Technology news and insights in the Middle East, South Asia, and Africa
Technology News and insights in the Middle East, South Asia, and Africa
The Public Investment Fund (PIF) and Elm have signed an agreement for Elm to acquire Thiqah Business Services for $907 million. The acquisition will strengthen the Saudi ICT sector, support Vision 2030’s digital transformation goals, and enhance the development of advanced national smart services and technologies.
Saudi Arabia’s Public Investment Fund (PIF) has sold Thiqah Business Services to Elm for 3.4 billion Saudi riyals ($907 million). This sale is part of PIF’s strategy to strengthen reserves and focus on local investments in anticipation of Saudi Arabia’s economic transformation under the Vision 2030 plan.
The Public Investment Fund (PIF) of Saudi Arabia completed the sale of 100 million shares in Saudi Telecom Company (stc), raising $1.03 billion. The oversubscribed offering marks the largest accelerated bookbuild in Saudi Arabia and the MENA region. PIF retains 62% of stc’s shares as part of its strategic capital recycling plan.