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Zayani-Al Dhahir in $8m Iraq venture

DUBAI - Zayani Motors and Al Dhahir Group have announced in Bahrain the establishment of Al Rasheed Holding Company with a capital of $8 million to represent Mitsubishi Motors Corporation in Iraq.

The new company is to start operations in Baghdad in April 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 car dealership to be appointed in Iraq and we look forward to this great opportunity given the large capacity of the Iraqi market. Iraq now is set to undergo major economic development and we are happy to contribute to this in a modest manner," said Zayed Rashid Al Zayani, President of Zayani Motors.

"We have located a suitable showroom in Baghdad on a temporary basis, but we plan to construct purpose-built premises to house sales, parts, service and body shop facilities in Iraqi cities in the next two years," said Mufada Kamal, Vice Chairman of Al Dhahir Group, at a Press conference. Also present was Mitsubishi Motors Corporation General Manager for Middle East and Africa Konstantinos Tsiknas.

"Our contribution to the rebuilding process of Iraq is reflected through our intention to employ 300 people in the first year, and preference will be given to Iraqis. Zayani Motors and Al Dhahir Group were able to outbid other companies who applied for this dealership due to their combined strength. Zayani Motors has a track record of automotive management and expertise extending more than 50 years, in particular with Mitsubishi Motors Corporation, and Al Dhahir Group with its local experience," said Zayed Rashid.