- PARIS, October 20, 2015 /PRNewswire/ -- The Fraikin group, a European leader in industrial and commercial vehicle leasing, inaugurates its subsidiary in Riyadh, Saudi Arabia. Pierre-Louis Colin, Chairman of the Executive Board and member of the official delegation led by French Prime Minister Manuel Valls, signed a joint venture agreement with Dayim Holdings on Tuesday, October 13, 2015 in Saudi Arabia. The joint venture is presided by his Royal Highness Prince Khaled bin Bandar bin Sultan bin Abdulaziz Al Saud. (Logo: http://photos.prnewswire.com/prnh/20151019/278316LOGO ) (Logo: http://photos.prnewswire.com/prnh/20151019/278317LOGO ) The agreement was signed in the presence of French Minister of Foreign Affairs and International Development Laurent Fabius and Saudi Minister of Foreign Affairs Adel bin Ahmed al-Jubeir. With the Riyadh opening, Fraikin seeks to strengthen its international leadership by basing operations in a country where the full-service heavy truck leasing market is new and yet to be exploited. The new joint company will have a fleet of 200 vehicles in 2016 and of 1,500 vehicles in five years. Darren Hall, former Director of Operations for the Safetykleen Group and CEO of Safetykleen UK, will take the helm of the new subsidiary. Saudi Arabia, land of opportunity In Saudi Arabia, the number of heavy truck registrations per year is greater than that of France and is growing more than 7% annually. This creates a strong demand for service, especially since western standards such as the ATP regulations (set of standards to be met by refrigerated vehicles carrying perishable foodstuffs) will be adopted starting in 2016. For the local development of its subsidiary, Fraikin worked in partnership with Dayim Holdings, which brings its contacts and support in Saudi Arabia, including government administrations, banks, customers and suppliers. Fraikin confirms its international expansion The new subsidiary's opening is a reflection of the group's expansion plans. Fraikin's goals are expressed in two strategic lines of action: - to strengthen its leadership position through premium positioning and continuous improvement of customer satisfaction - to increase its global reach by establishing a presence in new countries. About Fraikin: Backed by 70 years of experience and revenues of 643 million euros in 2014, the Fraikin Group is the European leader in industrial, utility and commercial vehicle leasing. It has the largest multi-brand, multi-function vehicle fleet in Europe (54,730 vehicles, including 48,766 vehicles owned outright and 5,964 vehicles via its fleet management services) and the largest dedicated and integrated network, with 180 agencies across Europe (France, Germany, Belgium, Luxembourg, the United Kingdom, Spain, Switzerland, Poland, Czech Republic, Slovakia, Hungary, the Netherlands, Italy and Russia) and in Morocco and Saudi Arabia. Fraikin is more than a leasing company: its 3,000 employees help customers identify the right solution for their needs and bring unparalleled know-how specific to their requirements, ensuring responsiveness and flexibility. For more information: http://www.fraikin.com