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March 27, 2012

Otis Announces Six Contract Wins for the King Abdullah Financial District in Saudi Arabia

FARMINGTON, Conn. - Otis Elevator Company Saudi Arabia Ltd., an affiliate of Otis Elevator Company, a unit of United Technologies Corp. (NYSE:UTX), today announced that it has won six contracts to supply and install 263 elevators, including 10 double-deck elevators, and 90 escalators to different buildings in the King Abdullah Financial District in Riyadh, Saudi Arabia. The King Abdullah Financial District is designed to be the world's first newly developed major financial district of the 21st century and represents the latest stage in a carefully planned and implemented program of financial modernization by Saudi Arabia.

“With these wins, Otis builds upon a heritage of leadership and innovation in Saudi Arabia,” said Otis President Pedro Baranda. “We are honored to be a part of these structures and the world’s newest financial center and look forward to a continued partnership with the Middle East’s premier financial district.”

Two of the tallest structures in the District, the KAFD World Trade Centre and Gulf Cooperation Council (GCC) Bank Headquarters, the Gulf region’s governing financial institution, will include Otis elevators and escalators. Otis will install 25 elevators and eight escalators in the KAFD World Trade Centre and 30 elevators and four escalators in the GCC Bank Headquarters.

Otis double-deck elevators will play a critical role at both the KAFD World Trade Centre and GCC Bank Headquarters. Double-deck elevators save space in a building, allowing room that would otherwise be needed for elevator use to be used as rentable space. Depending on the building and its needs, double-deck elevators can save up to 40 percent of the space required by traditional elevators while increasing transportation capacity by up to 30 percent. In addition, Otis double-deck elevators enable building developers to create taller structures with a more limited ground-level footprint.

At 300-meters tall, the KAFD World Trade Centre will include four amenity levels centered on the Otis double-deck elevators. It is scheduled to be completed in late 2012. At GCC Bank Headquarters, the building’s functional and spatial arrangements have been carefully considered to support the business activities of its occupier. Three sky-lobbies, accessed by Otis double-deck elevators, will ensure amenity floors are easily reached from any of the tower’s 53 stories.

Otis products have been selected by other global trade and financial centers, including the Shanghai World Financial Center in China and both the World Trade Center Transportation Hub and 7 World Trade Center in lower Manhattan.

Otis Elevator Company is the world's largest manufacturer and maintainer of people-moving products including elevators, escalators and moving walkways. With headquarters in Farmington, Connecticut, Otis employs 60,000 people, offers products and services in more than 200 countries and territories and maintains over 1.8 million elevators and escalators worldwide. United Technologies Corp., based in Hartford, Connecticut, is a diversified company providing high technology products and services to the building and aerospace industries.

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