AAA declines Sheikh Salah's multi-million dollar offer
The Anglo Arab Alliance has declined the proposed investment of US$2.5m from the influential Sheikh Salah Al Balawi, chairman of SAB Holding.
Sheikh Salah was recently announced as chairman of AAA, but the deal fell through due to issues with commercial terms and representation with SAB Holding.
Paul Sagoo, chief commercial officer AAA, said: "We're disappointed the deal did not work out with Sheikh Salah and SAB Holding, but the lack of professionalism displayed by Kabir Ahmed, the Sheikh’s representative, made it impossible for us to foster our relationship.
"However, since our official London launch on 18 July, we have had an overwhelming response from investors that are eager to get involved with AAA.
"We have already had to turn down a number of investment opportunities, simply because they do not add any value to the AAA business model.
"We are incredibly selective about who we bring on board and essentially, we are interested in parties that have involvement in the luxury market and who have strong links to the Middle East.
"The reaction from British luxury brands, following the launch, has been immense and there are around 21 luxury brands that areready to sign contracts and rearing to go, so we are confident that with the right investors, AAA will go through the roof."