PIF and Elm Sign Deal for Elm to Acquire Thiqah

Photo : SPA

The Public Investment Fund (PIF) and Elm, a company that provides digital solutions, have agreed that Elm will buy Thiqah Business Services Company. This deal is worth $907 million (SAR 3.4 billion) and focuses on smart technology solutions for businesses. The deal will be completed once the necessary approvals are received and certain conditions are met.

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This deal will help grow the local technology sector, which is an important part of Saudi Arabia's Vision 2030 plan. The goal of this plan is to use digital technology to create jobs and grow the economy. With this acquisition, Elm will become a stronger leader in the technology sector, offering more products and services. This will help bring new ideas and knowledge to the country.

The ICT (Information and Communication Technology) sector is a priority for PIF, as it supports many other industries like entertainment, healthcare, finance, and transportation. Investing in this sector will help these industries grow and improve.

Shahd Attar, who leads technology and media investments at PIF, said: “PIF wants to create strong national companies that will help the Saudi economy grow. This deal will make the technology sector stronger and help bring new ideas to the country.”

Mohammad Abdulaziz Alomair, the CEO of Elm, said: “This is an important deal for Elm. It will help us work better together, save money, and make more profits. By combining the companies, we can offer more smart services to meet the needs of the market. It will also help us improve our products and lower costs.”

This deal shows how PIF is working to build a strong technology sector in Saudi Arabia, helping the country move closer to its goals of digital growth and economic success.

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