Al Habtoor takes ownership of Diamondlease

Dubai: Al Habtoor Group has taken full ownership of Diamondlease, one of its group companies engaged in car rental and leasing, the company said in a statement.

"The Al Habtoor Group will now retain 100 per cent ownership stake in Diamondlease," it said.

The acquirement is seen as a strategic move aimed at building synergies with the Al Habtoor Group. As a result of direct reporting to the group, Diamondlease anticipates larger achievements with stronger and more effective corporate governance.

Established in 1996, Diamondlease offered automotive leasing to customers in the UAE as an alternative to owning and maintaining vehicles.

Diamondlease expanded to a current fleet of around 9,000 vehicles. Diamondlease has successfully grown into one of the leading car rental and leasing companies in the UAE.

"Over the past five years, Diamondlease has achieved phenomenal growth in business - 30 per cent compound average growth rate in fleet size, 40 per cent in gross revenue and 70 per cent in net profit," a company spokesperson said.

"Despite the current economic challenges across the region, Diamondlease maintains a positive outlook and strives for even greater heights and more success in the future."

Diamondlease has a wide network of 18 branches.