Elm acquires Thiqah in $907m PIF Deal

Saudi Arabia’s Public Investment Fund (PIF) has signed a $907 million (SAR3.4 billion) agreement to sell Thiqah Business Services Company, a provider of smart technology solutions, to Elm, a leading digital solutions firm.

The deal, pending regulatory approvals, is set to bolster the local information and communication technologies sector and aligns with Vision 2030 goals of fostering digital transformation, innovation, and high-skill job creation.

PIF emphasised that the transaction supports its strategy to localise technology, drive innovation, and strengthen Elm’s position as a national ICT leader. The ICT sector, identified as a strategic priority, underpins key industries such as entertainment, financial services, healthcare, transport, logistics, and renewable energy.

Attribution: Saudi Press Agency (SPA)

Subediting: M. S. Salama