The sudden correction in British real estate prices and the weakening of sterling following the decision of the U.K. to leave the European Union (EU) can be an opportunity for investors from Qatar to boost their U.K. assets portfolio for a longer term, Qatar First Bank CEO Ziad Makkawi said.
Post-Brexit challenges may cause short-term revaluation of Qatari assets in the U.K., but new opportunities will arise, Makkawi told the Qatar Tribune.
“The turmoil and uncertainty brought about by the Brexit vote will create many opportunities,”
Makkawi said. “We remain committed to deploying our won capital alongside our client to take advantages of the low realty prices.”
Qatar owns such landmarks as Harrods department store and Olympic Village and luxury hotels.
“The relationship between Qatar and the U.K. goes deeper than just its relationship with the EU and will continue to grow,”
Makkawi said. “It will be very interesting to see how the British pound behaves. Personally, I think, the U.K. economy on its own will be easier to understand and easier to manage than an entire economic bloc such as the EU.”
Makkawi also said it is too early to tell what impact Brexit will have on the U.K. and Europe, let alone the Qatari economy.
