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Fleet Auction Group makes major investment in Kuwait
Page 52
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The Fleet Auction Group will open a remarketing centre in Kuwait as part of a joint venture with Ijara House Holding Company.
Words: Kevin Swallow A MULTI-MILLION pound joint venture will see the Fleet Auction Group (FLAG) open a remarketing site in Kuwait after an agreement was reached with the Kuwaiti consortium Ijara House Holding Company.
Negotiations are underway for further centres in Saudi Arabia and United Arab Emirates.
Andrew Walker, FLAG chief executive officer, is excited by the opportunity the joint venture offers. "It represents the coming together of two dynamic organisations," he says, "with a shared vision of creating an imaginative, vibrant remarketing group with the skills base that will challenge the status quo on the global stage."
He went on to say: "All this takes passion, expertise and, of course funding. Our new partnership has these vital ingredients."
Ijara House Holding Company is a consortium of four Kuwaiti businesses, with a combined asset value of more than $11bn (£5.5bn). Its CEO and chairman is Jamal Homoud Al-Omani.
Both CEOs will concentrate on expanding FLAG's presence into other parts of the UK, with a number of locations and potential acquisitions identified.
Walker adds: "It is day-to-day business as usual for FLAG's fleet vendors and trade buyers.
"They will still be dealing with the same FLAG staff, and will continue to receive the same high level of service that is synonymous with the group's name.
"I have been fortunate enough to see the Fleet Auction Group being formed. watched it being built and have seen its meteoric growth through the team's passion and professionalism," he says.
"We could not ask for a more suitable partner," he adds.