Riyadh – Sharikat Mubasher: PIF and Elm, a prominent digital solutions company, announced signing an agreement for Elm to acquire Thiqah Business Services Company, a specialist in smart technology solutions for business services.
The transaction, valued at $907 million (SAR 3.4 billion), is subject to regulatory approvals and the fulfillment of certain conditions outlined in the agreement, according to the official press release.
This acquisition aims to bolster the local information and communication technologies (ICT) ecosystem, aligning with PIF’s Vision 2030 strategy to leverage digital transformation for creating high-skilled jobs and driving economic growth in Saudi Arabia.
By strengthening Elm’s position as a national leader in the sector, the deal will foster innovation, localize technology, and expand the ICT value chain through diverse products, services, and solutions.
As a strategic priority for PIF, the ICT sector plays a critical role in enabling advancements across other industries, including entertainment, financial services, healthcare, transport, and logistics, as well as utilities and renewables.
Shahd Attar, Head of Technology and Media, MENA Investments, at PIF, stated: “PIF is committed to enabling the creation of national champions which contribute to driving the development and growth of the Saudi economy. PIF’s sale of Thiqah to Elm will contribute to enhancing the vital role of the ICT sector and will strengthen efforts to localize technology and drive innovation.”
Mohammad Abdulaziz Alomair, CEO of Elm, added: “This is an important transaction for Elm, as it enhances integration, rationalizes spending, increases profitability, and provides qualitative advantages for both parties and the market. The combined integrated entity will be better able to create advanced national smart services to serve market requirements and clients’ needs. It will also contribute to facilitating innovative operations and capabilities to develop products in the business field with cost advantages while achieving economies of scale.”