Khudairi Group franchises Hertz rental in Iraq
Iraqi company makes second move in as many weeks, pouncing on growing opportunities at home
Hertz Equipment Rental Corporation (HERC) has signed a franchise agreement with Iraqi company Khudairi Group for the exclusive license to provide Hertz rental equipment services in the country.
HERC Iraq will offer one of the largest light to medium equipment fleets in the country, serving oil and gas, construction, industrial, and government customers, from Khudairi’s locations in Baghdad, Basrah, Erbil, and Sulaymaniyah.
From January 2016, HERC Iraq will then add a range of earthmoving, power, aerial, material handling, electrical and compressed-air equipment.
Larry Silber, HERC president and CEO, said: “This agreement reflects our long-term strategy to license franchises, establish joint ventures and, where appropriate, open company-owned branches in emerging and growth markets where the equipment-rental model is poised for continuing expansion.
“We are especially pleased to partner with the Khudairi Group, which is one of Iraq's most prominent commercial organisations and brings more than one hundred years of demonstrated success to the HERC Iraq franchise.”
The development follows on from news that the Khudairi Group also secured the rights from Terex Aerial Work Platforms (AWP) for the distribution of its Genie-branded products in Iraq.
Jay Early, HERC international vice president, added: “Our success in Saudi Arabia, our recent expansion into Qatar and our franchise in Iraq reflect our confidence in the ongoing development of key markets in the Middle East.
“With one of the largest and most diverse equipment line-ups in the industry, we are excited to play a role in the development of the region's important public and private projects.”