Wednesday, December 2, 2009

Qatar rises above Gulf crisis with high hopes for UK property market - UKCIG Property News

The British property market remains an attractive investment to Qatar, the Governor of the Qatar Central Bank (QCB) said yesterday, as he gave the seal of approval to the Gulf state’s latest UK project.

Troubles in Dubai, high-profile court cases in London and the fallout from the credit crunch will have no impact on the construction of the £2 billion Shard, on the South Bank of the Thames near London Bridge, which has already reached the fifth of its 80 floors. When completed, it will be Europe’s tallest building.

“The State of Qatar is firmly behind this project, which reflects our belief that the UK property market continues to offer us an attractive and stable economic environment in which to invest,” Sheikh Abdullah bin Saud al-Thani, Governor of the QCB, said.

The Qatari state owns 80 per cent of the development, which was designed by Renzo Piano. Irvine Sellar, the veteran property developer, retains a one-fifth stake through his Sellar Property Group.

UKCIG Property News, December 2009

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