PIF's Alat and TK Elevator Form Saudi Manufacturing Joint Venture
Alat will make elevators and escalators in the Kingdom and take a 15% stake in Germany's TK Elevator, in the first such production operation by a global firm in Saudi Arabia.
On 24 February 2025, PIF-owned Alat and Germany's TK Elevator announced a EUR 160m (about $167m) joint venture to manufacture end-to-end elevator and escalator solutions in Saudi Arabia, supported by a local product-development centre, the first such production operation in the Kingdom by a global player. As part of the deal, Alat became a significant long-term shareholder, taking a 15% stake in TK Elevator.
The parties confirmed in August 2025 that all statutory and regulatory approvals to close the JV had been received. The tie-up advances Alat's mandate to build a sustainable electronics and industrial manufacturing base under Vision 2030.