(MENAFN - Arab News) A London company also based in Jeddah will help British luxury brands penetrate the lucrative Middle Eastern market.
By purchasing products directly from the brands, the Anglo Arab Alliance (AAA) will negotiate, develop and market deals in the region, cut out red tape, bridge cultural differences and handle any legal issues.
The decision to open trade solely for British luxury brands is based on AAA's ethos to promote trade with the Middle East, support and develop homegrown businesses in the UK and establish itself as a leading authority for providing high-end British brands with knowledge and expertise of the complex Middle East market.
AAA will achieve this with the support of top Saudi businessmen Prince Faisal Al-Saud and company Chairman Salah Al-Balawi.
Al-Balawi, who has invested 2.5 million in the company, is a renowned Middle Eastern entrepreneur with over 100 businesses including SAB Holdings, a multi-billion dollar company with interests ranging from real estate to electrical goods. He also owns the franchise for TNT Saudi Arabia, one of the largest logistics franchises in the world.
Al-Balawi is known for his philanthropic activities, funding many charitable ventures including a partnership with the United Nations World Food Program.
AAA Vice Chairman Kabir Ahmed said: "We are honored to have Mr. Salah as our chairman and as a company we are thrilled about new possibilities for our clients. "We strive to be the best and with the backing of Mr. Salah we will be."
AAA is also backed by key Middle East organizations including the Saudi Arabian General Investment Authority (SAGIA), as well as the British Embassy and Consulate in Riyadh and Jeddah.
AAA CEO Andrew Lloyd said: "AAA has worked hard to develop strong relations and strategies to help high-end British businesses gain a foothold in the thriving Middle Eastern market.
"We are already working with a number of very well known British luxury brands and are very excited about the future."
The Middle East is experiencing a boom in the demand for luxury brands, with French and Italian brands currently dominating the market.
According to business school INSEAD, over half of luxury purchases in the Middle East are made by the under 30's.