Saudi’s PIF partners with German elevator factory with $168M investment

Alat, the Public Investment Fund’s technology and manufacturing company, is partnering with Germany’s TK Elevator to manufacture elevators, escalators, and moving walkways in Saudi Arabia.

The $168 million investment in the local venture coincides with Alat’s acquisition of a 15% stake in the German company, which had $9.75 billion in sales last year. The new Saudi unit aims to meet growing demand from the kingdom’s giga-projects and large developments across the region.

The move aligns with Riyadh’s strategy to expand local manufacturing. Earlier this month, Alat and Lenovo broke ground on a new facility that will produce millions of laptops, desktops, and servers, creating up to 15,000 direct jobs.