Saudi PIF, Elm Sign Agreement for Elm to Acquire Thiqah

The Public Investment Fund (PIF) logo
The Public Investment Fund (PIF) logo
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Saudi PIF, Elm Sign Agreement for Elm to Acquire Thiqah

The Public Investment Fund (PIF) logo
The Public Investment Fund (PIF) logo

The Public Investment Fund (PIF) and Elm, a leading digital solutions company, have 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 (SAR3.4 billion).

Completion is expected once regulatory approvals are obtained and certain conditions are satisfied under the agreement.

According to a PIF statement, 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, the statement 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,” Head of Technology and Media, MENA Investments, at PIF Shahd Attar said.

CEO of Elm Mohammad Abdulaziz Alomair 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,” he added.



Royal Commission for Riyadh City Announces 'Riyadh Creative District'

A night view of Riyadh, Saudi Arabia. (SPA)
A night view of Riyadh, Saudi Arabia. (SPA)
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Royal Commission for Riyadh City Announces 'Riyadh Creative District'

A night view of Riyadh, Saudi Arabia. (SPA)
A night view of Riyadh, Saudi Arabia. (SPA)

The Board of Directors of the Royal Commission for Riyadh City (RCRC) announced the launch of the “Riyadh Creative District,” a transformative initiative that aims to position the Saudi capital as a global creative and media hub while reinforcing the Kingdom’s leadership in the creative economy.

The new project is set to become a cornerstone in Riyadh’s evolution into a world-class metropolis, integrating seamlessly with the capital’s major development initiatives, reported the Saudi Press Agency on Thursday.

The project aims to foster a thriving ecosystem where creative minds, industry leaders, and emerging talent can collaborate to develop content and new ideas, drive cultural and technological advancements, and contribute to the Gross Domestic Product (GDP).

The Creative District aligns with Saudi Arabia’s long-term strategic vision by emphasizing the role of media, technology, culture and innovation in economic diversification and sustainable growth.

Minister of State, Member of the Council of Ministers, and CEO of RCRC Eng. Ibrahim bin Muhammad Al-Sultan expressed profound appreciation to the Custodian of the Two Holy Mosques, King Salman bin Abdulaziz Al Saud, and Prince Mohammed bin Salman bin Abdulaziz Al Saud, Crown Prince, Prime Minister, and Chairman of the Royal Commission for Riyadh City, for their continued support of the commission’s projects, which are pivotal in shaping the future of Riyadh and enhancing its global competitiveness.

“The Riyadh Creative District is designed to be a vital extension of the capital’s creative, cultural, and economic landscape, reinforcing the city’s status as a dynamic hub for content creation and innovation. Through this initiative, we are not only establishing an inspiring space for creative industries to thrive, but also providing a gateway for global talent to engage with the Kingdom’s creative economy,” he said.

“This initiative embodies Saudi Arabia’s forward-looking vision to cultivate a knowledge-based society, and develop a globally integrated creative sector that generates sustainable economic and social impact,” he added.

A key milestone in the project’s launch is the signing of a strategic partnership agreement between RCRC and the King Abdullah Financial District (KAFD), ensuring a structured and integrated approach to its implementation. This collaboration is expected to catalyze the expansion of the creative industries in Saudi Arabia, bridging the gap between local and international expertise and fostering cross-sector innovation.

The Creative District is set to redefine the role of creativity in economic development, by offering a dynamic platform that connects designers, artists, entrepreneurs, and technology pioneers. It will serve as an incubator for new business models, cultural enterprises, and digital transformation projects, ultimately reinforcing Riyadh’s position as the regional epicenter for creative excellence.

Beyond GDP contributions, the district will play a crucial role in cultural exchange and community engagement by hosting interactive programs, industry events, and knowledge-sharing initiatives that empower emerging talent and facilitate the exchange of ideas. Its impact is expected to extend beyond Riyadh, influencing the broader Middle East creative ecosystem and elevating the Kingdom’s standing as a destination for investment in the creative economy.

Aligned with the goals of Saudi Vision 2030, the Creative District underscores the Kingdom’s commitment to fostering a globally competitive creative sector, that not only boosts the quality of life but also drives innovation-led economic transformation. By offering a supportive environment for creatives, startups, and established enterprises, the district is poised to shape the future of creative industries in Saudi Arabia, offering new employment opportunities, accelerating digital adoption, and laying the groundwork for a knowledge-driven economy.

With a focus on sustainability and long-term impact, the Creative District will also contribute to Riyadh’s broader urban transformation, integrating smart infrastructure, cutting-edge technology, and sustainable design principles to create an environment where creativity and innovation can flourish. The Creative District will be instrumental in attracting both regional and international investment in the creative industries, ensuring that Saudi Arabia remains at the forefront of global creative and cultural advancements.

As Riyadh continues its journey toward becoming a premier global destination for business, culture, and innovation, the Creative District will serve as a testament to the Kingdom’s unwavering commitment to fostering talent, advancing creative industries, and building a prosperous future driven by ingenuity, collaboration, and forward-thinking policies.