SAUDI ARABIA —A major digital transformation deal in the Middle East will see government commercial systems modernised via a public-private revenue-sharing scheme. Thiqah Business Services, an enterprise specializing in smart e-services and smart web solutions, will oversee the development, maintenance, and operational delivery of digital portals for the Saudi Ministry of Commerce over a five-year tenure beginning September 2026. The vendor’s parent organization, Elm Company, is a Riyadh-headquartered provider of digital solutions, secure e-services, and tech-enabled consultancy primarily servicing Saudi public and private sector clients.
This commercial agreement replaces an existing framework between the parties with enhanced commercial terms designed to optimize service deployment. Unlike fixed-cost IT procurements, this engagement ties financial remuneration directly to end-user transaction volumes. The model provides an operational blueprint for sovereign digital transformation initiatives, aligning contractor incentives with platform uptime, service efficiency, and user adoption rates.
The agreement impacts commercial entities, regulatory bodies, and digital technology vendors operating in the Gulf Cooperation Council region. Digitizing state commercial services streamlines company registration, licensing, and compliance processes for local and international businesses entering the market. For solution providers, the performance-linked structure highlights a growing trend among regional authorities to shift digital infrastructure spending from upfront capital expenditure toward output-based operational expenditure.
For enterprise investors, the strategic enterprise agreement strengthens Elm Company’s revenue visibility and demonstrates tangible revenue synergies following its acquisition of Thiqah Business Services. Projecting an annual revenue contribution equivalent to nearly one-fifth of Elm Company's 2025 audited top-line figures, the long-term contract reinforces the group’s dominant market position in regional government technology services while minimizing fiscal exposure for state authorities.
