UAE-based GreenDome Investments has acquired land freight and courier solutions provider Elite Co from Prama Holdings for an undisclosed sum as it seeks to tap into the region's fast growing logistics market.
The deal is in line with GreenDome Investments' aim to build an end-to-end global logistics services business in the region, the company said in a statement on Sunday.
Elite Co is a specialised 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 employs more than 1,000 staff, and has 600 lorries and 100,000 square feet of warehouse capacity.
“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, chief executive of GreenDome Investments and former group chief executive of DP World.
“In addition, the growing e-commerce sector, both regionally and globally, represents an important growth segment we intend to capitalise on.”
The UAE's logistics industry has benefited tremendously as e-commerce penetration improves in the region in the wake of the Covid-19 pandemic. The country's e-commerce market grew by 53 per cent to a record $3.9 billion in 2020 and it is expected to grow further, the Dubai Chamber of Commerce and Industry said in June.
“Elite Co is well positioned to capitalise 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 chief executive of Elite Co.
GreenDome Investments is backed by UAE-based Rais Hassan Saadi Group, the Sharaf Group and Logipoint, a subsidiary of Saudi Industrial Services Company SISCO, a listed company on the Saudi Arabia stock exchange.
The acquisition of Elite is one of GreenDome's first deals in the region, the company added.
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The smuggler
Eldarir had arrived at JFK in January 2020 with three suitcases, containing goods he valued at $300, when he was directed to a search area.
Officers found 41 gold artefacts among the bags, including amulets from a funerary set which prepared the deceased for the afterlife.
Also found was a cartouche of a Ptolemaic king on a relief that was originally part of a royal building or temple.
The largest single group of items found in Eldarir’s cases were 400 shabtis, or figurines.
Khouli conviction
Khouli smuggled items into the US by making false declarations to customs about the country of origin and value of the items.
According to Immigration and Customs Enforcement, he provided “false provenances which stated that [two] Egyptian antiquities were part of a collection assembled by Khouli's father in Israel in the 1960s” when in fact “Khouli acquired the Egyptian antiquities from other dealers”.
He was sentenced to one year of probation, six months of home confinement and 200 hours of community service in 2012 after admitting buying and smuggling Egyptian antiquities, including coffins, funerary boats and limestone figures.
For sale
A number of other items said to come from the collection of Ezeldeen Taha Eldarir are currently or recently for sale.
Their provenance is described in near identical terms as the British Museum shabti: bought from Salahaddin Sirmali, "authenticated and appraised" by Hossen Rashed, then imported to the US in 1948.
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- A shabti that was on sale through a Chicago-based coin dealer, dating from 1567BC-1085BC, is up for $1,950
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Favourite Quote: Prophet Mohammad's quotes There is reward for kindness to every living thing and A good man treats women with honour
Favourite Hobby: Serving poor people
Favourite Book: The Alchemist by Paulo Coelho
Favourite food: Fish and vegetables
Favourite place to visit: London
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AT4 Ultimate, as tested
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Titanium Escrow profile
Started: December 2016
Founder: Ibrahim Kamalmaz
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Sector: Finance / legal
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Investors: Founder's friends and Family
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Fortuna Dusseldorf v Borussia Monchengladbach (9.30pm)
Sunday
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Insportz, Dubai, September 16-23
UAE fixtures:
Men
Saturday, September 16 – 1.45pm, v New Zealand
Sunday, September 17 – 10.30am, v Australia; 3.45pm, v South Africa
Monday, September 18 – 2pm, v England; 7.15pm, v India
Tuesday, September 19 – 12.15pm, v Singapore; 5.30pm, v Sri Lanka
Thursday, September 21 – 2pm v Malaysia
Friday, September 22 – 3.30pm, semi-final
Saturday, September 23 – 3pm, grand final
Women
Saturday, September 16 – 5.15pm, v Australia
Sunday, September 17 – 2pm, v South Africa; 7.15pm, v New Zealand
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Company profile
Company: Eighty6
Date started: October 2021
Founders: Abdul Kader Saadi and Anwar Nusseibeh
Based: Dubai, UAE
Sector: Hospitality
Size: 25 employees
Funding stage: Pre-series A
Investment: $1 million
Investors: Seed funding, angel investors
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Sustainable Development Goals
1. End poverty in all its forms everywhere
2. End hunger, achieve food security and improved nutrition and promote sustainable agriculture
3. Ensure healthy lives and promote well-being for all at all ages
4. Ensure inclusive and equitable quality education and promote lifelong learning opportunities for all
5. Achieve gender equality and empower all women and girls
6. Ensure availability and sustainable management of water and sanitation for all
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8. Promote sustained, inclusive and sustainable economic growth, full and productive employment and decent work for all
9. Build resilient infrastructure, promote inclusive and sustainable industrialisation and foster innovation
10. Reduce inequality within and among countries
11. Make cities and human settlements inclusive, safe, resilient and sustainable
12. Ensure sustainable consumption and production patterns
13. Take urgent action to combat climate change and its effects
14. Conserve and sustainably use the oceans, seas and marine resources for sustainable development
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Global state-owned investor ranking by size
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1. |
United States |
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2. |
China |
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3. |
UAE |
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4. |
Japan |
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5 |
Norway |
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6. |
Canada |
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7. |
Singapore |
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8. |
Australia |
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9. |
Saudi Arabia |
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10. |
South Korea |
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DOB: March 13, 1987
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www.instagram.com/thegoodkarmaco
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