Bahrain’s Zayani Motors has entered a partnership with Iraq’s Al-Dhahir Group to set up an eight million dollar joint holding company. The new Al Rasheed Holding Company will represent Mitsubishi Motors Corporation in Iraq, it was revealed at a recent press conference.
Al-Rasheed Holding Company 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 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 Vice Chairman of Al-Dhahir Group, Mufada Kamal.
"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,” said President of Zayani Motors, Zayed Rashid Al-Zayani.
Zayani Motors has been in the automotive business for over 50 years. The company is the sole distributor of Mitsubishi Motors, Hyundai Fork Lifts and Western Star Trucks in Bahrain. — (menareport.com)
© 2004 Mena Report (www.menareport.com)
