Saudi Arabia’s Elm signs deal to acquire Tabadul’s shares from PIF

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Updated 10 August 2020

Saudi Arabia’s Elm signs deal to acquire Tabadul’s shares from PIF

  • This acquisition will contribute to the realization of Vision 2030 by creating a logistics national champion

RIYADH: Information security company Al-Elm’s (Elm) acquisition of all shares from a Public Investment Fund (PIF)-owned company is set to leverage complementary strengths and enhance competitiveness and expertise to create a one-stop-shop that will cater to the entire logistics value chain in the Kingdom.
Elm announced the signing of a purchase agreement to acquire the entire shares of the Saudi Company for Exchanging Digital Information (Tabadul) from PIF. The closing of transaction is subject to securing required regulatory approvals.
Commenting on the transaction, PIF said: “This acquisition will contribute to the realization of Vision 2030 by creating a logistics national champion and will benefit the KSA economy through integrating the logistics value chain. It is also in line with PIF’s mandate of supporting digital transformation in key sectors in accordance with PIF’s program in this regard.”

 


Coalition destroy Houthi drone targeting Saudi Arabia

Updated 5 min 23 sec ago

Coalition destroy Houthi drone targeting Saudi Arabia

DUBAI: The Saudi-led Arab coalition intercepted a Houthi drone targeting civilian areas in the Kingdom on Friday, state news agency SPA reported.
“Forces of the Arab coalition have destroyed a drone launched by terrorist Houthi militants on civilian areas in the south,” Spokesperson Col. Turki Al-Maliki said.
The Houthis have been accused on numerous occasions of war crimes by targeting residential areas, both in Yemen and Saudi Arabia.