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Saudi Arbah Successfully Exits Residential Project in Central London

The Regent Crescent high-end residential development in central London.
The Regent Crescent high-end residential development in central London.
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Saudi Arbah Successfully Exits Residential Project in Central London

The Regent Crescent high-end residential development in central London.
The Regent Crescent high-end residential development in central London.

Saudi Arbah Capital announced on Monday the successful exit for its investors of a £27 million facility for the Regent Crescent high-end residential development in central London.

The development consists of 76 housing units overlooking Regent Park in the heart of the British capital.

It is the rebuild of an 1800’s Grade 1 listed building designed by John Nash, who was the architect of Buckingham Palace.

Arbah Capital is licensed by the Capital Market Authority (CMA) in Saudi Arabia as a closed Saudi Joint Stock Company, and commenced business operations in August 2008.

In May 2018, Mahmood Al-Kooheji, CEO of Arbah Capital had said: “This is a landmark moment in Arbah Capital’s successful progress into becoming an Investment Bank which participates in carefully selected, risk adjusted, investment opportunities internationally.”

“This is just the beginning of an exciting period in our development and shortly we will be bringing further unique investment opportunities for our valued clients.”

On Monday, he stressed that “Arbah Capital has delivered on these expectations with the successful exit of the Regent Crescent project, and subsequent carefully selected investments both in the UK and US.”

This includes the £60 million investment in the mixed use Sauchiehall Building in Glasgow, and the investment of $36 million into a development of a Senior Care facility in Florida, US.

“We are very proud to have made an exit from an international investment which underlines the strength of our investment thesis and analysis, and execution capability.”

“Arbah is aiming to launch other products soon which address the key concerns that we now face and build sustainability for the future,” he revealed.

“We are currently working to acquire a core social infrastructure asset in the US, another income producing product in a very defensive sector, looking to introduce Purpose Based Student Housing into Saudi Arabia, and looking to launch a product in the Trade Finance sector,” said Al-Kooheji.

“These products we believe are innovative and in defensive areas, which will provide investors with a degree of stability and comfort, at a time of such great volatility in other markets.”

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US Job Growth Surges in September, Unemployment Rate Falls to 4.1%

A woman enters a store next to a sign advertising job openings at Times Square in New York City, New York, US, August 6, 2021. REUTERS/Eduardo Munoz/File Photo
A woman enters a store next to a sign advertising job openings at Times Square in New York City, New York, US, August 6, 2021. REUTERS/Eduardo Munoz/File Photo
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US Job Growth Surges in September, Unemployment Rate Falls to 4.1%

A woman enters a store next to a sign advertising job openings at Times Square in New York City, New York, US, August 6, 2021. REUTERS/Eduardo Munoz/File Photo
A woman enters a store next to a sign advertising job openings at Times Square in New York City, New York, US, August 6, 2021. REUTERS/Eduardo Munoz/File Photo

US job growth accelerated in September and the unemployment slipped to 4.1%, further reducing the need for the Federal Reserve to maintain large interest rate cuts at its remaining two meetings this year.
Nonfarm payrolls increased by 254,000 jobs last month after rising by an upwardly revised 159,000 in August, the Labor Department's Bureau of Labor Statistics said in its closely watched employment report on Friday.
Economists polled by Reuters had forecast payrolls rising by 140,000 positions after advancing by a previously reported 142,000 in August.
The initial payrolls count for August has typically been revised higher over the past decade. Estimates for September's job gains ranged from 70,000 to 220,000.
The US labor market slowdown is being driven by tepid hiring against the backdrop of increased labor supply stemming mostly from a rise in immigration. Layoffs have remained low, which is underpinning the economy through solid consumer spending.
Average hourly earnings rose 0.4% after gaining 0.5% in August. Wages increased 4% year-on-year after climbing 3.9% in August.
The US unemployment rate dropped from 4.2% in August. It has jumped from 3.4% in April 2023, in part boosted by the 16-24 age cohort and rise in temporary layoffs during the annual automobile plant shutdowns in July.
The US Federal Reserve's policy setting committee kicked off its policy easing cycle with an unusually large half-percentage-point rate cut last month and Fed Chair Jerome Powell emphasized growing concerns over the health of the labor market.
While the labor market has taken a step back, annual benchmark revisions to national accounts data last week showed the economy in a much better shape than previously estimated, with upgrades to growth, income, savings and corporate profits.
This improved economic backdrop was acknowledged by Powell this week when he pushed back against investors' expectations for another half-percentage-point rate cut in November, saying “this is not a committee that feels like it is in a hurry to cut rates quickly.”
The Fed hiked rates by 525 basis points in 2022 and 2023, and delivered its first rate cut since 2020 last month. Its policy rate is currently set in the 4.75%-5.00% band.
Early on Friday, financial markets saw a roughly 71.5% chance of a quarter-point rate reduction in November, CME's FedWatch tool showed. The odds of a 50 basis points cut were around 28.5%.