Reported about 6 hours ago
Alat, a branch of Saudi Arabia's sovereign wealth fund, has acquired a 15% stake in TK Elevator and announced a joint venture aimed at producing escalators and moving walkways domestically. This initiative is part of the kingdom's strategy to enhance local manufacturing capabilities as it seeks to diversify its economy away from oil under Vision 2030. The new venture, headquartered in Saudi Arabia, intends to manufacture products for various large-scale construction projects, with the transaction expected to be finalized by the third quarter.
Source: YAHOO