Saudi Arabia’s Public Investment Fund (PIF) announced Wednesday it will sell Thiqah, a business services and digital solutions firm, to Elm Company, a Saudi digital security firm, in a transaction valued at $907 million.
Driving Innovation and Localizing Technology
The deal, part of the Saudi Vision 2030 economic growth plan, aims to strengthen the information and communication technology (ICT) sector, foster high-skilled job creation, and advance digital transformation. The sale will “maximize the local value chain, drive innovation, localize technology, and enhance technical skills,” according to a joint statement from PIF and Elm.
“PIF is committed to enabling the creation of national champions that contribute to the Saudi economy’s growth,” said Shahd Attar, PIF’s head of technology and media for the Middle East and North Africa. “The sale of Thiqah to Elm will enhance the ICT sector’s vital role, localize technology, and spur innovation.”
Strategic Priorities for ICT
PIF emphasized that the ICT sector is central to its broader strategy, enabling other industries such as entertainment, financial services, healthcare, transport and logistics, and renewable energy. With $925 billion in assets under management and 99 portfolio companies, PIF is among the largest sovereign wealth funds globally.
