Dubai-based investment bank Shuaa Capital plans to build and deliver £2 billion ($2.76bn) worth of property projects in London over the next eight months.
Shuaa, which invests in London’s prime properties through its wholly-owned subsidiary Northacre, plans to grow its UK real estate portfolio, the company said in a statement to the Dubai Financial Market where its shares are traded.
Northacre is currently focused on completing its two key projects: No 1 Palace Street and The Broadway, both of which are due to be completed between the end of 2021 and the first half of 2022, the company said.
"As a major investor in the prime London property market, we are delighted that the fruits of our long-term vision are now becoming a reality,” Jassim Alseddiqi, group chief executive of Shuaa, said.
The developer’s No 1 Palace Street, which was bought for £310 million in 2013, overlooks Buckingham Palace, the official residence of the Queen in London.
In October, Northacre will unveil its first show apartment in The Broadway and will bring 116,000 square feet of commercial space to the market.
The Broadway is located on the site of the former New Scotland Yard Metropolitan Police Headquarters that was bought from the Mayor’s Office for Policing and Crime in 2014 for £370m.
"The significant growth of Shuaa's real estate portfolio in the UK reflects … vision to create opportunities that deliver long term value with high returns,” said Walid El-Hindi, chief executive of real estate at Shuaa.
“We look forward to exploring further opportunities in line with our strategy and investing in the UK."
Last year, Northacre said it was optimistic about growing its prime central London portfolio in 2021, despite the coronavirus pandemic delaying the completion of some of its developments.
Northacre was acquired by Abu Dhabi Financial Group in 2013 before it merged with Shuaa Capital in August last year.
The UK-based super-prime developer has been developing properties for more than 30 years. They include 10 luxury projects in the heart of London that cover more than one million square feet. Northacre also manages £2bn worth of property projects in the UK, according to Shuaa.
In August, Shuaa reported a jump in its first-half profit to Dh54 million ($14.7m) from Dh5m reported during the same period last year. Higher net fee and commission income, boosted profitability in the first six months of the year.
The 12 breakaway clubs
England
Arsenal, Chelsea, Liverpool, Manchester City, Manchester United, Tottenham Hotspur
Italy
AC Milan, Inter Milan, Juventus
Spain
Atletico Madrid, Barcelona, Real Madrid
Killing of Qassem Suleimani
The National's picks
4.35pm: Tilal Al Khalediah
5.10pm: Continous
5.45pm: Raging Torrent
6.20pm: West Acre
7pm: Flood Zone
7.40pm: Straight No Chaser
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Red flags
- Promises of high, fixed or 'guaranteed' returns.
- Unregulated structured products or complex investments often used to bypass traditional safeguards.
- Lack of clear information, vague language, no access to audited financials.
- Overseas companies targeting investors in other jurisdictions - this can make legal recovery difficult.
- Hard-selling tactics - creating urgency, offering 'exclusive' deals.
Courtesy: Carol Glynn, founder of Conscious Finance Coaching
The Voice of Hind Rajab
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Director: Kaouther Ben Hania
Rating: 4/5
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Dir: Taika Waititi
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Four stars
Start-up hopes to end Japan's love affair with cash
Across most of Asia, people pay for taxi rides, restaurant meals and merchandise with smartphone-readable barcodes — except in Japan, where cash still rules. Now, as the country’s biggest web companies race to dominate the payments market, one Tokyo-based startup says it has a fighting chance to win with its QR app.
Origami had a head start when it introduced a QR-code payment service in late 2015 and has since signed up fast-food chain KFC, Tokyo’s largest cab company Nihon Kotsu and convenience store operator Lawson. The company raised $66 million in September to expand nationwide and plans to more than double its staff of about 100 employees, says founder Yoshiki Yasui.
Origami is betting that stores, which until now relied on direct mail and email newsletters, will pay for the ability to reach customers on their smartphones. For example, a hair salon using Origami’s payment app would be able to send a message to past customers with a coupon for their next haircut.
Quick Response codes, the dotted squares that can be read by smartphone cameras, were invented in the 1990s by a unit of Toyota Motor to track automotive parts. But when the Japanese pioneered digital payments almost two decades ago with contactless cards for train fares, they chose the so-called near-field communications technology. The high cost of rolling out NFC payments, convenient ATMs and a culture where lost wallets are often returned have all been cited as reasons why cash remains king in the archipelago. In China, however, QR codes dominate.
Cashless payments, which includes credit cards, accounted for just 20 per cent of total consumer spending in Japan during 2016, compared with 60 per cent in China and 89 per cent in South Korea, according to a report by the Bank of Japan.
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5.30pm: Maiden (PA) Dh 80,000 (T) 1,400m racing. Winner: Mujeeb, Fabrice Veron, Eric Lemartinel.
6pm: Handicap (PA) Dh 90,000 (T) 2,200m. Winner: Onward, Connor Beasley, Abdallah Al Hammadi.
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7.30pm: Handicap (TB) Dh 90,000 (T) 1,400m. Winner: Irish Freedom, Richard Mullen, Satish Seemar.
