Elm, a PIF portfolio company, sees the acquisition as a pivotal step. “This transaction enhances integration, rationalizes spending, and increases profitability,” said Mohammad Abdulaziz Alomair, CEO of Elm. “It will enable the creation of advanced national smart services to meet market demands and client needs while achieving economies of scale.”
Alignment with Vision 2030
The sale aligns with the goals of Vision 2030 by boosting technical capabilities and fostering innovation in Saudi Arabia. The integration of Thiqah’s services into Elm is expected to facilitate innovative operations and provide cost advantages.
While counsel details for the transaction were unavailable, the deal underscores PIF’s strategy to position the ICT sector as a cornerstone of Saudi Arabia’s digital and economic future.
