The UAE-based Al Habtoor Group has attained full ownership of one of its group companies, Diamondlease, a major car rental and leasing company in the UAE.

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.

At present, Diamondlease, an ISO 9001:2000 certified company, boasts of a fleet of around 9,000 vehicles. 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.

Over the past 5 years Diamondlease has achieved phenomenal growth in business - a CAGR of 30 per cent in fleet size, 40 per cent in Gross Revenue and 70 per cent in Net Profit.

Diamondlease has a wide network of 18 branch locations covering Dubai, Dubai International Airport, The Metropolitan Hotels, Habtoor Grand Hotel, Knowledge Village, Dubai Investment Park, Jebel Ali Free Zone, Abu Dhabi, Abu Dhabi International Airport, Sharjah and Fujairah.

Diamondlease also boasts of the largest and best-in-industry service and operations facility in Dubai Investments Park.-TradeArabia News Service