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Sunday, January 29, 2023

The British "Royalty"

 The royal families of Gulf states including Saudi Arabia, the United Arab Emirates and Qatar own more than £1bn of UK property via offshore jurisdictions, such as Jersey and the British Virgin Islands.

Nearly 200 properties, including hotels, London mansions and country estates, belong to a few small but super-rich dynasties.

Gulf royals who hold assets through offshore entities include Sheikh Mansour, the owner of Manchester City football club, members of the Al Saud ruling family of Saudi Arabia, and the al-Thani clan that controls Qatar.

The most expensive is a £150m Surrey estate which is owned by Sheikh Mansour’s wife, Sheikha Manal bint Mohammed al-Maktoum. Sheikh Mansour, who is the deputy prime minister of the UAE, owns 17 other land titles via Jersey, including a London apartment and land connected to urban developments in Manchester.

The Saudi royal family also holds a vast array of property via offshore entities, including the Holme, a lakeside manor in the middle of London’s Regent’s Park, built in 1818.

The property is owned by a Guernsey-based entity, whose beneficial owners include Abdullah bin Khalid Al Saud, the kingdom’s representative at the United Nations. It was reportedly for sale for £185m in 2020.

Another royal, Turki bin Salman Al Saud, he ninth son of the king and brother to the country’s de facto ruler, Mohammed bin Salman owns a BVI-based company called Moncrieff Holdings, which owns 18 properties in London, including flats in the Pinto Tower in Nine Elms.

Qatari royals have also used offshore jurisdictions to spend vast sums on UK property. Sheikh Thani bin Abdullah al-Thani, a member of the dynasty that has ruled over Qatar since the 19th century, owns 12 companies on the register of overseas entities, all of them based in the British Virgin Islands. Those companies own 16 properties, including 160 Great Portland Street in London, a seven-floor office block purchased for £127m in 2018. The sheikh’s property empire also includes a £48m office building on London’s Southwark Street, three addresses worth a combined £31m in Soho and the headquarters of the technology company Sony on Great Marlborough Street.

Another member of the clan, Mohamed Khalifa al-Thani, bought 1 Queen Anne’s Gate, a 27-apartment block on the edge of St James’s Park near Buckingham Palace, for £139m in 2019. 

 The Qataris own approximately £10bn of UK property, including prestige assets such as the Shard and Harrods.

Gulf royals own more than £1bn of UK property via tax havens | Real estate | The Guardian


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