Dubai-based Byrne Equipment Rental has for the first time being listed among the world’s top 100 equipment rental companies.
The list, published by KHL Group, shows worldwide equipment rental revenues grew significantly in 2011 as contractors and other equipment users increased their reliance on rental suppliers. Rental companies in all regions reported revenue growth last year, although European firms lagged behind the rest.
The 2011 survey reflects wider trends in the global economy, with growth shifting to emerging markets and recovery in the US proving more robust than in Europe. Emerging markets continue to increase their participation in the list, with Chinese and Middle East companies in the top 100 for the first time. Chinese tower crane rental company Shanghai Pangyuan Construction enters at number 90 with revenues of €77 million, while Dubai-based Byrne Equipment Rental entered at 93.
Murray Pollok, the report’s author, said: “Many rental firms believe that the current economic uncertainty and difficulties in obtaining finance are leading equipment users to source more of their equipment from rental suppliers.”
Graeme Clack, chief executive of Byrne Equipment Rental, confirmed this view. He said: “It is harder to get financing for capital expenditure. Rental means we not only take on the financing for the company but also maintenance and servicing for them.”
Byrne, which has 450 employees and 12 offices in Dubai, Qatar, Oman, Abu Dhabi and the Kingdom of Saudi Arabia has recently set up an oil and gas division to increase its focus on oil and gas products and service. It is also increasing its turnkey operations for setting up work camps, temporary offices and catering sites.