UK-based Speedy International Asset Services has seen year-on-year growth of 100% since establishing a foothold in the Middle East in late 2009, when it signed a five-year Strategic Services Agreement with Al Futtaim Carillion.
Andy Carter, MENAÂ managing director for Speedy told PMV Middle East that the company has seen strong growth since entering the market, and its headcount will reach almost 500 by the end of September, up from 150 at its launch.
“The growth rates that we’ve got with our business are phenomenal, so we’ve got to be doing something right. We started at a fairly low base, but we’ve been growing 100% year on year.”
Recently the asset management and rental company announced a five-year, $50 million contract to supply supply services to ESNAAD, the support services arm of Abu Dhabi National Oil Company (ADNOC), with a further two year extension option.
Speedy targets both the Oil & Gas and the construction and infrastructure sectors, and the ratio of business between the two is approximately 50/50.
Carter sees more stability in the Oil & Gas sector, and describes construction and infrastructure as “feast or famine”.
Speedy plans on opening a base in Qatar in September, and has designs on two operational divisions in Saudi Arabia.
“You can’t ignore the construction activity [in Qatar],” said Carter. “The next ten years is going to be booming – we want to be making some returns out of the construction industry, but there is also a fairly stable oil and gas sector – it’s certainly an area that we’ve identified.”
Carter believes that in today’s economic climate, for many companies there is little appetite – or reason – to own plant.
“It makes much more sense to outsource all your plant and equipment so all the cash burden sits with the equipment rental or asset management company.”
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