Ghant, Belgium: attracted Abu
Dhabi investment
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EURO PROPERTY Economists at CBRE say that investment flows
from the Middle East into European property totalled about Dh20.2bn (€4.1bn) last year – about 90% of all Middle Eastern investment into property outside of the region and more than 50% up on the previous year. However, this figure remains well down on the
Dh25.7bn invested during the property boom of 2007 as Middle Eastern countries have come under pressure to spend domestically in the light of the Arab Spring and as competition with funds from outside the region has intensified. Despite a rise in oil prices, asset manager
Invesco estimated last year that increases in funding for sovereign wealth funds across the region is diminishing as Gulf governments increase spending on education, job creation, affordable housing and healthcare. It estimates that government revenues across the Gulf increased by 25% in 2011 and by around 31% in 2012 while the amount of cash finding its way into sovereign funds increased by only 8% in 2012 compared with 13% in 2011. However, these broad figures mask significant differences between funds. Qatar, which makes most of its cash from liquefied natural gas that is sold on longer-term
the Middle East into European property totalled about Dh20.2bn (€4.1bn) last year – CBRE research
contracts, and which has a population of just 1.9m, is still aggressively buying in Europe. The owner of Harrods and The Shard in London is thought to have assets under management of between $120bn and $130bn (€90bn and €97bn).
IN ASSOCIATION WITH
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