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

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

The NewsAlat, 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 lar…