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The Bank of London and the Middle East (BLME), a Shariah-compliant bank based in London, is opening a new office in the UK capital’s glitzy Mayfair district to cater to GCC nationals interested in acquiring properties in Britain.
Wealthy investors from the region have been able to leverage the strength of the GCC’s dollar-pegged currency against a weak pound for UK property investments over the last year. BLME said the new office will serve as a base for its clients looking to take an active role in the acquisition process.
The bank said its recent UK real estate deals include a refinancing of a £14.8 million ($18.2 million) facility against 24 apartments at Goodman’s Fields, a luxury development in east central London and a £42-million deal to finance the ultra-luxury Lancelot Place project in Knightsbridge.
Mayfair, which is home to Bond Street, Savile Row and iconic London retailer Fortnum and Mason, has long been a property investment destination for ultra-wealthy investors from around the world, particularly the GCC. It is the “gateway to the UK property market” for Middle Eastern investors, BLME said.
Chief executive Andrew Ball said the bank is becoming one of the UK’s leading providers of Shariah- compliant solutions for GCC nationals.
“The opening of the new Mayfair office demonstrates our growth ambitions and will be an attractive proposition, particularly for GCC clients who want to own property here in the UK.
“With a number of London deals currently in the pipeline, this office will provide a useful base for clients wishing to take a more active role in the acquisition process, and also allow them to easily visit prospective investment opportunities.”
As well as its London office, BLME currently has an office listed in the Dubai International Financial Centre (DIFC).
The bank had previously listed its shares on Nasdaq Dubai, but it announced plans in 2021 to de-list and re-register as a private company.
(Reporting by Imogen Lillywhite; editing by Cleofe Maceda)
