Riyadh Capital, a digital security company owned by Saudi Arabia’s Sovereign Asset Fund, has been hired to advise on a planned initial public offering worth about $ 2 billion.

Familiar circles have revealed that the “Elm” company is targeting It is offering its shares on the Saudi Stock Exchange by next year. She said the initial public offering would see the Kingdom’s public investment fund sell up to 30% of the company.

Sources said the talks were at an early stage and plans could be changed. Bloomberg reports that Elm Company and Riyadh Bank’s investment banking division did not immediately respond to requests for comment, according to Al Arabiya.net.

The public investment fund and other government-controlled companies are moving ahead with plans to accelerate privatization and increase the participation of the private sector in the economy by selling shares in various companies next year.

The other two PFF companies, Thadaul Stock Exchange and ACWA Power, are expected to sell shares on the Saudi Stock Exchange this year, while STC and Saudi Basic Industries Corporation are offering shares in the subsidiaries.

Upcoming deals are an indication that government-controlled companies in Saudi Arabia are increasingly looking for ways to capitalize on investor demand for new offers, in addition to raising money to help fund efforts to diversify the economy.

This is because Saudi Crown Prince Mohammed bin Salman said in an interview with Saudi television last month that public investment fund assets should not be kept.

“We should exclude any mature property,” he said, citing Alam as an example of a PF-controlled company that could sell shares in the future.

Elm has its roots in a research company founded in the 1980s. It has developed a number of online services, including the Absher platform, for the Saudi government, enabling residents and citizens to make transactions such as paying traffic fines.

The Riyadh-based company has also set up a system to restrict the entry of foreign pilgrims to the country to visit Makkah and Madinah.