Abu Dhabi Al Nahyan Royals Approved for Vast London West End Office - Bloomberg
Westminster City Council has approved plans by a company ultimately overseen by Abu Dhabi’s ruling Al Nahyan family for one of the largest office projects ever built in London’s West End.
Berkeley Estate Asset Management got permission to overhaul the former flagship BHS store and adjoining London College of Fashion building on Oxford Street at a meeting Tuesday. The plans, designed by architect KPF, propose about 800,000 square feet (74,322 square meters) of office space and more than 100,000 square feet of stores at 33 Cavendish Square.
The developer is officially owned by the Private Department of the President of the United Arab Emirates. The Al Nahyan family’s sprawling London property portfolio includes some of the city’s most valuable real estate, acquired over several decades under the leadership of former ruler Sheikh Khalifa bin Zayed Al Nahyan. It owns several major properties on and around Berkeley Square and has more recently branched out into other parts of the West End.
The scale of the project is highly unusual for the area, which is dominated by smaller historic buildings that are subject to stringent protections and planning restrictions. The proposed development has almost the same amount of office space as Goldman Sachs Group Inc.’s sprawling UK headquarters in the City of London.
Wednesday, 10 December 2025
Asian investors flock to Gulf debt in hunt for yield and growth | Reuters
Asian investors flock to Gulf debt in hunt for yield and growth | Reuters
Asian investors are piling into Gulf bonds and loans this year, reflecting both deepening trade and finance ties with the fast-growing region and an uncertain outlook elsewhere, including the world's top two economies, the United States and China.
Bond issuance in the Middle East and North Africa region jumped 20% year-on-year to $126 billion in the first nine months of this year, according to LSEG data, with full-year records in sight both for the region and broader emerging market debt sales outside China.
That growth, driven largely by the six-member Gulf Cooperation Council, represents both rising financing needs linked to oil- and gas-producing economies' efforts to diversify, and growing demand from Asian investors reshuffling their portfolios.
"Clearly there has been a shift with Chinese investors actively diversifying away from U.S.-based investments," said Nour Safa, head of debt capital markets for the Middle East and North Africa at HSBC in Dubai.
Chinese investors have become more comfortable with the region and were now doubling down on investments in both bonds and loans, which have seen particularly strong demand from Asia, Safa said.
Middle East loans syndicated in Asia-Pacific more than tripled to over $16 billion year-to-date from less than $5 billion last year, LSEG data showed.
With China's economy slowing and Washington's tariff-centred policies making investors rethink their exposure to the vast pool of U.S. assets, the Gulf appeals with its stability and solid growth prospects.
The IMF projects the region will grow 3.9% this year and growth will accelerate to 4.3% in 2026. In contrast, global growth, projected at 3.2% in 2025, is seen slowing to 3.1% next year.
"Investors are being more cautious about U.S. Treasuries and are diversifying into several alternate markets," said Oliver Holt, Nomura’s head of debt syndication in Singapore, with high-rated government-backed Middle East issuers often catching investor attention.
Deepening economic ties are also helping with Gulf-Asia trade rising 15% to a record $516 billion last year, around double the value of the region's trade with the West, according to London-based Asia House.
ASIA TAKES BIGGER BOND ALLOCATIONS
Ritesh Agarwal, Emirates NBD Capital's head of debt capital markets, said Asian institutions - hedge funds, asset managers and private banks - have driven a rise in the region's debt allocations over the past 12 to 18 months.
According to Agarwal, average Asian allocation in Gulf debt issues now ranged between 15% and 20%, up from 5% to 7% in early 2024. He said that while the majority of investors were not from mainland China, Chinese capital was flowing through Asian accounts in Hong Kong, Singapore and, for Islamic bonds, Malaysia.A combination of high demand and strong credit fundamentals has allowed Gulf issuers to price bonds at near historic-low spreads over U.S. government debt.
For example, Asian investors bought 40% of AA-rated Qatar's $1 billion 3-year bond last month which priced at just 15 basis points over U.S. Treasuries.
Gulf bonds typically can give Asian investors higher yields compared to similarly rated credits in Asia, said Chong Jiun Yeh, group chief investment officer at Singapore-based UOB Asset Management.
Typically, a BBB-rated U.S. dollar bond from the Gulf can add 10 to 20 basis points in total yield compared with similar Asian credits, he said.
Chinese interest rates have generally been below those in the U.S.
Several Gulf borrowers were also planning to issue bonds in yuan on China's domestic fixed-income market - so-called "Panda bonds" - said Clifford Lee, global head of investment banking at Singapore's DBS Group, who has organised meetings for Gulf banks with Chinese onshore investors.
"We predict that once regular issuance flow begins, it can unlock access to an over $20 trillion market," Lee said.
In some early deals, Saudi National Bank (1180.SE), opens new tab issued the first Singapore dollar bond in late November, while the UAE emirate Sharjah raised 2 billion yuan ($280 million) in October.
Asian investors are piling into Gulf bonds and loans this year, reflecting both deepening trade and finance ties with the fast-growing region and an uncertain outlook elsewhere, including the world's top two economies, the United States and China.
Bond issuance in the Middle East and North Africa region jumped 20% year-on-year to $126 billion in the first nine months of this year, according to LSEG data, with full-year records in sight both for the region and broader emerging market debt sales outside China.
That growth, driven largely by the six-member Gulf Cooperation Council, represents both rising financing needs linked to oil- and gas-producing economies' efforts to diversify, and growing demand from Asian investors reshuffling their portfolios.
"Clearly there has been a shift with Chinese investors actively diversifying away from U.S.-based investments," said Nour Safa, head of debt capital markets for the Middle East and North Africa at HSBC in Dubai.
Chinese investors have become more comfortable with the region and were now doubling down on investments in both bonds and loans, which have seen particularly strong demand from Asia, Safa said.
Middle East loans syndicated in Asia-Pacific more than tripled to over $16 billion year-to-date from less than $5 billion last year, LSEG data showed.
With China's economy slowing and Washington's tariff-centred policies making investors rethink their exposure to the vast pool of U.S. assets, the Gulf appeals with its stability and solid growth prospects.
The IMF projects the region will grow 3.9% this year and growth will accelerate to 4.3% in 2026. In contrast, global growth, projected at 3.2% in 2025, is seen slowing to 3.1% next year.
"Investors are being more cautious about U.S. Treasuries and are diversifying into several alternate markets," said Oliver Holt, Nomura’s head of debt syndication in Singapore, with high-rated government-backed Middle East issuers often catching investor attention.
Deepening economic ties are also helping with Gulf-Asia trade rising 15% to a record $516 billion last year, around double the value of the region's trade with the West, according to London-based Asia House.
ASIA TAKES BIGGER BOND ALLOCATIONS
Ritesh Agarwal, Emirates NBD Capital's head of debt capital markets, said Asian institutions - hedge funds, asset managers and private banks - have driven a rise in the region's debt allocations over the past 12 to 18 months.
According to Agarwal, average Asian allocation in Gulf debt issues now ranged between 15% and 20%, up from 5% to 7% in early 2024. He said that while the majority of investors were not from mainland China, Chinese capital was flowing through Asian accounts in Hong Kong, Singapore and, for Islamic bonds, Malaysia.A combination of high demand and strong credit fundamentals has allowed Gulf issuers to price bonds at near historic-low spreads over U.S. government debt.
For example, Asian investors bought 40% of AA-rated Qatar's $1 billion 3-year bond last month which priced at just 15 basis points over U.S. Treasuries.
Gulf bonds typically can give Asian investors higher yields compared to similarly rated credits in Asia, said Chong Jiun Yeh, group chief investment officer at Singapore-based UOB Asset Management.
Typically, a BBB-rated U.S. dollar bond from the Gulf can add 10 to 20 basis points in total yield compared with similar Asian credits, he said.
Chinese interest rates have generally been below those in the U.S.
Several Gulf borrowers were also planning to issue bonds in yuan on China's domestic fixed-income market - so-called "Panda bonds" - said Clifford Lee, global head of investment banking at Singapore's DBS Group, who has organised meetings for Gulf banks with Chinese onshore investors.
"We predict that once regular issuance flow begins, it can unlock access to an over $20 trillion market," Lee said.
In some early deals, Saudi National Bank (1180.SE), opens new tab issued the first Singapore dollar bond in late November, while the UAE emirate Sharjah raised 2 billion yuan ($280 million) in October.
Most Gulf markets gain ahead of Fed verdict | Reuters
Most Gulf markets gain ahead of Fed verdict | Reuters
Most stock markets in the Gulf ended higher on Wednesday as investors awaited remarks from Federal Reserve Chair Jerome Powell for policy clues.
As of Wednesday, markets are almost fully pricing in a 25-basis-point interest rate cut following the U.S. central bank's two-day Federal Open Market Committee meeting, despite the committee being more divided than it has been in years.
The Fed's stance holds implications for Gulf economies, where most currencies are pegged to the U.S. dollar, making it an anchor for regional monetary stability.
Saudi Arabia's benchmark stock index (.TASI), opens new tab gained 0.3%, with ACWA Power Company (2082.SE), opens new tab gaining 4%.
However, oil giant Saudi Aramco (2222.SE), opens new tab eased 0.1%.
The Fed meeting will be especially important for the guidance it offers on monetary policy and economic projections for the year ahead, said Daniel Takieddine, co-founder and CEO, Sky Links Capital Group.
"If the Fed signals readiness for further rate cuts next year, it would likely have a positive impact on GCC economies and corporate earnings. Consequently, the Saudi market may find further support following the decision."
Dubai's main share index (.DFMGI), opens new tab gained 0.5%, led by a 2.7% rise in top lender Emirates NBD (ENBD.DU), opens new tab.
In Abu Dhabi, the index (.FTFADGI), opens new tab eased 0.1%.
Outside the Gulf, Egypt's blue-chip index (.EGX30), opens new tab added 0.3%.
Most stock markets in the Gulf ended higher on Wednesday as investors awaited remarks from Federal Reserve Chair Jerome Powell for policy clues.
As of Wednesday, markets are almost fully pricing in a 25-basis-point interest rate cut following the U.S. central bank's two-day Federal Open Market Committee meeting, despite the committee being more divided than it has been in years.
The Fed's stance holds implications for Gulf economies, where most currencies are pegged to the U.S. dollar, making it an anchor for regional monetary stability.
Saudi Arabia's benchmark stock index (.TASI), opens new tab gained 0.3%, with ACWA Power Company (2082.SE), opens new tab gaining 4%.
However, oil giant Saudi Aramco (2222.SE), opens new tab eased 0.1%.
The Fed meeting will be especially important for the guidance it offers on monetary policy and economic projections for the year ahead, said Daniel Takieddine, co-founder and CEO, Sky Links Capital Group.
"If the Fed signals readiness for further rate cuts next year, it would likely have a positive impact on GCC economies and corporate earnings. Consequently, the Saudi market may find further support following the decision."
Dubai's main share index (.DFMGI), opens new tab gained 0.5%, led by a 2.7% rise in top lender Emirates NBD (ENBD.DU), opens new tab.
In Abu Dhabi, the index (.FTFADGI), opens new tab eased 0.1%.
The Abu Dhabi stock market continues to face headwinds from lower oil prices and a negative outlook for the crude market heading into 2026, said Takieddine.
Oil prices - a catalyst for the Gulf's financial markets - held steady after falling about 1% in the previous session, as investors watched for progress in Russia-Ukraine peace talks and awaited a decision on U.S. interest rates.
Crude prices are hovering near multi-month lows, putting pressure on the fiscal balances of oil-dependent Gulf nations through lower revenues.
Crude prices are hovering near multi-month lows, putting pressure on the fiscal balances of oil-dependent Gulf nations through lower revenues.
Outside the Gulf, Egypt's blue-chip index (.EGX30), opens new tab added 0.3%.
Subscribe to:
Comments (Atom)