Al Rasheed Holding Company represents Mitsubishi Motors Corporation in Iraq

Al Rasheed Holding Company, owned by Zayani Motors and Al Dhahir Group, is due to start operations in Baghdad in April 2004 with plans for further expansion in Basra and Mosul with appointment of a sub dealer network through out Iraq before the end of this year.

"We are proud that Al Rasheed Holding is the first Japanese cars dealership to be appointed in Iraq and we look forward to this grand opportunity in relation to the large capacity of the Iraqi market. More so as Iraq now is set to undergo huge economic development we are happy to contribute to this, even in a modest manner", said Mr. Zayed Rashid Al Zayani, President of Zayani Motors.

"We have already located a suitable showroom in Baghdad for us to use on a temporary basis, but we plan to construct purpose built premises to house sales, parts, service and body shop facilities in a number of Iraqi cities within the next two years", said Mr. Mufada Kamal, Vice Chairman of Al Dhahir Group.

"Our contribution to the rebuilding process of Iraq's economy is through our intention to employ 300 people in the first year alone and preference will be given to Iraq nationals of course. Zayani Motors and Al Dhahir Group were able to surpass other companies who applied for this dealership position, as jointly they were able to offer what is called "the perfect equation"; Zayani Motors with its professional Automotive Management and expertise extending more than 50 years, 34 of which were are Mitsubishi Motors Corporation specifically, and Al Dhahir Group with its local ", concluded Mr. Zayed Rashid Al Zayani.

Speaking at the press conference were the President of Zayani Motors Mr. Zayed Rashid Al Zayani, Vice Chairman of Al Dhahir Group Mr. Mufada Kamal and Mitsubishi Motors Corporation General Manager for Middle East and Africa Mr. Konstantinos Tsiknas.