Asif Aziz: from the heart of London to Al Maryah Island

• Property billionaire heads to Abu Dhabi
• Emirate echoes ‘American dream’
• In talks for residential projects

Asif Aziz owns more of Leicester Square and Piccadilly Circus than any other individual. 

His holdings include the Criterion Building, a West End landmark best known as the setting where Dr Watson first hears the name Sherlock Holmes; the former Trocadero, which housed music halls and cinemas from the 1890s; and One Leicester Square, overlooking the red-carpet cinemas at the heart of London’s cultural circuit.

The self-made billionaire founded Criterion Capital two decades ago, a private property company which repurposes underutilised commercial properties into hotels and high-density housing. 

Today Criterion manages a $9 billion portfolio spanning more than 50 buildings in London and thousands of residential units across the UK and Europe.

But now, Aziz’s gaze is fixed firmly east.

He is relocating to Abu Dhabi, drawn by what he calls a modern echo of the American dream.

“One reads about America 50 years ago, where if you work hard, all your dreams could come true,” he tells AGBI, speaking from his office inside the Criterion Building – the namesake of his company.

“Today, if you’re honest and you have integrity and you work hard, Abu Dhabi is a place where that can happen.”

We’re choosing to deploy capital in Abu Dhabi because of how the UAE government is welcoming people

Asif Aziz

Aziz’s timing is no accident.

He is part of a growing exodus of wealthy individuals rethinking their ties to the UK.

Roughly one millionaire left the country every 55 minutes in 2024, with 9,500 high-net-worth individuals relocating – more than double from the year before, according to the Henley Wealth Migration dashboard.

Among the high-profile departures are Egyptian billionaire Nassef Sawiris and former Reckitt Benckiser chief Bart Becht, triggered by the Labour Party’s October budget overhaul – particularly a decision to scrap the centuries-old non-dom tax regime.

Lakshmi Mittal, one of Britain’s richest residents, is also weighing up a move overseas, Bloomberg reported.

Aziz had initially secured residency in Portugal – a popular fallback for high-net-worth individuals – but says Abu Dhabi quickly proved more compelling. 

“On my first visit to Abu Dhabi… I said ‘no’, I want to live here now,” he says.

“We’re choosing to deploy capital in Abu Dhabi because of how the UAE government is welcoming people, how the law is structured, and the can-do attitude,” he says.

Aziz has bought a home at the Four Seasons Private Residences on Al Maryah Island, has set up his company in Abu Dhabi Global Market (ADGM) – the emirate’s financial free zone – and is in talks to acquire plots for residential projects. 

Aziz Foundation

He is targeting the mid-market segment, particularly long-term residents still renting.

“Even 20 years on, there are people still living in rented accommodation,” he says. “It’s that market we want to target. There’s some great product in Abu Dhabi, but we think there’s room in that space for quality at a reasonable price.”

Abu Dhabi’s real estate market posted record growth in 2024. Residential rents rose 20 per cent and sales prices up 11 per cent, according to Cushman & Wakefield.

Criterion, also behind the Zedwell hotel brand – which plans to expand to 8,500 rooms across the UK by 2027 – will initially focus on real estate in Abu Dhabi, but hospitality may follow as “a natural progression”.

Aziz’s move comes as global capital increasingly flows toward the Gulf. Since the pandemic, the UAE has positioned itself as a destination for hedge funds, family offices and crypto wealth – helped by visa reforms, low taxes and a state-led push to rival Western financial centres.

Asset managers including US-based Nuveen and PGIM, which oversee over $1 trillion each, have established in Abu Dhabi, while Apollo has committed nearly $2 billion to Aldar, the city’s largest listed developer. 

Hedge fund billionaire Ray Dalio, Binance co-founder Changpeng “CZ” Zhao, and India’s Adani family have also set up in ADGM. US private equity investor Leon Black, whose net worth is estimated at $14 billion, followed last year. 

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The UAE is now home to nearly 130,000 millionaires, with a further 8,000 expected to arrive this year – more than any other country globally, according to Henley’s figures. 

“Private capital is migrating to where it’s treated best – and that’s increasingly the UAE,” a Gulf-based wealth adviser tells AGBI. 

“Aziz isn’t the first to come here, and he won’t be the last.”

For Aziz, the appeal goes beyond tax efficiency or ease of doing business – it’s a long-term play.

Born in Malawi and raised in the UK – where his first job was flipping burgers at McDonald’s – he says the decision is rooted in values.

Aziz is known for his philanthropy focused on Muslim education. Since 2015, his Aziz Foundation has awarded more than 600 postgraduate scholarships to British Muslims and backed internships in finance and policymaking.

“Ultimately, we’re Muslims,” he says. “One of the reasons we chose Abu Dhabi over Europe is because of the culture and the religion. [My daughter] says she connects with the Islamic background. A lot of people talk about diversity – in the UAE, you live it.”