TKE ALAT Joint Venture Announces Development Update on Saudi Arabia Facility

TKE ALAT, the joint venture between TK Elevator (TKE) and Alat, a public investment firm building industrial capabilities in priority sectors, has confirmed the location and construction partners for its planned elevator and escalator manufacturing facility in Saudi Arabia. The 40,000-m² multi-purpose facility will be developed in Dammam’s Third Industrial City, under the management of the Saudi Authority for Industrial Cities and Technology Zones. Construction will be carried out by Advance Construction Solutions Co. for Projects. The facility is expected to be completed by the end of 2027. “This milestone marks a major step forward in realizing the EUR160 million (US$187.4 million) joint venture established by TKE and Alat in August 2025,” the companies said in a joint press release. The press release also noted the facility is expected to be the first elevator and escalator manufacturing operation in Saudi Arabia by a global company.