Via Pramod Kumar in agbi.com: Alat, a Public Investment Fund-backed manufacturing company, is setting up a €160 million ($168 million) joint venture with Germany’s TK Elevator to manufacture lifts and escalators in Saudi Arabia, the German company said in a statement. Alat, which was launched in February last year by Saudi Crown Prince Mohammed bin Salman, has acquired a 15 percent stake in the Dusseldorf-based TK Elevator, becoming a direct shareholder, the company said. The deal is expected to close by the third quarter of the year. The new entity will have its headquarters in Saudi Arabia and will manufacture lifts, escalators and moving walkways in the kingdom for the region’s giga-projects and other large-scale developments. In February 2020 Germany’s Thyssenkrupp sold its elevator division, later renamed TK Elevator, for €17.2 billion.
