Text size:

  • Small
  • Normal
  • Large

High flyers are lured by London

The growing Middle Eastern ownership of commercial property in the City of London is helping to fuel an increase in the number of business flights into Abu Dhabi.

The growing Middle Eastern ownership of commercial property in the City of London is prompting an increase in the number of private jets flying into the British capital, new research reveals.

The business jet manufacturer Hawker Beechcraft has compiled data that show the number of private jet flights from Middle Eastern destinations to London increased 12 per cent between 2009 and last year.

At the same time Middle Eastern companies built up their ownership of commercial property there to 4.5 billion (Dh26.71bn).

Hawker Beechcraft used figures provided by the UK developer Development Securities and the aircraft research company JetNet to find that there was a correlation between the biggest overseas investors in City commercial property and the number of business jet flights from those destinations into London.

According to the research, investors from the Middle East owned the third-largest number of commercial buildings in the City, ranking behind domestic investors from the United Kingdom and those from Germany.

Of the total 791 commercial buildings in the Square Mile, Arab investors last year accounted for 47, comprising about 6 per cent of the total 84.6 million square feet of City office stock and 4.5bn in value - a similar amount to the previous year but up from just 2 per cent in 2005.

At the same time the number of private jet flights leaving from the Middle East to London increased from 803 in 2009 to 913 last year.

And the number is continuing to increase. Researchers said that in September this year the number of private jet flights from the Middle East stood at 81, a 17.4 per cent increase on the same month the previous year.

Middle Eastern business jet passengers accounted for 2 per cent of the total flights into the UK last year.

"London remains one of the most biggest and influential financial capitals in the world, and it is therefore no surprise to see that commercial properties in the City are still very much sought after by overseas businesses," said Sean McGeough, the HBC president for Europe, the Middle East, Africa and Asia-Pacific.

"Not only is London perfect for conducting business on a global scale, but it is also supported by a high number of business airports such as London City, Biggin Hill and Farnborough, allowing for travel into the heart of the city from continental Europe within a matter of hours."

lbarnard@thenational.ae

Back to the top

More articles


Editor's Picks

 The Greens, villas: Q1 no change. 3BR - Dh210-250,000. 4BR - Dh210-260,000. 5BR - Dh220-300,000. Q1 2013-Q1 2014 5% rise. Pawan Singh / The National

In pictures: Where Dubai rents have risen and fallen, Q1 2014

Find out how rental prices in the prime locations in Dubai have altered during the first three months of the year and the current rates you will pay according to data provided by Asteco.

 Above, the private pool of Ocean Heights' five-bedroom penthouse flat. Courtesy Christie’s International Real Estate

In pictures: Penthouse flat is height of Dubai luxury living

A five-bedroom penthouse in Ocean Heights in Dubai Marina is on sale for Dh25 million and comes with a private pool and an unparalleled view of Dubai.

 The cooling towers of the Temelin nuclear power plant near the Tyn nad Vltavou in Czech Republic. The country wants to continue expanding nuclear energy capacity despite cancelling a tender to build two new units. David W Cerny / Reuters

In pictures: Best business images for the week to April 17, 2014

Here are some of the best business images for the week to April 17, 2014.

 A sign points the way to an outdoor market popular with German visitors on the Polish side of the German-Polish border. Sean Gallup / Getty Images

In pictures: A decade since the European Union went east

May 1 will mark 10 years since the European Union expanded east, taking in countries like Poland, the Czech Republic and the Baltic states as new members. And though the border region between Germany and Poland is flourishing with trade and cultural exchange, the open border has also brought a sharp rise in crime.

 The Wind, Energy, Technology and Environment Exhibition takes place from April 14 to April 16. Above, the Dewa showroom during last year’s Wetex. Jaime Puebla / The National

April corporate and economic calendar for the UAE and overseas

From Cityscape to Wetex to stock-market holidays to nations reporting first-quarter GDP figures, here is our helpful calendar of April's business events in the UAE and internationally.

 Get the latest information on credit cards, bank accounts and loan products in the UAE. Mark Lennihan / AP Photo

Rates report: Latest on UAE loans, accounts and credit cards

Souqamal.com brings you the latest interest rates on banking products in the UAE.

Events

To add your event to The National listings, click here

Get the most from The National