Qatar SWF Boost for UK Real Estate Market as GCC Investors Eye Plummeting Property Price Portfolios
Against the backdrop of the current global economic turmoil, IREF 2008 has assumed even greater importance as it is set to explore new avenues, and highlight the potential opportunities that exist between the GCC and key Western markets such as the UK. Clearly GCC investors armed with huge reservoirs of petrodollar liquidity can benefit not just from the abundance of opportunities currently available but also from expertise, knowledge transfer, and mutual cooperation between East and West.
The UK, a traditional real estate investment location for the GCC countries, remains an attractive hub especially for Islamic real estate financing and investments. The UK and GCC have a historical and long relationship in economic cooperation and investment. The UK is also the single largest provider of expertise in banking, legal, consultancy and accounting services to the GCC countries including in the specialized area of Islamic financing.
With all these market dynamics, IREF 2008 could not have come at a more opportune time. Real estate will always remain an attractive investment asset class for Middle East investors both in the region and out of the region.
As such IREF 2008 is the real estate event which anyone interested in the real estate market in the UK and GCC whether as a regulator, player, financier, structurer, investor, speculator, analyst or simply as an interested part, cannot afford to miss!
(I-Newswire) - The real estate markets in major international cities such as New York, London and Tokyo have received a major boost in confidence following reports that the Qatar Investment Authority ( QIA ), the emirates sovereign wealth fund ( SWF ), is planning to build up portfolios of investments in prime real estate properties that have been affected by the adverse impact of the global financial crisis. Investors from the GCC and other countries are particularly interested in value-added distressed assets as real estate companies in these mega-cities seek to off-load prime assets sometimes in panic sales to recoup whatever funds they can. The real estate sectors in these countries have been hit by a double whammy the credit crunch and plummeting property prices. QIA recently acquired 20% of the listed capital of the Qatari banks on the Doha Stock market in a transaction valued at US$5.3 billion. Several other factors point to mixed fortunes in the international and Middle Eastern real estate sectors in 2009. Bankers stress that real estate opportunities will vary from country to country; region to region and asset segment to asset segment. In fact, these real estate market issues, including prospects for Shariah-compliant real estate financing, will all be discussed at the International Real Estate Finance ( IREF ) 2008 conference organised by ICG-Events along the theme Building Bridges for Future GCC and UK Real Estate Relations which is due to be held on the 16th-17th December 2008 at the Park Plaza Hotel in London, UK. The conference will discuss several pertinent topics and issues including global economic and real estate market dynamics; challenges and opportunities in the UK real estate market; key real estate trends in the GCC countries; structuring real estate products; issues relating to structuring Shariah-compliant real estate transactions; FDI flows into and out of the GCC real estate sector; a GCC real estate market players panel discussion ( a first for any such conference ) and a Shariah Scholars panel discussion which has always proved very popular at past IREF conferences. On the evening of the 16th December there will also be a Gala Dinner which will incorporate the IREF ME 2008 Awards of Excellence, which will recognize and honour achievements in the real estate sector in several categories. The UK has already recently witnessed some GCC activity in the real estate sector with the acquisition of a prime UK portfolio by the HSBC Amanah Global Properties Income Fund, the largest Shariah-compliant open-ended real estate fund in the world. Bank of London & Middle East ( BLME ) and Gulf Finance House ( GFH ) are also working on acquiring real estate portfolios in the UK, the latter through the Gulf Atlantic Real Estate Fund 11.
Bankers in London such as Richard Thomas, CEO of Global Securities House ( UK ) and Chairman of Gatehouse Bank, are confident that the UK market “is becoming investible again and property yields are starting to show investible returns without the need for excessive leverage. I am confident that there will be significant opportunities in the market by the end of this year through to the beginning of 2009. ” The UK has always been an attractive market for GCC investors with Abu Dhabi, Qatar, Kuwait and Saudi Arabia leading the way. However, the potential for GCC investment into the UK realty market is much higher than the actual figures suggest. With some of the real estate markets in the GCC, especially Dubai, contracting because of the impact of the global financial crisis; GCC investors are keen to search for opportunities abroad especially of acquiring bargain prime property assets both residential and commercial. Citigroup in a recent report stressed that while demand for real estate in Dubai has dropped, the sector is too important to fail, which explains why supply has been carefully managed while demand was left to the inflows of expatriates and individual investors. In Dubai the impact of the new Mortgage Law and Law No.13 of 2008 which regulates initial property registration and allows banks to increase up-front equity requirements for products such as mortgages, will have a further dampener effect as the Real Estate Regulatory Authority ( RERA ) seeks to curb speculation in the market and to protect banks from any sizeable corrections in the market. However, yields in the real estate market in general in the UAE, are projected at 8 per cent to 14 per cent for the year ending September 2008 by Al-Mazaya Holding of Abu Dhabi, one of the largest realty investors in the UAE. This figure has a heavy weighting of commercial properties in Abu Dhabi, by far the richest of the UAE emirates. In Qatar, Barwa Real Estate, the largest realty company in Qatar, in November 2008 announced the launch of its flagship Urjuan Integrated City Development near Al-Khor. The US$10 billion project will be completed by 2013. In the above context, IREF 2008 could not have been more timely. ICG-Events, the conference organiser, have put together an ambitious and exciting programme and several top speakers have confirmed their participation. From the GCC countries they include Ali Hamad Lakhraim Al Zaabi, Executive Vice Chairman of Arady PSC; Ali Al-Ghannam , Head of International Real Estate Department, Kuwait Finance House; Mohammed Al-Qahtany, Chief Executive Officer, Al-Aman Investment Company. From the UK and Europe they include Richard Thomas, Managing Director, Global Securities House UK; Mark Berrisford-Smith, Senior Economist, HSBC; Stella Cox, Managing Director, DDCAP Ltd; Sarah Gooden, Partner, Trowers & Hamlins LLP; Chris Laxton, Managing Director of Global Business Development - Real Estate, Avia; David Lock, Chairman, David Lock Associates Ltd; Andrew Martin, Head of Commercial Division, Strutt & Parker; Jason Peers, Group Chief Executive, Jasper Capital; Imam Qazi, Head of Islamic Finance, Burges Salmon; Bridget Rosewell, Chairman, Volterra; Andrew Yeandle, Chief Executive Officer, Middle East, Strutt & Parker; and Dr. Fahad Al-Zumai, Manager of Legal Affairs & Shariah Compliance, Bank of London and The Middle East Plc. In addition, several other experts have been invited to speak. IREF 2008 is the real estate event which anyone interested in the real estate market in the UK and GCC whether as a regulator, player, financier, structurer, investor, speculator, analyst or simply as an interested party cannot afford to miss! In this respect this conference is imperative also for all those allied businesses serving the real estate sector the contractors; law firms; surveyors; property consultants; engineers; financial advisers; fund managers; housing officers and architects Given the current economic situation, quality transactions are naturally scarce. But there are always good opportunities for the discerned and informed investors, especially in distressed assets and portfolios. Can you or your company afford to miss this premier event in the international real estate finance conference circuit? For further information, please contact: info@icg-events.com or visit the official event website at www.islamicrealestate.com
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