Dubai: GreenDome Investments has bought the logistics and courier firm Elite Co. from Prama Holdings. The deal represents is the “first of many acquisitions” by
GreenDome Investments, a logistics-focussed investment vehicle.
Elite Co., founded in the 1990s by the late Pravir Malhotra, is a highly specialized overland freight and courier services business, and has operations and assets across Oman, Bahrain, Qatar and the UAE, with its regional hub in Dubai. It has 600 trucks and 100,000 square feet of warehouse capacity.
“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.
GreenDome shareholders is backed by UAE-based Rais Hassan Saadi Group and 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.
The Middle East represents one of the fastest growing trade zones and with an expected growth in the logistics sector of 4.3 per cent between 2020 and 2025.
There is also the even greater growth for the ecommerce space, which requires more logistics services and capacity. The market is expected to grow by 19 per cent to $50 billion by 2025, in turn driving the growth of e-commerce logistics by 20 per cent to $5 billion by 2025.