The Hertz Corporation and its equipment rental subsidiary, Hertz Equipment Rental Corporation (HERC), have entered into a joint venture with Saudi Arabia-based Dayim Holdings Company Ltd. to set up equipment rental operations in the Kingdom of Saudi Arabia.
The new joint venture entity will rent and sell equipment and tools to construction and industrial markets throughout the Kingdom of Saudi Arabia.
"The equipment rental market in Saudi Arabia is expanding rapidly, driven by heavy construction and opportunities in the petro-chemical industry. Our joint venture with Dayim Holdings will enable HERC to tap into growth throughout the country," commented Mark P. Frissora, chairman and chief executive officer of The Hertz Corporation. "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."
Dayim's Executive Chairman HRH Prince Khalid bin Bandar bin Sultan 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."
Gerald A. Plescia, Hertz executive vice president and president of HERC, adds, "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. 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."
Hertz Equipment Rental Corporation, a wholly owned subsidiary of The Hertz Corporation since 1965, operates one of the world's largest equipment rental businesses, offering a diverse line of equipment solutions from tool and machinery rental to specialty divisions including power generation, industrial plant services, pump solutions and fleet management.
Dayim Holdings was established in 2006 as a vehicle for investment and partnerships in the rapid growth environment of modern Saudi Arabia. It is present in a number of sectors including construction, oil and gas, security, IT and telecommunications.