The Abu Dhabi government is in advanced talks with leading Mayfair-style private members club operators about creating a first venue in the Gulf emirate as part of its charm offensive to lure disillusioned wealthy London based investors.
The Abu Dhabi Investment Office (ADIO) believes that private members’ clubs such as Soho House, 5 Hertford Street or George are a key element of London’s lifestyle attraction and that it needs to replicate the experience in the fast growing capital city of the United Arab Emirates.
His Excellency Hareb Al Mheiri, executive director of the investor growth sector at AIDO , told the Standard he was in talks with seven brands from Europe and three from China with an initial location identified as car park site close to its Al Maryah Island headquarters.
The longer term plan is to have a collection of clubs spread around different districts of the city. Another essential component of the London lifestyle Al Mheiri is is looking to build up is boarding schools.
Harrow has already confirmed it is setting up a first overseas branch in the UAE in the next couple of years and Al Mheiri, a former senior executive at UAE flag carrier Eithad Airways, said that ADIO is talking to “a couple of brands from UK” and Switzerland.
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AIDO is particularly keen to attract the private offices that handle the business and financial affairs of affluent families. He said he was following “more than 700” leads of high net worth individuals or family offices interested to coming to Abu Dhabi, of which “between 10 to 15 per cent” - or as many as 100 are British-based.
The move comes after Rachel Reeves confirmed the abolition of the long standing non-dom tax status for wealthy foreign born residents that has resulted in many reassessing their long -term commitment to the UK.
However, Al Mheiri stated that he is now “a bit picky” as unlike five to six years ago, when he was explaining ‘why Abu Dhabi’, the talking point has flipped to ‘why not Abu Dhabi’,
“I’m not shooting everywhere, I’m choosing my clients, and this is what makes it unique for London investors, especially for family offices,” he added.
Al Mheiri’s office is also working with local banks “to scale up the private banking service to meet the objective or the requirement of the family offices”.
As part of a ‘help investors’ strategy, the ADIO opened up offices across eight cities, including in London back in 2021.
Al Mheiri, who spent seven years living in London, said the Mayfair-based office currently has just a few staff representing its initiative. But – as part of its ‘one stop shop’ initiative – the department is “moving forward to have a proper office in London, with a proper plan”.
