ERAM Holdings is a private conglomerate that expects to report approximately Saudi riyal (SAR) 1.88 billion in gross revenue, SAR1.35 billion in net revenue, and SAR125 million in EBITDA in 2024. The company provides services in diverse sectors and benefits from strong partnerships with government-related entities (GREs) and significant growth opportunities under the Vision 2030 initiative in Saudi Arabia, although it is significantly smaller than rated peers and has limited geographic diversification, given that operations in India and other Gulf Cooperative Council (GCC) countries are not consolidated within the rated holding entity. We expect ERAM to report S&P Global Ratings-adjusted leverage of 2.1x in 2024, declining to 1.3x-1.7x in 2025, supported by a strong 30%-40% EBITDA growth and limited financial
