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(Bloomberg) -- Saudi Arabia’s sovereign wealth fund is selling a technology services firm for 3.4 billion riyals ($907 million), boosting its coffers as it prepares to ramp up local spending.

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The Public Investment Fund will sell Thiqah Business Services Co. to Elm Co., according to a statement on Wednesday. The deal will consolidate two companies working on providing digital services in the kingdom.

Elm said it would fund the transaction through its own resources and facilities.

PIF, as the Saudi fund is known, owns a 67% stake in Elm after it sold shares in the company to the public in 2022. Elm’s stock has risen over 800% since then.

Information and communications technology is a priority investment sector for the $925 billion PIF.

The wealth fund raised $7 billion from a group of 20 banks earlier this month. It has said that it will boost annual investment spending to as much as $70 billion from next year.

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