1-917-300-0470 For U.S./ CAN Toll Free Call 1-800-526-8630 For GMT Office Hours Call +353-1-416-8900Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
