TKE Alat, the joint venture between Alat and TK Elevator, laid the foundation stone for a new facility to manufacture elevators and escalators, as well as a multi-use facility, in the Third Industrial City in Dammam.
The company plans to invest around SAR 285 million in the facility, which will span more than 40,000 square meters. The plant is set to become the first global elevator and escalator manufacturing site in Saudi Arabia.
According to the company, the project builds on the 160 million euros joint venture launched by Alat and TK Elevator in August 2025.
Alat, a Public Investment Fund subsidiary, and TK Elevator agreed in February to establish a joint venture worth 160 million euros (about SAR 630 million), in addition to Alat’s 15% investment in TK Elevator, according to Argaam data.
TKE Alat, the joint venture between Alat and TK Elevator, laid the foundation stone for a new facility to manufacture elevators and escalators, as well as a multi-use facility, in the Third Industrial City in Dammam.
The company plans to invest around SAR 285 million in the facility, which will span more than 40,000 square meters. The plant is set to become the first global elevator and escalator manufacturing site in Saudi Arabia.
According to the company, the project builds on the 160 million euros joint venture launched by Alat and TK Elevator in August 2025.
Alat, a Public Investment Fund subsidiary, and TK Elevator agreed in February to establish a joint venture worth 160 million euros (about SAR 630 million), in addition to Alat’s 15% investment in TK Elevator, according to Argaam data.
