TKE and Alat Successfully Close KSA Partnership and JV

TK Elevator (TKE), headquartered in Dusseldorf, Germany, and Alat, a Saudi Public Investment Fund (PIF), successfully closed a strategic partnership investment and EUR160-million (US$184.6-million) joint venture (JV), TKE announced on August 4. Alat now has a 15% stake in TKE, attesting to TKE’s “operational strength and compelling long-term value creation potential.” Headquartered in the Kingdom of Saudi Arabia (KSA), the JV will, over time, manufacture and provide elevator and escalator solutions in the KSA and the greater Middle East and North Africa region. Supported by a local product development center, the JV will be the first elevator and escalator manufacturing operation in KSA by a global company, fully aligned with PIF’s economic diversification agenda. The JV will serve as an innovation hub, product development center and training facility.