Industry News - Powernews
Industry News - Powernews

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High oil prices are supporting healthy Middle East rental markets


 
Rental equipment
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Rental equipment

Newton’s third law, “every action produces an equal and opposite reaction”, is at work in the Middle East and the results are driving a healthy equipment rental market. While high oil prices are a negative for energy consumers, they’re a strong positive for energy producers. That, coupled with availability, lead time and supply chain issues for purchased equipment make the rental option even more attractive for Middle Eastern customers.

International Rental News reports that both energy development projects and ambitious civil construction projects are projected to drive rental market growth in the Gulf Cooperation Council (GCC) countries of Saudi Arabia, the United Arab Emirates, Kuwait, Bahrain, Qatar, and Oman from today’s USD 4.7 billion to 5.81 billion by 2027. Demand for everything from specialised construction equipment to portable housing, power generation and waste management systems to house workers is strong and projected to continue growing over the next several years.

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