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HERTZ SIGNS AGREEMENT WITH OLAYAN GROUP TO OPEN CAR RENTAL OPERATIONS IN THE MIDDLE EAST

 HERTZ SIGNS AGREEMENT WITH OLAYAN GROUP TO OPEN CAR RENTAL
 OPERATIONS IN THE MIDDLE EAST
 PARK RIDGE, N.J., Jan. 6 /PRNewswire/ -- The Hertz Corporation, the world's largest car rental company, announced today that Hertz International, Ltd. has signed an agreement with the Olayan Group under which Olayan Saudi Holding Company (OSHCO) will act as exclusive master franchisee for Hertz in the Middle East region. Execution of the agreement marks Hertz' entry into this part of the world and will increase the number of countries in which is does business to more than 130.
 As master franchisee, OSHCO will advertise, promote, represent and service Hertz in the region. In conjunction with this, it will develop franchises for Hertz in Bahrain, Jordan, Kuwait, Lebanon, Oman, Qatar, Saudi Arabia, Syria, United Arab Emirates and Yemen. The first of these is scheduled to be operating by June 30, 1992.
 OSHCO will also operate a sales, marketing and reservations program within the 10 countries in the region to promote both outbound and inbound bookings with Hertz.
 "The signing of this agreement signifies a major event in Hertz' nearly 75-year history," said Frank A. Olson, chairman and chief executive officer of the Hertz Corporation. "For a worldwide company such as ours, presence in the Middle East is essential to realization of our global strategy. We are confident of the strength and potential of the market, and that with the Olayan Group as our master franchisee, we will be well represented."
 Khaled S. Olayan, chairman and chief executive officer of OSHCO said, "The agreement between the Olayan Group and Hertz International represents an important opportunity for mutual growth and profitability. Together, applying our respective expertise, we are sure that we can play a significant role in developing this market and that we can accomplish a great deal."
 The Olayan Group, founded in 1947 in Saudi Arabia, is a multinational, commercial, industrial and financial enterprise comprising more than 50 companies engaged in business in the Middle East, the United States, Europe and the Pacific. It is one of the world's largest privately held companies.
 The Hertz Corporation, started in 1918, has more than 5,000 locations in approximately 120 countries worldwide and a fleet of over 400,000 rental vehicles. It is headquartered in Park Ridge, N.J.
 -0- 1/6/92
 /CONTACT: Joe Russo of Hertz, 201-307-2486, or evening, 201-529-2909/ CO: Hertz Corporation; Olayan Saudi Holding Company ST: New Jersey IN: SU:


FC-OS -- NY001 -- 6698 01/06/92 07:00 EST
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Publication:PR Newswire
Date:Jan 6, 1992
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