By Gavin Gibbon
CEO Chris Roberts expects revenues to double by the end of 2021 with plans for Saudi, Egypt, Bahrain and Kuwait
UAE-based Eltizam Asset Management Group has set ambitious growth targets to sign new deals worth as much as $2.6 billion over the next ten years.
CEO Chris Roberts revealed the company generated over AED300million in revenues and has a workforce of just over 2,000.
At a media roundtable this week, he outlined plans to double revenue by the end of 2021 through a series of mergers and acquisitions as well as expansion into Egypt, Bahrain, and potentially Kuwait and Saudi Arabia. The company already operates in the UAE and Oman.
He said: “I would expect that during the next 11 or 12 months, we will be announcing two to three acquisitions in the market place. We will be announcing formally the opening up in Egypt and possibly Bahrain. There’s a couple of international acquisitions we’re doing within the region at the same time and we’re also looking at two, a smaller and larger, mergers within our individual business lines.
“For us, very much our goal is to strengthen our business. By the time we hit the end of 2021, I expect to be yearly revenues to be double what they are currently at the moment.”
When the company was created six years ago, it managed and operated 3,400 units through its owners’ association and property management businesses. Roberts revealed it now has 60,000 units with the potential to add another 40,000 from the expansion into Egypt.
“Eltizam is currently looking at three core growth areas for its operating companies, M&A activity, new country openings and organic/new growth from existing business. We estimate that over the next 10 years this activity will contribute around $2.6bn in revenues to Eltizam,” he said.
“Eltizam is future-proofing itself for the next generation of business. The M&A activity we are currently working through is not about just reducing overheads and driving efficiencies as most other businesses would have you believe.
"Our design for the future is very clear and the reasoning for our continued expansion in the region is develop ‘future proof’ companies that can adapt with change and enhance our clients, customers and employee’s lives.”
Roberts added that staffing levels could surge to as much as 22,000, driven largely by huge investments in the latest technology.
He said: “Last year we invested just over $5m into technology and I expect that to continue for the next two or three years.”For all the latest banking and finance news from the UAE and Gulf countries, follow us on Twitter and Linkedin, like us on Facebook and subscribe to our YouTube page, which is updated daily.