With no expectation of an imminent decline in global oil prices, economic booms in Saudi Arabia, Kuwait, Qatar, and the UAE are likely to continue for a number of years.
About 10 regional companies and institutions are expected to take a stake in the new company. Talks are also ongoing with banks to arrange financing.
The group was said to be eyeing up the purchase of around 400 cranes in its first few years of operations. However, CCIC heavy lift manager Maher Kabbani told Cranes Today: “The stated number of 400 cranes is not accurate – this is still being studied.”
Lifting equipment will be gathered from across the globe with the purchase of truck mounted, all-terrain, rough-terrain, crawlers and tower cranes all in the pipeline.
Added Kabbani: “The demand for cranes in this part of the world exceeds availability and the long-term prospects in Dubai and the wider region are very encouraging.”
