Atlas Elevators Approves Establishment of Joint Venture Company

Atlas Elevators Company for General Trade and Contracting announced on Sunday that its Board of Directors has approved the establishment of a mixed limited liability company with a capital of SAR 100,000. The new venture will be formed in partnership with Atlas Electromechanical Company, an Egyptian-based entity. Atlas Elevators will hold a 40% stake, while Atlas Electromechanical Company will own the remaining 60%.

The new company will focus on elevator installation and maintenance, complementing Atlas Elevators’ core activities. The participation value will be financed from Atlas Elevators’ internal resources. The necessary incorporation procedures will be carried out with the Ministry of Investment and the Ministry of Trade.

This strategic move aligns with the company’s long-term vision of growth, business expansion, and investment enhancement. Further updates will be provided as developments unfold.