Hertz Global Holdings has announced that Hertz Equipment Rental Corporation (HERC) has entered into a franchise agreement with the Khudairi Group for the exclusive license to provide rental equipment in Iraq using the "Hertz Equipment" brand and proprietary system.
This move will significantly add to HERC's existing network in the Middle East, with HERC Iraq offering one of the largest light-to-medium equipment fleets in the country, serving oil and gas, construction, industrial, and government customers through a branch network that will include locations in Erbil, Baghdad, Basra, and Sulaimani.
Larry H. Silber, President and Chief Executive Officer, HERC, said:
"This agreement reflects our long-term global-business 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 organizations and brings more than one hundred years of demonstrated success to the HERC Iraq franchise."
Jay Early, International Vice President, HERC, added:
"HERC Iraq is well positioned to support the country's ongoing development, with oil-related and industrial projects, commercial construction and infrastructure work underpinning Iraq's revitalization.
"The Khudairi Group's experience working with firms engaged in engineering, procurement and construction (EPC), oilfield supply and service, and heavy machinery position HERC Iraq for immediate success. In addition, HERC Iraq's access to a multitude of clients across all sectors throughout Iraq create a solid platform for long-term growth.
"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."
President of the Khudairi Group, Subhi Khudairi (pictured), said:
"Our experience and expertise across the oilfield, construction, industrial and government sectors enables us to understand and meet customer requirements in these demanding markets.
"We are committed to providing best-in-class equipment backed with superior service and support with a highly trained and professional team across our locations."
HERC Iraq will offer for rent a diverse range of earthmoving, power, aerial, material handling, electrical and compressed-air equipment, beginning January 2016.