In a significant collaboration set to reshape the car rental and leasing industry, Petromin Corporation and Transregions, represented by Al-Rowad International Logistics Company, have officially launched their joint venture, "PetroRent."

The signing ceremony, held at the Al-Dabbagh Group Head Office, marked the beginning of a partnership aimed at delivering personalized rental and leasing solutions to both businesses and consumers.

The event was graced by the presence of Amr Al Dabbagh, chairman and CEO of Al Dabbagh Group, along with senior leaders from Petromin Corporation and Transregions Group. Notable attendees included Kalyana Sivagnanam, group CEO of Petromin Corporation; Abdulillah Zahid, chairman of Transregions and Al-Rowad International Logistics Company; and Ehab M. Saeed, CEO and managing director of Transregions.

Kalyana Sivagnanam, group CEO of Petromin Corporation, stated, “This partnership embodies our collective ambition to provide top-tier mobility solutions that align with the evolving needs of our customers. Our goal is to redefine standards within the car rental sector.”

Ehab Saeed, CEO of Transregions, added, “With our 40 years of experience in the rental and leasing industry and Petromin’s strong automotive expertise, PetroRent is poised to become an industry leader. We are excited about the potential for growth and innovation together.”

PetroRent brings together Petromin’s automotive expertise and market presence with Transregions’ strategic insight and operational proficiency, which has been honed over four decades under the leadership of Abdulillah Zahid. This collaboration aims to establish a car rental and leasing service that not only meets but exceeds modern consumer expectations, focusing on convenience, sustainability, and cutting-edge technology.

Saudi Arabia’s car rental and leasing market is projected to grow at a compound annual growth rate (CAGR) of 10%. Leveraging Petromin’s extensive ecosystem —which includes dealerships, maintenance services, and used car sales — PetroRent aims to secure a position among the top five rental and leasing companies in the Kingdom within the next five years.