On Feb 24, Saudi Arabia's new advanced industries firm Alat acquired a 15% stake in Germany's TK Elevator and announced a joint venture valued at 160 million euros ($166.62 million) for elevator and escalator solutions. Alat, spearheaded by Saudi crown prince Mohammed bin Salman, aims to propel the kingdom as a global hub for electronics and advanced industries. The deal will make Alat a direct shareholder of TK Elevator and part of the existing investment consortium, with the transaction anticipated to be finalized by the third quarter. The joint venture, set to be based in Saudi Arabia, will focus on local manufacturing of elevators, escalators, and moving walks. In 2020, Thyssenkrupp of Germany concluded a 17.2 billion euro sale of its elevator division, subsequently rebranded as TK Elevator, to private equity firms. (Note: $1 = 0.9602 euros)