UAE’s GreenDome Investments Acquires Elite Co.
DUBAI, United Arab Emirates, Nov. 28, 2021 (GLOBE NEWSWIRE) — GreenDome Investments announced today 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.
“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,” said Saadi Abdul Rahim Hassan Al Rais, Chairman of GreenDome Investments and Managing Director of Rais Hassan Saadi Group.
Elite Co., founded in the 1990s, 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. It has over 1000 staff, 600 trucks and 100,000 square feet of warehouse capacity.
“We are humbled by 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. 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,” said Roney Malhotra, outgoing CEO of Elite Co. and Chairman of Prama Holdings.
GreenDome Investments, headquartered in Dubai, aims to build an integrated 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.
“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,” said Mohammed Sharaf, former Group CEO of DP World and CEO of GreenDome Investments.
“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,” added Sharaf.
“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,” said Hisham Albahar, Incoming CEO of Elite Co.
“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,” added Albahar.
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Saadi Al Rais, GDI Chairman; Roney Malhotra, Chairman of Prama Holdings; Mohammed Sharaf, GDI CEO, Hisham Albahar, Incoming Elite CEO
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