Hertz Equipment Rental Corp. has entered into a joint venture with Saudi Arabia-based Dayim Holdings Co. to set up equipment rental operations in Saudi Arabia to rent and sell equipment and tools to construction and industrial markets throughout the country.
“The equipment rental market in Saudi Arabia is expanding rapidly, driven by heavy construction and opportunities in the petrochemical industry,” said Mark Frissora, chairman and CEO of Hertz Corp. “Our joint venture with Dayim Holdings will enable HERC to tap into growth throughout the country. With an established presence in the Kingdom, HERC will be able to offer a one-stop shop for equipment rental and fleet management needs for this important market.”
Prince Khalid bin Bandar bin Sultan, Dayim’s executive chairman said “HERC is a global leader in the field of equipment rental, therefore we believe that it is ideally placed to serve the Kingdom’s aggressive expansion plans in all relevant sectors.”
“This was truly a collaborative effort as our HERC teams from the U.S., Europe, and Asia worked closely with the Dayim team to put this important business partnership together,” said Hertz executive vice president and HERC president Gerry Plescia. “The combined strength of these two organizations will enable outstanding growth opportunities for both and allow us to deliver the highest level of service to those customers in Saudi Arabia.”
Dayim Holdings was established in 2006 as a vehicle for investment and partnerships in Saudi Arabia. It operates and manages its companies in sectors with high market growth potential using joint ventures, investment and strategic partnerships with globally renowned organizations in construction, oil and gas, security, IT and telecommunications.
Hertz Corp. already operates a successful car rental and leasing business in Saudi Arabia with franchise partners The Ali Reza Group.
Based in Park Ridge, N.J., HERC is No. 4 on the RER 100. It has more than 330 locations in the United States, Canada, China and Europe.