TKE ALAT to Invest SAR 285m in Dammam Manufacturing and Multi-Purpose Facility – First TK Elevator Site to Produce Low-, Mid-, and High-Rise Elevators and Escalators in One Location

Riyadh (Saudi Arabia) / Düsseldorf (Germany), June 10, 2026 – TKE ALAT, a joint venture between TK Elevator (TKE), a global provider of vertical transportation and urban mobility, and Alat, a Public Investment Fund (PIF) company focused on developing advanced manufacturing capabilities within Saudi Arabia, today celebrated a groundbreaking ceremony for a new elevator and escalator manufacturing and multi-purpose facility in Dammam’s Third Industrial City. The joint venture plans to invest approximately SAR 285 million (c. €65 million/$76 million) in the site, which will cover more than 40,000 m². Completion is expected by the end of 2027.

The facility is expected to be the first elevator and escalator manufacturing operation in Saudi Arabia by a global company. The multi-purpose site is planned to serve as a manufacturing and innovation hub, featuring a product-development center and a training facility that complements TKE’s SEED Campus. In addition to production, the partnership plans to establish a regional International Technical Services team with the intent to provide technical support and third-party maintenance under the TKE Universal Service proposition.

“Saudi Arabia is a strategic priority market for TK Elevator. Our transformational joint venture with Alat underscores the scale of our ambition in the country where we have been present for more than 40 years. This facility will be TKE’s first to manufacture low-, mid-, and high-rise elevators as well as escalators under one roof anywhere in the world, creating highly skilled jobs and contributing sustainably to Saudi Vision 2030,” said Ercan Keles, CEO Middle East, TK Elevator. “To create a strong and sustainable local talent pipeline, we will build local capabilities and expertise across manufacturing, engineering, logistics, and services.”

“This multi-purpose manufacturing facility will enable local development and production of world-class elevators and escalators, fulfilling the growing market demands of Saudi Arabia and the MENA region,” said Dr. Muhammad Aldawood, Acting CEO of Alat. “As a key part of Saudi Arabia's transformation into a modern manufacturing hub, the construction of this new facility is an important milestone in bringing advanced global manufacturing operations to the Kingdom.”

As confirmed in May 2026, the location in Dammam is under management of the Saudi Authority for Industrial Cities and Technology Zones (MODON). The contractor team is Advance Construction Solutions Company for Projects (ZODCON), which is a subsidiary of Advanced Building Industries Company "Senaat".

This milestone marks a major step forward in realizing the €160 million joint venture established by TKE and Alat in August 2025. For Alat, the partnership represents another step in its strategy to position Saudi Arabia as a global hub for sustainable, advanced manufacturing, while accelerating industrial development and capability building within the Kingdom. For TKE, the joint venture supports its long-term growth ambitions in one of the world's most dynamic urban mobility markets and reinforces the company’s dedication to improving urban life with innovative solutions and services for urban mobility.

PRESS IMAGES
can be downloaded here (Source: TK Elevator).

_{Image 1: Muhammad Aldawood (Acting CEO), Ercan Keles (Chairman / CEO ME), Karsten Hoppe (President of Building & Heavy Equipment), Jose Ramos (CEO), Abdulqader AlSobaihi (Board Member & VP Governance), Yousef Zmeter (Acting Head of Corporate Development), Justus Kloeker (VP, Business Operations & Value Creation), Mohamed Alami (VP, Business Development), Samer Abunijem (Director, Board Secretariat), Abdulrahman Alhashmi (Director, Marketing), Jeffery Chen (COO), Ahmed Mhanna (Managing Director), Dennis Zimmerman (Program Director JV), Ahmad Aljaafar (HR & Admin Manager), Mohammad Hatamleh (CFO), Bassel Chehadeh (PMO), Rami Yaseen (Project Manager), Carlos Serraller (Legal Counsel), Lama AlGhamdi (Snr. Communication & Corporate Branding Executive), Bushra AlMaghrabi (Executive Assistant)}

ABOUT TKE ALAT
TKE ALAT is a €160 million joint venture established by TKE, a global leader in vertical urban mobility and Alat, a Public Investment Fund (PIF) company building advanced manufacturing capabilities in priority sectors. The company was formed in August 2025 to address the growing vertical urban mobility needs of Saudi Arabia and the wider Middle East and North Africa (MENA) region. tkelevator-alat.com

ABOUT TK ELEVATOR
TK Elevator (TKE) is a global leader in vertical transportation and urban mobility. We provide engineering that keeps the world moving, including design, installation, and maintenance of elevators, escalators, walkways, lifts, passenger boarding bridges, stairlifts, platform lifts and home elevators – including multi-brand modernization and service any place, any time. With TK Elevator’s AI and digital solutions there are no longer any limits to urban mobility. TK Elevator became independent following its separation from the thyssenkrupp group in 2020. The company achieved sales of €9.2 billion in fiscal year 2025. With around 50,000 employees, 25,000 service technicians and over 1,000 support centers globally, we are moved by what moves people. TKE – Move Beyond.