Investment flows from the Middle East into global commercial real estate plunged by 50 per cent in the 12 months to June 2017, as investors faced fierce competition from rivals in Asia Pacific (Apac).
Total outward capital investment flows from the Middle East totalled US$10.1 billion between July 2016 and June 2017, a steep decline from $21.2bn the previous year, according to real estate broker CBRE Middle East.
“The total volume was down about 50 per cent, which is significant,” said CBRE Middle East managing director Nicholas Maclean. “But this is not due to a reduction in demand, or the low oil price. It’s that the market is very competitive at the moment and there are monies coming from other parts of the world that are effectively outbidding investors from this region.”
CBRE’s latest annual report on commercial real estate investment flows in and out of the Middle East said the drop to levels recorded in 2013 and 2014 follows a period of “exceptionally strong investment activity”. The region remains a major source of capital globally, representing 8 per cent of total cross-regional investments.
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However, Arabian Gulf investors are facing unprecedented competition from Asia Pacific – in particular, investment capital from Hong Kong that is being pumped into liquid trophy assets in “gateway” global cities, such as London.
From 1990 to approximately 2014, Hong Kong investors allocated a total of $4bn to central London offices, CBRE claims. However, in the first three quarters of 2017 alone, almost $5bn has been allocated already.
This has been driven in part by China’s new capital controls on outbound property investment imposed this summer. Chinese capital is increasingly flowing through Hong Kong entities instead, explained CBRE’s head of research Jos Tromp.
The subdued oil price had some impact on outbound Middle East real estate investment, as it meant lower inflows to regional funds, the report said. However, this has not dampened investor appetite.
Of the total $10.1bn, London was the top destination for Middle Eastern investment over the period, accounting for around $1.7bn. New York came second with $820 million, followed by Washington and Frankfurt, with $469m and $348m respectively.
In line with previous years, sovereign wealth funds remained the main source of capital outflows from the region, acquiring $5.4bn of real estate assets globally. This represented a 17 per cent decline year-on-year, CBRE said.
However, Mr Maclean said the Middle East would “regain its competitiveness” in the months ahead and levels of outbound investment would recover.
“We are still seeing enquiry levels at historically high levels from GCC investors in particular,” MR Maclean said. “If demand is any indicator of the volume of transactions going forward we would expect that to increase significantly and return to previous levels seen in the last two to three years.
“Further, we believe that if Apac buyers were not in the marketplace, then the level of transactions GCC investors were involved in would be similar to last year. We think that competitiveness will be regained.”
Mr Maclean added: “The GCC economy is worth approximately 2 to 2.5 per cent of global GDP but the amount of investment capital has ranged between 8 and 15 per cent of the total investment globally, so that level of disproportionate importance to the real estate market globally is certainly going to be recovered going forward.”
In terms of inward capital flow, investment activity remained strong despite economic headwinds, CBRE’s report said. However, the regional investment market remains characterised by low deal volumes and relative illiquidity driven by lack of available investment products for sale, according to the report.
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Meydan Racecourse racecard:
6.30pm: The Madjani Stakes Listed (PA) | Dh175,000 | 1,900m
7.05pm: Maiden for 2-year-old fillies (TB) | Dh165,000 | 1,400m
7.40pm: The Dubai Creek Mile Listed (TB) | Dh265,000 | 1,600m
8.15pm: Maiden for 2-year-old colts (TB) | Dh165,000 | 1,600m
8.50pm: The Entisar Listed (TB) | Dh265,000 | 2,000m
9.25pm: Handicap (TB) | Dh190,000 | 1,200m
10pm: Handicap (TB) | Dh190,000 | 1,600m.
What is the definition of an SME?
SMEs in the UAE are defined by the number of employees, annual turnover and sector. For example, a “small company” in the services industry has six to 50 employees with a turnover of more than Dh2 million up to Dh20m, while in the manufacturing industry the requirements are 10 to 100 employees with a turnover of more than Dh3m up to Dh50m, according to Dubai SME, an agency of the Department of Economic Development.
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Name: Peter Dicce
Title: Assistant dean of students and director of athletics
Favourite sport: soccer
Favourite team: Bayern Munich
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Favourite activity in Abu Dhabi: scuba diving in the Northern Emirates
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Results
Stage 5:
1. Jonas Vingegaard (DEN) Team Jumbo-Visma 04:19:08
2. Tadej Pogacar (SLO) UAE Team Emirates 00:00:03
3. Adam Yates (GBR) Ineos Grenadiers
4. Sergio Higuita (COL) EF Education-Nippo 00:00:05
5. Joao Almeida (POR) Deceuninck-QuickStep 00:00:06
General Classification:
1. Tadej Pogacar (SLO) UAE Team Emirates 17:09:26
2. Adam Yates (GBR) Ineos Grenadiers 00:00:45
3. Joao Almeida (POR) Deceuninck-QuickStep 00:01:12
4. Chris Harper (AUS) Team Jumbo-Visma 00:01:54
5. Neilson Powless (USA) EF Education-Nippo 00:01:56
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Hobby: "It is not really a hobby but I am very curious person. I love reading and spend hours on research."
Favourite author: Malcom Gladwell
Favourite travel destination: "Antigua in the Caribbean because I have emotional attachment to it. It is where I got married."
Killing of Qassem Suleimani
Company profile
Date started: 2015
Founder: John Tsioris and Ioanna Angelidaki
Based: Dubai
Sector: Online grocery delivery
Staff: 200
Funding: Undisclosed, but investors include the Jabbar Internet Group and Venture Friends
The specs: 2018 Genesis G70
Price, base / as tested: Dh155,000 / Dh205,000
Engine: 3.3-litre, turbocharged V6
Gearbox: Eight-speed automatic
Power: 370hp @ 6,000rpm
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Fuel economy, combined: 10.6L / 100km
The rules on fostering in the UAE
A foster couple or family must:
- be Muslim, Emirati and be residing in the UAE
- not be younger than 25 years old
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- A single, divorced or widowed Muslim Emirati female, residing in the UAE may apply to foster a child if she is at least 30 years old and able to support the child financially
SERIE A FIXTURES
Saturday
AC Milan v Sampdoria (2.30pm kick-off UAE)
Atalanta v Udinese (5pm)
Benevento v Parma (5pm)
Cagliari v Hellas Verona (5pm)
Genoa v Fiorentina (5pm)
Lazio v Spezia (5pm)
Napoli v Crotone (5pm)
Sassuolo v Roma (5pm)
Torino v Juventus (8pm)
Bologna v Inter Milan (10.45pm)
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Engine: Dual-motor all-wheel-drive electric
Range: Up to 610km
Power: 905hp
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A MINECRAFT MOVIE
Director: Jared Hess
Starring: Jack Black, Jennifer Coolidge, Jason Momoa
Rating: 3/5
About Okadoc
Date started: Okadoc, 2018
Founder/CEO: Fodhil Benturquia
Based: Dubai, UAE
Sector: Healthcare
Size: (employees/revenue) 40 staff; undisclosed revenues recording “double-digit” monthly growth
Funding stage: Series B fundraising round to conclude in February
Investors: Undisclosed
Company%20profile
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THE SPECS
Range Rover Sport Autobiography Dynamic
Engine: 5.0-litre supercharged V8
Transmission: six-speed manual
Power: 518bhp
Torque: 625Nm
Speed: 0-100kmh 5.3 seconds
Price: Dh633,435
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Stage 3 results
1 Adam Yates (GBR) Mitchelton-Scott 4:42:33
2 Tadej Pocagar (SLO) UAE Team Emirates 0:01:03
3 Alexey Lutsenko (KAZ) Astana 0:01:30
4 David Gaudu (FRA) Groupama-FDJ
5 Rafal Majka (POL) Bora-Hansgrohe
6 Diego Ulissi (ITA) UAE Team Emirates 0:01:56
General Classification after Stage 3:
1 Adam Yates (GBR) Mitchelton-Scott 12:30:02
2 Tadej Pocagar (SLO) UAE Team Emirates 0:01:07
3 Alexey Lutsenko (KAZ) Astana 0:01:35
4 David Gaudu (FRA) Groupama-FDJ 0:01:40
5 Rafal Majka (POL) Bora-Hansgrohe
6 Wilco Kelderman (NED) Team Sunweb) 0:02:06
Pad Man
Dir: R Balki
Starring: Akshay Kumar, Sonam Kapoor, Radhika Apte
Three-and-a-half stars
Company Profile
Company name: OneOrder
Started: October 2021
Founders: Tamer Amer and Karim Maurice
Based: Cairo, Egypt
Industry: technology, logistics
Investors: A15 and self-funded
