Atlas Elevators Acquires 11,250 M² in Riyadh Expansion

Atlas National Elevators Factory Co., a 99%-owned subsidiary of Atlas Elevators General Trading and Contracting Co., acquired usufruct rights — allowing it to use and benefit from property while ownership belongs to another — for a 11,250-m² plot in Riyadh’s Second Industry City from Saudi Kuwaiti Furniture Manufacturing Co., argaam reports. The SAR12.5-million (US$3.3 million) deal will allow Atlas Elevators to set up a factory and enhance its position in the competitive Saudi market once the factory becomes operational by the end of this year. The deal includes all buildings and related assets, including equipment, air-conditioning systems and electrical installations.