Sharaf Group signs a Master Franchise Agreement with Japan's top automotive accessories retailer "Yellow Hat"

On the occasion, Mr. Sharafuddin Sharaf, Vice Chairman-Sharaf Group said, "We plan to launch the first Yellow Hat outlet in Dubai by April 2007 and the showroom will be located within our own upcoming shopping mall scheduled to open in the first quarter of 2007. Besides, the Sharaf Group also aims to open the Yellow Hat flagship store in Dubai within a year after the opening of the first store. As a long term objective, we intend to unveil at least 5 stores in UAE within a span of 5 years which includes stores at the petrol stations as well."

Mr. Koichiro Kagiyama, President of Yellow Hat Ltd. said, "The Middle East is emerging as a very important market and has a huge potential for mid and high-end auto accessories. To begin the Middle East operations, I am very delighted to have partnered with Sharaf Group in UAE and with their support and enthusiasm I am quite sure that our business will grow manifolds in no time."

Speaking on company's plans for Yellow Hat stores, Mr. Yousuf H. Sharaf, Managing Director -Sharaf Group said that the concept will be introduced through the major existing and upcoming developments in the UAE. 'Moreover, the Yellow Hat concept and offerings are very much needed here and will offer the car owners high level of services, wide range of products and accessories, and all under one roof with international quality.'