(This Feb. 24 story has been corrected to say 160 million euros, not $160 million, in paragraph 1) (Reuters) - Saudi Arabia's new advanced industries firm Alat has bought a 15% stake in Germany's TK Elevator and unveiled a 160 million euros ($166.

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Saudi Arabia's new advanced industries firm Alat has bought a 15% stake in Germany's TK Elevator and unveiled a $160 million joint venture for elevators and escalator solutions, the companies said on Monday.