Dayim gets ‘significant’ inward investment

Saudi Arabia-based rental and logistics business Dayim Holdings has received “significant” inward investment from private equity business LetterOne.

The announcement from LetterOne, which is based in Luxembourg, does not say how much it has invested or what its share of the business now is, but said the transaction would fund Dayim’s continued growth.

Dayim Equipment Rental is part of Dayim Holdings, based in Saudi Arabia.

Dayim was founded in 2006 in Saudia Arabia and its businesses include Dayim Equipment Rental – which previously held the Hertz Equipment Rental franchise in Saudi Arabia – as well as Dayim Trucks and Securitas.

Dayim Equipment has rental locations in Saudi Arabia, Qatar, Kuwait, Bahrain and the United Arab Emirates. It rents a wide range of construction equipment and tools.

LetterOne said the investment was “an important next step in the long-term investor’s plans to establish an enduring presence and deploy substantial capital in businesses that matter across the GCC [Gulf Cooperation Council] region over the next three years.”

Dayim is active in equipment and truck rentals in industries including oil and gas, infrastructure, logistics and mega projects.

“Its commitment to technology, logistics, operational excellence, and customer satisfaction has solidified its position as a trusted partner with significant growth potential in the region”, said LetterOne.

The private equity business manages US$20 billion in funds in sectors such as energy, telecoms, retail and health.

LetterOne already has a significant footprint in the Middle East through its ownership of health food chain Holland & Barrett and pharmaceutical company Remedica, and a holding in telecoms business Veon.

Interview: Dayim’s Middle East expansion IRN speaks with Andy Carter General Manager, Middle East and North Africa