Eram Holdings gets B+/ BB+ rating from S&P
Eram Holdings, a private conglomerate headquartered in Saudi Arabia, announced its B+ and BB+ Saudi national credit rating, with a stable outlook, from Standard and Poor's. This rating action reflects external validation of the company's excellent track record and future growth potential in the Kingdom and beyond, while underscoring its strategic commitment to diversified financing in order to build up its business in a sustainable manner.
Established in the 1990s, Eram Holdings operates across five business verticals globally from its Saudi Arabian headquarters. Its subsidiaries have a 95 percent client retention rate and cater to major companies across oil and gas, petrochemicals, utilities, airports, maritime and for high-profile giga-projects in the region. The company has gained an enviable reputation for being a preferred vendor for specialized technical services, a leading travel management company in the region, a rapidly expanding healthcare business, and for launching initiatives in support of the national vision for the development of import substitute products and services in Saudi Arabia. The subsidiary company involved in R&D and manufacturing exports Saudi-made power electronics products such as industrial grade UPS, battery chargers, frequency converters, and customized solar solutions for mission-critical applications.
This financial transformation and shift in Eram's funding will attract strategic partnerships with global companies and financial institutions, providing access to syndicated loan, sukuk and private placement markets, and enabling it to facilitate expansion across key regional markets.
'Our company has been in a steady growth mode and we are now entering a transformative phase to better support our clients and capitalize on expanding regional opportunities. We have set a combined target of achieving 28-35 percent CAGR growth by 2028.
'As Saudi Arabia seeks greater global integration, through its Vision 2030 initiatives, hosting Expo 2030 and World Cup 2034, Eram is uniquely positioned to support these national milestones.
'This rating is a testament to the diligent efforts of the Eram team and our dedication to our clients,' said Dr. Siddeek Ahamed, chairman and managing director.
'We are excited about this next phase of our strategic expansion.'
'Lonmile and its affiliates have supported Eram in achieving this milestone credit rating over the last 12 months. We are thrilled to support Eram as it makes transformative steps from a private company to a firm with a public credit rating. Eram's foothold in Saudi Arabia and across the GCC, in multiple industrial sectors, make this a very exciting time for the firm, as it continues to expand its reach and scale at pace,' said Naveen Ayyaril, partner at Lonmile.
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