TK Elevator, Alat receive approvals to build elevators locally in €160mn JV

GHADA.ISMAIL

Aug 5, 2025

Deal brings local manufacturing, jobs, and innovation hub to Kingdom’s industrial landscape

Riyadh – Sharikat Mubasher: TK Elevator (TKE), a global leader in urban mobility, and Alat, a subsidiary of Saudi Arabia’s Public Investment Fund (PIF), announced receiving all required approvals to close their €160 million joint venture (JV), in a recently published press release.

Alat has also acquired a 15% stake in TKE, becoming a long-term shareholder in the German-headquartered company.

The newly formed venture, first announced in February 2025, will establish its headquarters in Saudi Arabia and begin local manufacturing of elevators, escalators, and moving walkways for the Kingdom and the broader MENA region. It marks the first such facility in Saudi Arabia by a global vertical transportation firm.

Backed by a dedicated product development center and training facility, the JV supports Vision 2030 by localizing high-tech manufacturing, generating skilled jobs, and advancing smart city infrastructure. It will also serve as TKE’s sales and service hub in Saudi Arabia, supporting giga-projects and wider regional demand.

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Sharikat Mubasher: Visa, the global digital payments leader, announced the participation of 22 startups from 12 countries in the fourth cohort of the Visa Africa Accelerator, a 12-week intensive program designed to help startups fast-track their growth and impact.In a statement released today, Visa announced the opening of applications for the fifth cohort, inviting fintech companies with a minimum viable product (MVP) or a market-ready solution based in Africa to apply before August 15.Cohort 4 startups aim to address challenges in Africa’s fintech sector and promote financial inclusion and digital growth by offering solutions in Small and Medium Business (SMB) digitization, lending, cross-border payments, payroll, business-to-business (B2B) payments, AI-powered payments, social commerce, climate insurance, and neo-banking.The Visa Africa Fintech Accelerator provides Africa-focused startups with mentorship, tailored training, networking, and access to the funding and resources they need to scale in the fintech sector.Leila Serhan, SVP and General Manager for North Africa, Levant, and Pakistan at Visa, emphasized Visa’s commitment to fostering innovation and promoting access and inclusion within Africa's financial ecosystem.“As digital transformation accelerates across the continent, we are pleased to invite applications for Cohort 5 of the Visa Africa Fintech Accelerator, in alignment with our mission to support emerging start-ups in advancing their innovative solutions. We are also proud to introduce the participants of Cohort 4, whose diverse initiatives are set to deliver meaningful benefits to individuals, merchants, and businesses,” Serhan said.Moreover, the accelerator program will conclude with an in-person Demo Day, where startups pitch their innovations to key ecosystem players, funding partners, angel investors, and venture capitalists.

TK Elevator, Alat receive approvals to build elevators locally in €160mn JV

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PIF’s Adeera partners with Qiddiya Investment to elevate Saudi hospitality

Riyadh - Sharikat Mubasher: Adeera Hospitality, the national hospitality company owned by the Public Investment Fund (PIF), forged a strategic partnership with Qiddiya Investment Company (QIC) to operate a portfolio of hotels across Qiddiya City.Under this partnership, both parties will join hands to introduce a new hotel management and operations model that elevates the Saudi identity in hospitality experiences, Adeera revealed in a press release yesterday.The partnership perfectly aligns with Vision 2030’s goal of developing the tourism and hospitality sector as a key driver of economic diversification.Adeera also unveiled its portfolio of Saudi-born hotel brands: Alia, an elevated Saudi luxury brand; Sama, a vibrant five-star contemporary lifestyle experience; and Noor, an essential, efficient mid-market concept.Commenting on this milestone, Stefan Leser, CEO of Adeera, said: “This partnership sets the tone for what Adeera was built to do; to power Saudi Arabia’s ambitious hospitality pipeline with living, breathing brands that embody the hospitable Saudi culture. We are not just managing hotels; we are showcasing what Saudi hospitality means on the world stage."For his part, Abdullah AlDawood, Managing Director of QIC, affirmed that the partnership reflects the company’s commitment to delivering exceptional experiences rooted in excellence, quality, and Saudi identity. “Adeera brings the depth, readiness, and Saudi-rooted identity needed to bring our hospitality vision to life. We are leveraging a national champion purpose-built to deliver authentic Saudi hospitality at scale,” he added.Moreover, this collaboration paves the way to develop an integrated tourism infrastructure in Qiddiya City, which is expected to welcome millions of visitors annually from around the world.

Saudi private sector growth eases slightly but remains strong, PMI at 56.3

MUBASHER.SA

TK Elevator, Alat receive approvals to build elevators locally in €160mn JV

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