Saudi Arabia’s Public Investment Fund (PIF) and Elm, a leading digital solutions provider, have entered into a share sale and purchase agreement, marking the acquisition of Thiqah Business Services Company by Elm for $907 million (SAR 3.4 billion). The deal is set to finalize once regulatory approvals and certain conditions are met, as stated in a PIF announcement.
This acquisition will significantly contribute to the growth of Saudi Arabia’s ICT ecosystem, in alignment with PIF’s broader strategy to support Vision 2030. The transaction is designed to fuel the development of high-skilled jobs and further drive the nation’s economic growth through digital transformation.
By strengthening Elm’s position in the ICT sector, the deal will facilitate the localization of technology and knowledge, enabling Elm to provide an expanded range of ICT products, services, and devices at the national level. The deal also aligns with PIF’s priority to invest in key sectors like entertainment, healthcare, transport, logistics, financial services, and utilities, with ICT playing a crucial role as an enabler.
Shahd Attar, Head of Technology and Media, MENA Investments at PIF, stated, “PIF is committed to fostering national champions that drive the growth of the Saudi economy. The sale of Thiqah to Elm will play a vital role in the development of the ICT sector, strengthening efforts to localize technology and stimulate innovation.”
Mohammad Abdulaziz Alomair, CEO of Elm, remarked, “This acquisition is a significant milestone for Elm, enhancing our ability to integrate services, reduce spending, increase profitability, and drive innovation. The combined entity will be better positioned to create advanced smart services, develop innovative products, and achieve economies of scale to meet market demands.”
