Elm provides digital solutions in Saudi Arabia. In 2024, the company’s revenues grew by 25.6% to $2 billion. In February 2025, it signed a preliminary term sheet to increase its ownership of Smart National Solutions to 40%. In April 2025, it completed the acquisition of PIF’s entire stake in the Thiqah Business Services Company, a provider of smart technology solutions, in a deal worth $907 million. PIF is the major shareholder in Elm, with a 67% stake.