UAE’s Criterion acquires prime London hotel

Asif Aziz’s Criterion Capital scoops up London hotel: Abu Dhabi-based real estate magnate Asif Aziz’s real estate and investment company Criterion Capital acquired the St Giles London Hotel, according to a press release. With the 732-key hotel in central London under its belt, Criterion’s portfolio in the area now stands at 3.7k hotel rooms. It is aiming to bring that total to 9k by 2029.

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IN CONTEXT- Aziz advised on the hotel’s original sale back in 1993 and Criterion later acquired parts of the site, including the carpark. The b’naire recently moved his tax residency to the UAE from London, part of the growing wealth exodus from the UK on the back of economic stagnation and tax reforms, though Emirati investors are continuing to snap up prime real estate in the UK capital.

Ardee kicks off AED 2 bn Al Marjan Island build

UAE-based real estate developer Ardee broke ground on its AED 2 bn waterfront development, Fairmont Residences Al Marjan Island and Fairmont Al Marjan Island Hotel, in Ras Al Khaimah, according to a press release. A wave of hospitality players have been establishing a presence on RAK’s Al Marjan Island, which will feature a USD 3.9 bn integrated gaming resort.

Timeline: Piling works on the site, which spans 1.2 mn sq ft of gross floor area, are slated to wrap up in April, after which main construction will begin. The project targets completion by 2028 and is part of Ardee’s larger 5.6 mn sq ft masterplan for the island — initially announced last year — which includes a 250-key hotel and 519 residential units.

Arrowpoint with USD 1.1 bn AUM receives DFSA green light
Arrowpoint Investment Partners secures regulatory approval to operate in Dubai: Singapore-based multi-strategy hedge fund Arrowpoint Investment Partners, founded by former Goldman Sachs managing director Jonathan Xiong (LinkedIn), has reportedly received a license from the Dubai Financial Services Authority to carry out investment management activities in Dubai International Financial Center, Al Khaleej reports. Arrowpoint joins the ranks of global hedge funds establishing a presence in the emirate.

By the numbers: Despite launching only in 2024, Arrowpoint emerged as one of the most prominent breakout hedge funds, ending its debut year with USD 1.1 bn in assets under management after starting with USD 500 mn. It was later reported to be targeting up to USD 400 mn in capital during 1Q of this year.

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