The UK is actively seeking Gulf investors for regeneration projects worth over Dhs600 billion.
UK Trade and Investment’s (UKTI) Regeneration Investment Office (RIO) said that Gulf investors have the opportunity to participate in projects leading to the development of 27 million square metres of new prime floor space and 220,000 homes.
The UK government has co-invested in many of these projects, having committed Dhs104 billion of the Dhs600 billion total, while almost a third has already been committed by the private sector.
Projects in the pipeline include the 300-acre Titanic Quarter in Belfast, Northern Ireland, consisting of a boutique hotel, financial services centre, new retail development, film and media hub and office space, at a total development cost of Dhs6 billion.
Another example given by the RIO is the 1.9-acre The Paramount development on the outskirts of London. A mixed-use leisure resort, including a studio based theme park, 300,000 square foot of event space, three hotels providing 5,000 rooms and a 1,500 capacity theatre, to be completed by 2018.
“We are actively seeking Gulf investors who can participate in our really strong supply of regeneration projects in the UK with over Dhs600 billion in capital value,” said Sir Michael Bear, chairman of UKTI’s Regeneration Investment Office.
“It is our goal to remove barriers to investment and project delivery, enabling us to work closely with investors in supporting sustainable job creation as well as wide economic growth.”
Projects that meet the RIO standard require a gross development value of Dhs600 million, enable job creation, outline planning permission in place and are deployable within 12 to 18 months.