PIF-backed Elm opens Oman office
New Oman office Elm's first Middle East office outside Saudi Ara
#Oman #corporate - Saudi Arabia's Public Investment Fund-backed digital solutions leader Elm Company has opened its first full Middle East office outside the Kingdom in Muscat. The move follows Elm partnerships formed with Oman Investment Authority, the Ministry of Transport, Communications and Information Technology, and the government technology group ITHCA. Elm's expansion aims to support Oman’s digital transformation efforts and drive its business across public and private sectors. Listed on the Saudi stock exchange, Elm provides digital solutions to government entities, businesses, and society and recently acquired PIF-owned Saudi professional services firm Thiqah Business Services for SAR 3.4 billion ($907 million).
SO WHAT? - The Omani government’s ITHCA Group has signed a number of agreements with Saudi organisations over the past three years, under a strategic agreement with the Kingdom's Ministry of Communications and Information Technology. The Sultanate aims to benefit from Saudi Arabia’s experience and expertise in artificial intelligence, cloud computing, digital government services and e-commerce. Elm is already working with the Omani government on digital transformation and will be able to bring technology and services to bear from other PIF technology companies when needed.
Some key points regarding Elm’s Oman expansion:
Public Investment Company (PIF) technology and services company Elm has officially opened its Muscat office in an event held under the patronage of Oman’s Minister of Transport, Communications and Information Technology Eng. Said bin Hamoud Al Maawali, co-hosted with Elm CEO Mohammad Abdulaziz Alomair and Saudi Arabia’s Ambassador Ibrahim bin Saad Bishan.
The expansion builds on established partnerships with Oman Investment Authority, the Ministry of Transport, Communications and Information Technology, and the ITHCA Group (Oman Information and Communication Technologies Group). Elm also has a number of strategic digital transformation contracts with government entities. Last year, the Supreme Judicial Council of Oman selected Elm as its lead partner for digital strategy and consulting.
Elm opened its European headquarters in London in 2023 (Elm Europe Limited), but the new Oman office appears to be the first full Elm office to open in the Middle East outside of Saudi Arabia.
The company operates major Saudi government platforms including Absher citizen services system supervised by Saudi Arabia’s Ministry of Interior and Nusuk pilgrimage platform owned by Ministry of Hajj and Umrah. Earlier this year Elm acquired Saudi professional services firm Thiqah Business Services for SAR 3.4 billion.
Elm’s Muscat office will focus on developing localised high-value solutions, creating employment opportunities, facilitating knowledge transfer and supporting advanced digital infrastructure development across Oman.
The opening of Elm’s Oman office follows multiple technology agreements signed by ITHCA Group with Saudi firms over the past three years, focusing on cloud computing, digital government services, e-commerce applications and delivery platforms.
Meanwhile, Saudi Arabia is seen as an opportunity for Omani companies. For example, Unmanned Traffic Management (UTM) System provider SERB (formerly AirGo) entered the Saudi market in 2023 after raising $2.7 million in Seed funding let by investors from the Kingdom.
ITHCA Group, established in 2019, integrated companies including Oman Broadband, Oman Technology Fund, Oman Towers and Space Communication Technologies to support fourth industrial revolution technologies and necessary infrastructure investments.
ZOOM OUT - Traditionally seen as consumers of technology, rather than producers, the GCC states are increasingly packaging up their technology experience and expertise and delivering projects outside national borders. This trend is backed by government ambition to create new non-oil revenue streams and capitalise on the huge investment made in digital transformation at home. This year has seen Abu Dhabi-based G42 Group drive business across four continents, with high profile government-backed deals in France, Italy and the USA. Meanwhile, Saudi Arabia launched HUMAIN, as a global AI company to drive local and international business across the technology value chain. The new Saudi group has already launched a global data centre joint venture with AI infrastructure firm AMD.
[Written and edited with the assistance of AI]