More Middle Eastern Money Comes to London
The UK economy is facing scarcity of money causing real estate projects to be cancelled or delayed. It has forced around 58,000 employees to face imminent dismissal. However, it seems that the real estate sector is being supported by the money being channelled from Middle Eastern companies.
Four Qatar based companies are providing funds of close to £430 million to build a skyscraper named the Shard. This skyscraper will be built close to river Thames and will be the highest building in Europe, the total height of the building being more than 300 meters.
The Shard will be finished in the next 3 years. The Shard is going to have apartments, shared offices, and restaurants. In addition to these, Shangri-La Asia Limited, a hotel group is building a five star hotel in the Shard. This luxury hotel will have around 197 suites and rooms and will be spread over 19 floors.
Other prospective lessees have also started taking leases. Transport for London has already acquired a three-decade long lease for a shared office in the building.
It has been reported that the Shard may have to compete with the Pinnacle office tower. This 945 feet building will be situated in the City of London financial district and will be complete by 2013. This is another example of Middle Eastern money coming into the UK economy as Arab Investments Limited is providing funding for the building.
