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Tue 21 Jul 2009 10:48 PM

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Speedy Hire moves into ME market

Plant hire firm, which is teaming-up with Dubai-based Al-Futtaim-Carillion JV, sees attractive opps in ME.

Speedy Hire is to move into the Mideast plant supply and facilities management market through an alliance with Al-Futtaim Carillion (AFC), the Dubai-based joint venture between UK contractor Carillion and local industrial group Al-Futtaim.Speedy said the deal gave it a platform to offer rental services to other customers in the region, and to move into "other geographies over time" according to magazine International Rental News.

The two companies have signed a memorandum of understanding for Speedy to provide equipment, asset management and site support services to AFC's operations throughout the Middle East.

Steve Corcoran, Speedy's chief executive officer, said the alliance illustrated the benefits of developing very close relationships with its customers; "We have had a Speedy ‘implant' team working with Carillion's local management in the UAE for the last six months to understand better its business and develop new ways of working that will support Carillion's growth in the Middle East,'' the magazine reported.

"We see attractive long term growth opportunities in the region and are delighted that this memorandum of understanding provides an opportunity for us to extend the scope of our activities with Carillion outside the UK...We expect this initiative to provide an excellent platform to extend our services to other customers across the Middle East and other geographic territories over time," he added.

Carillion is one of the UK's largest contractors, with annual revenues of £4 billion and operations in the UK, Middle East, North Africa, Canada and the Caribbean.

It is also one of Speedy's biggest customers in the UK: last year it acquired Carillion's portable accommodation fleet as part of a five year agreement with the contractor.

Al-Futtaim is one of the largest business groups in the UAE, with interests spanning construction, commercial vehicles, real estate and publishing.

Its engineering-related businesses - in addition to Al-Futtaim Carillion - include dealerships with Volvo Construction Equipment and Merlo, and a scaffolding/formwork sales and rental business, Al-Futtaim Engineering.

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