DUBAI- GreenDome Investments announced today that it has closed on the acquisition of Elite Co. from Prama Holdings, in a transaction that 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.
Elite Co., a leading fully integrated land freight and courier solutions providers in the Middle East, has state-of-the-art operations and assets across Oman, Bahrain, Qatar, with its regional hub in Dubai, the UAE.
With over 1,000 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.
Headquartered in Dubai, GreenDome Investments 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.
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 centres in the world with an expected growth in the logistics sector of 4.3 percent between 2020 and 2025. The region will play a central role in the global logistics market, which is projected to reach US$6.9 trillion by 2026, expanding at an annual growth rate of 4.6 percent throughout 2021 to 2026.
The region is also witnessing significant expansion in the e-commerce sector, with the market expected to grow by 19 percent to US$50 billion by 2025, in turn driving the growth of e-commerce logistics by 20 percent to US$5 billion by 2025.
© Copyright Emirates News Agency (WAM) 2021.