• Home
• /
• Property
• /
• Business

Mideast investors spend $11.5b on global property

Dubai - Hong Kong came in second with $2.4 billion, followed by New York with $1.1 billion.

---

---

During the first half of 2015, $11.5 billion of capital flowed out of the Middle East into direct real estate globally, according to the latest research from property advisor CBRE. Total Middle East outbound investment during 2014 stood at $13.8 billion.
London remained the main beneficiary of investment during the first half of 2015, receiving $2.8 billion and representing 24 per cent of Middle Eastern outbound capital. Notable deals included the $2.47 billion Qatar Investment Authority's acquisition of Maybourne Hotels and the $110 million purchase of the London Midtown office by a private investor.
Hong Kong came in second with $2.4 billion, followed by New York with $1.1 billion.
Despite weakening oil prices, acquisitions by sovereign wealth funds (SWFs) increased during H1 2015. Sovereign spending stood at $8.3 billion, representing more than 72 per cent of total spend.
However, the H1 2015 results were boosted by two large hotel acquisitions at $2.5 billion and $2.4 billion each - one in London and the other in Hong Kong, by two different SWFs. Nick Maclean, managing director, CBRE Middle East, said: "Qatar remains the largest source of outbound capital investing $9.834 billion, while the UAE invested $6.64 billion in global assets during 2014 and the first half of 2015 combined."
- business@khaleejtimes.com