TOKYO, November 21, 2025 - Mitsubishi Electric Corporation (TOKYO: 6503) announced today that it has completed the acquisition of all shares of AG MELCO Elevator Co. L.L.C., an affiliated elevator company based in Dubai, Emirate of Dubai, United Arab Emirates, from Rawafed Almustaqbal Group L.L.C, a 100% subsidiary of Al Ghurair Investment L.L.C.,^* making AG MELCO Elevator a wholly owned subsidiary.

Mitsubishi Electric and its Tokyo-based subsidiary Mitsubishi Electric Building Solutions Corporation are focused on strengthening their elevator maintenance and renewal business, which is expected to see increased demand in the building systems sector, one of Mitsubishi Electric's key growth businesses.

This agreement marks a significant milestone in the long-standing and mutually beneficial relationship between Mitsubishi Electric and Al Ghurair Investment, which has spanned over 50 years since the establishment of AG MELCO Elevator in 1975. Throughout this time, AG MELCO Elevator has built a solid reputation for its services, primarily operating in the Middle East while also expanding its business across a wide range of regions, including South Asia, Africa and Central Asia. This enduring partnership has been instrumental in delivering high-quality solutions, fostering trust and reliability among its clients, and the accumulation of excellent technical skills and know-how in multi-brand maintenance and renewal. Through this acquisition, Mitsubishi Electric and Mitsubishi Electric Building Solutions aim to integrate management resources to facilitate quicker decision-making, thereby enhancing operational efficiency and competitiveness in the Middle East and other regions as part of its global building systems business strategy.

The anticipated impact of the acquisition on Mitsubishi Electric’s consolidated financial results was reflected in its financial forecast for the fiscal year ending March 2026, announced on October 31, 2025. If there are any significant changes, updates will be issued promptly.