Four fold increase in American Express Cardmember spend in Bvlgari showrooms in comparison to 2005

Riyadh, July 5, 2006 - A recent joint promotion between Amex (Saudi Arabia) Limited  and premium luxury brand, Bvlgari, successfully concluded with a four fold increase in the amount American Express Cardmembers spent at Bvlgari outlets in the Kingdom compared to the same period last year. The month long promotion offered Bvlgari products to American Express Cardmembers at an exclusive discount of up to 35 per cent. 

"This promotion is a fine example of the superior opportunities we present our retail partners who can reach a select audience, while at the same time adding value to our Cardmembers," said Fahad Mubarak Al Guthami, Head of Sales and Merchant Marketing, Amex (Saudi Arabia) Limited. "Merchants in the Kingdom are increasingly recognising the benefits of accepting American Express Cards and the incremental value it brings to their business and we look forward to working with them more closely for strategic partnerships."

Al Guthami added that Bvlgari emerged as a natural partner in the luxury goods segment and the overwhelming response to and results of the promotion has helped strengthen customer loyalty for both companies.

Pierre Kassab, Deputy General Manager, Bvlgari commented, "This promotion has been highly successful and not only reiterates the premium appeal that is synonymous to both the brands, but also reaffirms that customers are increasingly choosing the convenience of paying with cards which is providing an added thrust to our business."

Al Guthami explained that a wide range of retailers now accept American Express cards in Saudi Arabia, including luxury segment outlets such as fashion apparel, accessories, jewellery, home dcor as well as for day to day purchases in supermarkets, restaurants and pharmacies amongst others.

-Ends-

About American Express:
American Express Company is a diversified worldwide travel, financial and network Services Company founded in 1850. It is a world leader in charge and credit cards, Travellers Cheques, travel, financial planning, business services, insurance and international banking.

Amex (Saudi Arabia) Limited was established in 1999 as a joint venture company equally owned by Amex (Middle East) E.C. and the Saudi Investment Bank. It owns and operates the American Express Card and Merchant business in Saudi Arabia. The Saudi Investment Bank is a Saudi Arabian joint stock company established in 1976. Amex (Middle East) E.C. is a Bahrain joint venture company equally owned by Mawarid Holding Company and the American Express Company.

American Express Cards are accepted at millions of locations in more than 200 countries and territories worldwide.

For further information, contact:
Bashar Kharbat
ASDA'A Public Relations
Tel: +966 2 6575194
Email:b.kharbat@asdaa.com

Nabil Abou Alwan
Head of Marketing
Amex (Saudi Arabia) Limited
Email: nabil.aboualwan@americanexpress.com.sa 

© Press Release 2006