Elm eyes expanding in gov’t sector, tech investment opportunities: CEO

Elm Co. adopted a new strategy in early 2024, focused on expanding its presence in the government sector, aiming to help accelerate digital transformation across government entities through specialized units within the company, which work directly with these entities, CEO Mohammad Alomair said.

 

In an interview with Argaam on the sidelines of the Private Capital Forum 2025, the CEO added that Elm previously worked with around 10 to 15 government entities.

 

However, over the next four years, it seeks to expand its reach to a wider range of government bodies across the Kingdom as part of its government expansion phase, he continued.

 

The company is currently establishing internal specialized divisions, each with a specific mandate to serve a particular government sector. Flexibility has become one of the key requirements government entities seek in technology partnerships.

 

According to the top executive, Elm aims to meet this demand through a flexible organizational structure that enables it to respond faster and deliver tailored solutions.

 

The CEO further stated that Saudi Arabia’s regulatory environment has undergone significant legislative developments in recent years, aimed at supporting digital transformation, while also facilitating public-private partnerships. He stressed that leveraging these opportunities requires agility and adaptability, which Elm is actively developing.

 

He also mentioned that the company has an investment arm dedicated to investing in private-sector technology companies. This came as part of a strategy to build an integrated business ecosystem serving the corporate sector through direct investments and acquisitions.

 

Regarding the acquisition of Thiqah Business Services Co., Alomair said the consolidation phase is ongoing, forming joint task forces between Elm and Thiqah to align business development efforts, explore new opportunities, and identify ways to reduce operating expenses and improve profit margins.

 

The top executive emphasized that this merger represents one of Elm’s key strategic enablers. “We believe that the equation between Elm and Thiqah will be (1 + 1 = 3), reflecting the strong complementary potential between the two companies,” he added.

 

As for his outlook on Elm’s performance in Q3 2025, the CEO stated that no financial data is yet available for disclosure, highlighting that the company continues to launch new digital services almost on a weekly basis.

 

Alomair added that the market and investors have high expectations for Elm to successfully execute the merger with Thiqah and deliver added value to shareholders.

 

According to data available with Argaam, Elm finalized in April 2025 the acquisition of the Public Investment Fund’s (PIF) entire stake in Thiqah, or 45,000 shares (100% of capital), at a total value of SAR 3.4 billion (SAR 1,000 per share).