Auto World to become public joint stock firm

Emad Al-Zain, head of the car-rental pioneer company Al-Jazira Equipment Co. Ltd. (Auto World), says the company will be converted into a public joint stock after 2014, and he is approaching the Ministry of Commerce and Industry and the Capital Market Authority for this purpose.
The company has been operating in the Saudi market since its founding 29 years ago.
At that time it became the seventh company and the third car-leasing company in the market. It has struck agreements to provide car rental services to more than 300 major companies in the country and owns a fleet of 6,000 large, medium and small cars.
The company’s premises is approximately 40,000 square meters, including workshops, fast service centers, offices and more than 20 branches throughout the Kingdom.
Al-Zain called for establishing an association or committee strictly for car-rental companies.
Speaking at a ceremony held by the company for a number of its VIP clients in Riyadh, Al-Zain said such an association would act as a channel of communication between the companies and government departments such as the Ministries of Interior and Transport and the traffic police to discuss challenges facing this vital sector.
The company has expanded by opening its newest branch in Riyadh at King Khaled Airport’s international terminal, where about 100,000 travelers arrive and disembark daily.
“The company has created a special customer service division that is operating 24 hours and run by Saudis who receive the best training,” Al-Zain said.
“The company has won a contract to exclusively rent out cars to the Saudi Commission for Tourism and Antiquities and it is about to sign other contracts with other bodies.
The volume of the car renting market exceeded SR2 billion in 2010 and the number is expected to increase by 20 percent this year,” he said, adding that there are about 45 companies both big and small in the Saudi market.
“SAMBA bank issued a study that showed there are 15 major companies and 40 minor ones operating in the car renting market. They own 150,000 cars in total,” he said.
Providing the requirements of our costumers has been our priority since our foundation in 1983 in Alkhobar. In addition to King Khaled Airport branch, we have 7 branches in Riyadh and a branch in Al-Jouf airport will be opening soon,” he said.