UK Islamic bank: Soccer boosting Gulf property investments
Andrew Ball, the CEO of the Bank of London and The Middle East (BLME), spoke to Al-Monitor about how soccer is fueling a rise in Gulf investment in northern England.
Gulf investment in northern England real estate is rising, and Middle Eastern ownership of British soccer clubs is helping to drive it, according to Andrew Ball, chief executive officer of the Bank of London and The Middle East (BLME).
The London-headquartered BLME is one of the largest Islamic banks based in Europe, and the lender focuses on savings, wealth management and real estate investments. Around half of the bank's £750 million ($894 million) real estate portfolio in the UK is within Greater London, with the remainder outside.
In an interview with Al-Monitor, Ball said that five or six years ago London was nearly the sole British investment location for the lender’s Middle Eastern clients, but that has since changed as investors look for higher returns on property.
London has long been considered a “safe haven” investment in real estate due to the stability of the city’s property market, while regions in the north often provide higher returns on investment.
