Staff Report www.gulfnews.com
Dubai: Lloyds Banking Group has provided $15 million (Dh55 million) in extra credit facilities to UAE-based Rental Services & Solutions (RSS) in order to support the power and cooling service provider’s growth plans.
The funding package will be used to facilitate both geographic and product expansion plans in response to growing demands for the company’s services in a global market worth £4 billion annually, the lender said in a statement.
RSS has diversified into the wider Middle East market to boost growth. Its clients in Abu Dhabi and Dubai include the Palm Jumeirah, Dubai Metro, Aldar, Masdar University and Burj Khalifa, the world’s tallest building.
The company provides large-scale temporary cooling solutions during summer months primarily for construction projects; it rents out power units during the rest of the year to ensure consistent and growing revenue streams.
“RSS has expanded its asset base, geographical coverage and range of services to better equip it for current and future market conditions. The deal highlights Lloyds Banking Group’s ongoing commitment to support businesses with skilled management teams, strong balance sheets and solid business plans,” the statement said.
RSS is now providing rental power and temporary cooling in Qatar, Saudi Arabia, Oman, Bahrain, Kuwait, Cyprus and Pakistan. There are plans for future geographic expansion.
“This additional facility will be used to grow our business geographically and to introduce new products to our rental fleet…. we will start executing these plans immediately,” said Milan Balac, Managing Director of RSS.