Riyadh, April 21, 2025
Elm, a pioneer in digital solutions,, today announced the successful completion of all regulatory procedures related to its acquisition of the Public Investment Fund's full stake in Thiqah Business Services Company. This follows a share purchase agreement signed by both parties on January 22, 2025.
With this transaction, Thiqah officially becomes a wholly owned subsidiary of Elm, while continuing to operate its services and maintain existing business relationships—positioning both companies for a new chapter of effective integration.
The acquisition marks a pivotal step in Elm's journey toward a more integrated business model. It expands the company's network of specialized partnerships and strengthens its capabilities in delivering digital solutions aligned with evolving customer expectations and market demands. It also underscores Elm's maturity as a national enabler with the agility to leverage growth and respond to the dynamic needs of business ecosystems, both locally and internationally.
Mohammad Al Omair, CEO of Elm, commented:
''Acquiring Thiqah is a strategic milestone that opens new avenues for growth and market presence. This is an opportunity to tap into Thiqah's strengths—particularly its talented workforce and global partnerships—which will enhance our ability to provide cutting-edge digital solutions. Through our Strategy 4.0, we aim for acquisitions to contribute around 20% of our revenues over the next five years, supporting our focus on non-organic expansion across promising local and regional markets''.
He added:
''Welcoming Thiqah under Elm's umbrella unlocks fresh opportunities to deliver forward-looking solutions built on innovation—solutions that align with market aspirations and support the goals of Saudi Vision 2030. This step reinforces Elm's role as a digital catalyst, keeping pace with the evolving needs of clients across sectors''.
Elm also expressed appreciation to Thiqah's Board of Directors for their efforts in building the company's presence in the digital business sector and preparing it for this new chapter of integration and growth under Elm's leadership. The company reaffirmed its commitment to nurturing this partnership in line with its future vision and ambitions for promising local and regional markets.
This acquisition stands as a real-world testament to Elm's mission to build an advanced national digital ecosystem that supports the growth of the digital economy and contributes to the goals of Saudi Vision 2030—particularly in the areas of technology localization and the knowledge economy.