• The transaction will strengthen the ICT ecosystem: a key enabler of Saudi Vision 2030 and a pillar for digital transformation

RIYADH: PIF and Elm, a leading digital solutions company, today signed a share sale and purchase agreement for Elm to acquire Thiqah Business Services Company – a firm specializing in smart technology solutions for business services – in a deal valued at $907 million (SAR 3.4 billion). Completion is expected once regulatory approvals are obtained and certain conditions are satisfied under the agreement.

The transaction will further support a thriving local information and communication technologies (ICT) ecosystem and contribute to PIF’s strategy which aligns with the Vision 2030 aim of using digital transformation to create the high-skills jobs of the future and further grow the Saudi economy. The deal will enhance the growth of the ICT sector, drive innovation, and localize technologies and knowledge by strengthening Elm to lead the sector at the national level, maximizing the value chain by providing a wide range of ICT products, services and devices.

The ICT sector is among PIF’s strategic priority investment sectors, being a key enabler of other key sectors, including entertainment, financial services, healthcare, transport and logistics, and utilities and renewables.

Shahd Attar, Head of Technology and Media, MENA Investments, at PIF, said: “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, said: “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.”

ABOUT PIF

The Public Investment Fund (PIF) is one of the largest and most impactful sovereign wealth funds in the world. Since 2015, when the board was reconstituted and oversight transferred to the Council of Economic and Development Affairs, PIF’s board of directors has been chaired by His Royal Highness Crown Prince Mohammad bin Salman bin Abdulaziz, Prime Minister, Chairman of the Council of Economic and Development Affairs, and Chairman of the Public Investment Fund. PIF plays a leading role in advancing Saudi Arabia’s economic transformation and diversification, as well as contributing to shaping the future of the global economy. Since 2017, PIF has established 99 companies. PIF is building a diversified portfolio by entering into attractive and long-term investment opportunities in 13 strategic sectors in Saudi Arabia and globally. PIF's strategy, as set out in the PIF Program 2021-2025 – one of the Vision 2030 realization programs – aims to enable many promising sectors and contribute to increasing local content by creating partnerships with the private sector. PIF works to transfer technologies and localize knowledge to build a prosperous and sustainable economy domestically. As the investment arm of Saudi Arabia, PIF looks to make unique investments, and is building strategic alliances and partnerships with significant international institutions and organizations, which contribute to achieving real long-term value for Saudi Arabia, in line with the objectives of Vision 2030. PIF has also created an operational governance model that reflects its main tasks and objectives, in line with best international practices. Applying this model of governance enhances the level of transparency and effectiveness in decision-making and future progress.

More information about PIF can be found at: www.pif.gov.sa

Emma Mikus: + 966559504792 / emikus@pif.gov.sa

Media Contact: media@pif.gov.sa

ABOUT ELM

Elm is one of the leading digitization companies in the Kingdom of Saudi Arabia, playing a pivotal role in laying the foundations of a technical system that accelerates digital transformation. It leverages best global practices and methodologies to keep pace with the human demand of living a digitally smart life with the best competitive solutions. Elm continues establishing its presence as the first digital partner of various institutional clients and individuals. Currently, it has garnered the confidence of more than 30 million actual users and over 700 thousand business customers within the private sector. Elm adopts an IT localisation approach, provides more flexible and inclusive business models, manages more than 50 brands across different sectors, manages more than 250 projects annually and carries out approximately two billion operations annually.