UAE’s GreenDome Investments Acquires Elite Co.

GreenDome Investments has announced that it has closed on the acquisition of Elite Co. from Prama Holdings. Elite Co. is a leading fully integrated land freight and courier solutions providers in the Middle East.

The transaction represents one of the region’s largest acquisitions in the logistics market and is the first of many acquisitions by GreenDome Investments, a logistics investment vehicle owned by regional industry leaders.

Saadi Abdul Rahim Hassan Al Rais, Chairman of GreenDome Investments and Managing Director of Rais Hassan Saadi Group said: “The acquisition of Elite Co. represents our first transaction as we embark on a journey to build an integrated, customer-centric and technology focused end-to-end global logistics services business.

"We intend to support the region’s fast-paced economies while expanding our offering beyond the Middle East.”

Elite Co., founded in the 1990s by the late Pravir Malhotra, is a highly specialized overland freight and courier services business, and has state-of-the-art operations and assets across Oman, Bahrain, Qatar and the United Arab Emirates, with its regional hub in Dubai.

With over 1000 staff, 600 trucks and 100,000 square feet of warehouse capacity Elite Co. has progressively expanded its network over the past two decades by supporting customer and partners with a full spectrum of land logistics, including unique bonded services and multiport clearance options. Elite Co. serves a diverse client base including financial institutions, e-commerce, retail, oilfield, and automobile industries.

Roney Malhotra, outgoing CEO of Elite Co. and Chairman of Prama Holdings said: “We are humbled of what we have built over the past twenty years and we could not have found a better suited investor to take Elite Co. into its next phase of its growth.

Watch Highlights: Future of Logistics Conference Dubai

"GDI’s ambition to build a regional end-to-end logistics champion with global reach is inspiring and we are pleased that Elite will be the foundation from which this vision is realized.”

GreenDome Investments, headquartered in Dubai, aims to build an integrated end-to-end logistics services powerhouse to tap into the Middle East and the world’s growing logistics and e-commerce industry.

The company is backed by regional industry leaders, including UAE based Rais Hassan Saadi Group and the Sharaf Group, and Logipoint, a subsidiary of Saudi Industrial Services Company, SISCO, a listed company on the Saudi Arabia stock exchange.

Mohammed Sharaf, former Group CEO of DP World and CEO of GreenDome Investments said: “We see tremendous opportunity in the Middle East, as well as the broader global logistics industry, and we intend to leverage our decades of experience and expertise to build, through M&A, a globally integrated freight, courier, and contract logistics businesses.

“We aim to offer unparalleled services to regional and global markets, while we support partners and customers to unlock and create value. In addition, the growing e-commerce sector, both regionally and globally, represents an important growth segment we intend to capitalize on.”

As a strategic hub for international trade, and at the cross-roads between the East and West, the Middle East represents one of the fastest growing trade centers in the world with an expected growth in the logistics sector of 4.3% between 2020 and 2025.

The region will play a central role in the global logistics market, which is projected to reach $ 6.9 Trillion by 2026, expanding at an annual growth rate of 4.60% throughout 2021 to 2026.

The region is also witnessing significant expansion in the e-commerce sector, with the market expected to grow by 19% to $50 billion by 2025, in turn driving the growth of e-commerce logistics by 20% to $5 billion by 2025.

Hisham Albahar, Incoming CEO of Elite Co. said: “Elite Co. is well positioned to capitalize on the projected growth in the e-commerce sector as well as the broader express courier market, both in the Middle East and around the world.

"We will capture value from the industry’s growth by strengthening our network and offering, while also exploring global growth opportunities.

"With the fourth industrial revolution upon us, we expect to see significant disruption and opportunity in the end-to-end logistics industry, and we intend to build on Elite Co.’s existing technology and expertise to improve efficiency, drive down costs and offer customer-centric solutions.

"Importantly, we will work closely with partners and customers to unlock value through sophisticated digital ecosystems to optimize supply chains.”

Read More: Congestion: There is Much More to It Than Port or Terminal Efficiency