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.