RSS plans major power projects across Middle East
Scottish-owned Rental Solutions and Services LLC (RSS), a global provider of temporary cooling and mobile water solutions, has received US $15million in extra credit facilities from Lloyds Banking Group
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Scottish-owned Rental Solutions and Services LLC (RSS), a global provider of temporary cooling and mobile water solutions, has received US $15million in extra credit facilities from Lloyds Banking Group to fund assets and growth across the region.
Speaking on behalf of the company, Marketing Manager Roberto Bagatsing, said: “It will be used for the expansion of our geographic locations in the Middle East; for the expansion of our products and purchasing more equipment and for other territories we are eyeing for 2010.”
It is the third payment the company has received in as many years. Bagatsing says the payments are partly due to the company exceeding forecasts year on year and RSS owner Rob Kidd’s “exceptional relationship” with banking group RBS, part of the Lloyds Banking Group.
He added: “Right now we are zoning in on Iraq, Afghanistan, Kuwait and Qatar; before the end of 2010 there will be a local RSS presence in Qatar.”
RSS is also planning “big power projects” in Syria, Yemen and the Mediterranean, but says organic expansion plans would be “inefficient”.
“We need more equipment to support growth in other territories and Lloyds was kind enough to grant us the extra funding to support at least two or three territories.”
Reports state the diversification into other markets is to reduce the company’s dependency on Dubai and Abu Dhabi.
Bagatsing added: “They are our most important territories; however, we are obliged to expand to new territories as part in our 10-year strategic plan.
“Our mandate is to saturate the Middle East, Mediterranean, Pakistan & India sub-continent by end of 2011, be locally present on these markets with ready equipment available. Then the next phase is to expand to Africa, South America, South East Asia and the Pacific within 5 years.”
