It's rare for a building with the history and location of the Old War Office to come on to the market. So when it did, the billionaire Hinduja brothers snapped it up, reportedly for £350 million ($444 million).
Now nearing the fulfilment of its overhaul, the five-bedroom penthouse honours the building's legacy as the home of Britain's espionage elite. Its lead designer took on the task of weaving a secret history into the modern interior design and its expansive terraces boast panoramic views across London.
Sitting at the top of Whitehall, opposite Horse Guards Parade and Downing Street, The OWO is firmly at the centre of British power and the penthouse commands views of St James's Park, Buckingham Palace and Westminster Abbey.
Designed by William Young and completed in 1906, The OWO is one of the greatest examples of Edwardian architecture in London. But the genius of the building as it reopens is just as much in its transformation from being one of the most secretive buildings in the world into a top-class Raffles hotel and residences.
The site had been a seat of power long before The OWO was built – it previously housed the Palace of Whitehall, home to England's monarchs, including Henry VIII, for centuries.
The baroque-style office contained more than 1,000 rooms and two and a half miles of corridors, along which the likes of Winston Churchill, TE Lawrence (Lawrence of Arabia) and Lord Kitchener would have paced.
The building was a repository of secrets. Inside The OWO in 1909, Mansfield Cumming set up a new section of the Secret Service Bureau responsible for espionage activities outside the country, a network of spies that later grew into MI6.
Indeed, Ian Fleming, who also worked in The OWO, based the “M” character in his James Bond novels on Mr Cumming.
The Bond connection doesn't stop there – five of the series' films were filmed in The OWO.
“When the Hinduja family saw this building come up for sale from the Ministry of Defence, they felt it was such a beautiful, stunning piece of history and property, very close to where they live and they're very passionate about this part of London, that they thought this was too good an opportunity to miss, to refurbish an old dame on Whitehall and turn it into something which can be celebrated by future generations to enjoy,” Charlie Walsh, director of sales at The OWO Residences by Raffles, told The National.
That buying opportunity arose in 2015 and the following seven years were spent recreating and refurbishing the Grade II listed OWO to a standard that surpasses excellence.
For 20 years, the international luxury hotel chain Raffles had been looking for a particular type of building in which to place its first London hotel. The company is particularly brand-aware and was not interested in a faceless skyscraper which would have luxury potential but lack a soul and a sense of history. In The OWO, though, Raffles found the history it sought.
“We see a building which has grown inside by 50 per cent,” Mr Walsh told The National.
“It's now just over 760,000 square feet, which is an extraordinarily sized building. A lot of that was involved with digging down six floors, so now it's almost as deep below ground as it is [high] above, which is extraordinary.
“And the building is now all about celebrating life, opening up for the public to enjoy, which I think is a really lovely sort of change from what it used to be.”
The public side of this former house of spies faces Whitehall, the famous London thoroughfare that runs from Trafalgar Square to Parliament Square, and will be the new 120-room, five-star Raffles hotel.
The private residences are in the more discreet back section of the building, shielded from the hustle and bustle of Whitehall.
“The residential side of the building is very private, very discreet, which is very much what our buyers want and demand,” Mr Walsh told The National.
“They want that level of privacy. They want to be able to tap into the exciting part of the hotel, the restaurants, the bars, the spa and the ballroom.
“But they also want to know that they can retreat to their private apartments and know that they won't be disturbed.
“They'll be fully looked after by an army of Raffles staff who are absolutely at their A-game, and their DNA is all about hospitality and looking after people. So, I think that's been a real driver for a lot of our buyers to date.”
The OWO has been restored by hundreds of craftspeople restoring period features including hand-laid mosaic floors, rich oak panelling, magnificent chandeliers and the dramatic marble staircase.
In the OWO penthouse it was the task of the luxury interior designers, Winch Design, to create a space which didn't feel like an extension of the Raffles hotel, but a unique home. It's one of the reasons that Winch Design was chosen to work exclusively on the penthouse.
“With our experience with private clients, we ultimately wanted to create something that was more of a private residence, a home if you like, rather than a staged apartment,” Selina McCabe, senior partner at Winch Design, told The National.
“From the very early stages we aimed to create something with personality, something that was inspired by the history of the building, but also tackled the unique architectural details of the roof and the modern edition that this penthouse is.”
Winch Design undertook the task of weaving the secret history in with the modern design of the five-bedroom OWO penthouse. To achieve this, it brought together more than 40 award-winning suppliers to craft and source bespoke pieces of furniture, fabrics, artwork and accessories.
“What we tried to do is celebrate that history with modern influences,” Ms McCabe said.
“The pieces that you see are a mixture of antique pieces sourced from all over the world, as well as custom-made classic pieces that are designed to keep forever and hand down.
“Meaningful objects carefully curated, rather than soulless pieces that are just plonked in a room.
“From an interiors point of view, we are so lucky to have a building that is just bursting with stories. And to have such strong stories and history already embedded into this building makes our job more effortless.”
The penthouse also features a private gym and sauna, cinema and games room, staff quarters and expansive terraces with panoramic views across London.
Throughout the penthouse's living spaces, classic furnishings are blended with contemporary fabrics, with nods to the sartorial elegance of nearby Savile Row and Jermyn Street, with a modern twist.
For example, some of the furniture designed by British maker Robert Langford evokes The OWO's Georgian architectural heritage, while a modern element is introduced via the bold, geometric fabrics designed by Pierre Frey.
This helps The OWO penthouse move beyond luxury and into the realms of unique luxury.
“There's one corner which we all love, because it's got this beautiful 19th century Scandinavian chaise,” Ms McCabe told The National.
“It’s sat in front of the most exquisite, modern drinks cabinet made by the brilliant Edward Johnson, and then sitting above it is the most beautiful artwork created out of folded fabric by one of our wonderful Qest [Queen Elizabeth Scholarship Trust] scholars who's just at the beginning of her career.
“So, three completely different entities coming together to create something carefully created and really meaningful.”
Another key feature of the penthouse are its roof terraces. Impeccably laid out and furnished by Winch Design, the views of London's landmarks are a feast for the eyes. But crucially, the terraces are only seven stories up, so there's a feeling of really being in the Whitehall location, among the impressive architecture of the surrounding buildings, which would be impossible to achieve from a penthouse in a skyscraper.
Those who live in the 85 OWO residences and the penthouse can be as public or as private as they desire. They have full access to the amenities of the Raffles hotel, with its nine restaurants, three bars, immersive spa, 20-metre swimming pool, ballroom with a capacity for 620 seated guests and Winter Garden for afternoon tea and elegant daytime dining.
But there is also 30,000 square feet of amenity space within The OWO itself, separate from the hotel. Residents have access to their own 16-seat cinema, games room, gym with studios and treatment rooms, and seven lounges.
“We've got a bit over a third of the building sold already and we've got a really amazing plethora and mix of nationalities in the building, which is really nice,” Mr Walsh told The National.
“I'd say our biggest demographic of buyers is either American or British – the Americans love the history of the building, the heritage and link to the James Bond characters, Ian Fleming and, obviously, Winston Churchill.”
For Mr Walsh, the trend in high-end luxury property leans more towards providence than it does towards flashy bling, which means The OWO residences and the penthouse, with their heritage, are a unique offering. This building doesn't have to scrabble around to overstate a history or connection to a famous person or event.
“A lot of developments have to try very hard, be it through branding or other means, to create a backstory, the history of the building,” Mr Walsh said.
“We are spoilt for choice and pulling out these incredible threads of history and stories – there's almost too much content for us to focus on.
“We still will be discovering stories for many years to come.”
The specs: 2018 Nissan 370Z Nismo
The specs: 2018 Nissan 370Z Nismo
Price, base / as tested: Dh182,178
Engine: 3.7-litre V6
Power: 350hp @ 7,400rpm
Torque: 374Nm @ 5,200rpm
Transmission: Seven-speed automatic
Fuel consumption, combined: 10.5L / 100km
The specs
Engine: 4-litre twin-turbo V8
Transmission: eight-speed PDK
Power: 630bhp
Torque: 820Nm
Price: Dh683,200
On sale: now
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Mercer, the investment consulting arm of US services company Marsh & McLennan, expects its wealth division to at least double its assets under management (AUM) in the Middle East as wealth in the region continues to grow despite economic headwinds, a company official said.
Mercer Wealth, which globally has $160 billion in AUM, plans to boost its AUM in the region to $2-$3bn in the next 2-3 years from the present $1bn, said Yasir AbuShaban, a Dubai-based principal with Mercer Wealth.
“Within the next two to three years, we are looking at reaching $2 to $3 billion as a conservative estimate and we do see an opportunity to do so,” said Mr AbuShaban.
Mercer does not directly make investments, but allocates clients’ money they have discretion to, to professional asset managers. They also provide advice to clients.
“We have buying power. We can negotiate on their (client’s) behalf with asset managers to provide them lower fees than they otherwise would have to get on their own,” he added.
Mercer Wealth’s clients include sovereign wealth funds, family offices, and insurance companies among others.
From its office in Dubai, Mercer also looks after Africa, India and Turkey, where they also see opportunity for growth.
Wealth creation in Middle East and Africa (MEA) grew 8.5 per cent to $8.1 trillion last year from $7.5tn in 2015, higher than last year’s global average of 6 per cent and the second-highest growth in a region after Asia-Pacific which grew 9.9 per cent, according to consultancy Boston Consulting Group (BCG). In the region, where wealth grew just 1.9 per cent in 2015 compared with 2014, a pickup in oil prices has helped in wealth generation.
BCG is forecasting MEA wealth will rise to $12tn by 2021, growing at an annual average of 8 per cent.
Drivers of wealth generation in the region will be split evenly between new wealth creation and growth of performance of existing assets, according to BCG.
Another general trend in the region is clients’ looking for a comprehensive approach to investing, according to Mr AbuShaban.
“Institutional investors or some of the families are seeing a slowdown in the available capital they have to invest and in that sense they are looking at optimizing the way they manage their portfolios and making sure they are not investing haphazardly and different parts of their investment are working together,” said Mr AbuShaban.
Some clients also have a higher appetite for risk, given the low interest-rate environment that does not provide enough yield for some institutional investors. These clients are keen to invest in illiquid assets, such as private equity and infrastructure.
“What we have seen is a desire for higher returns in what has been a low-return environment specifically in various fixed income or bonds,” he said.
“In this environment, we have seen a de facto increase in the risk that clients are taking in things like illiquid investments, private equity investments, infrastructure and private debt, those kind of investments were higher illiquidity results in incrementally higher returns.”
The Abu Dhabi Investment Authority, one of the largest sovereign wealth funds, said in its 2016 report that has gradually increased its exposure in direct private equity and private credit transactions, mainly in Asian markets and especially in China and India. The authority’s private equity department focused on structured equities owing to “their defensive characteristics.”
Who's who in Yemen conflict
Houthis: Iran-backed rebels who occupy Sanaa and run unrecognised government
Yemeni government: Exiled government in Aden led by eight-member Presidential Leadership Council
Southern Transitional Council: Faction in Yemeni government that seeks autonomy for the south
Habrish 'rebels': Tribal-backed forces feuding with STC over control of oil in government territory
COMPANY%20PROFILE
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A list of the animal rescue organisations in the UAE
KILLING OF QASSEM SULEIMANI
Nayanthara: Beyond The Fairy Tale
Starring: Nayanthara, Vignesh Shivan, Radhika Sarathkumar, Nagarjuna Akkineni
Director: Amith Krishnan
Rating: 3.5/5
Ten tax points to be aware of in 2026
1. Domestic VAT refund amendments: request your refund within five years
If a business does not apply for the refund on time, they lose their credit.
2. E-invoicing in the UAE
Businesses should continue preparing for the implementation of e-invoicing in the UAE, with 2026 a preparation and transition period ahead of phased mandatory adoption.
3. More tax audits
Tax authorities are increasingly using data already available across multiple filings to identify audit risks.
4. More beneficial VAT and excise tax penalty regime
Tax disputes are expected to become more frequent and more structured, with clearer administrative objection and appeal processes. The UAE has adopted a new penalty regime for VAT and excise disputes, which now mirrors the penalty regime for corporate tax.
5. Greater emphasis on statutory audit
There is a greater need for the accuracy of financial statements. The International Financial Reporting Standards standards need to be strictly adhered to and, as a result, the quality of the audits will need to increase.
6. Further transfer pricing enforcement
Transfer pricing enforcement, which refers to the practice of establishing prices for internal transactions between related entities, is expected to broaden in scope. The UAE will shortly open the possibility to negotiate advance pricing agreements, or essentially rulings for transfer pricing purposes.
7. Limited time periods for audits
Recent amendments also introduce a default five-year limitation period for tax audits and assessments, subject to specific statutory exceptions. While the standard audit and assessment period is five years, this may be extended to up to 15 years in cases involving fraud or tax evasion.
8. Pillar 2 implementation
Many multinational groups will begin to feel the practical effect of the Domestic Minimum Top-Up Tax (DMTT), the UAE's implementation of the OECD’s global minimum tax under Pillar 2. While the rules apply for financial years starting on or after January 1, 2025, it is 2026 that marks the transition to an operational phase.
9. Reduced compliance obligations for imported goods and services
Businesses that apply the reverse-charge mechanism for VAT purposes in the UAE may benefit from reduced compliance obligations.
10. Substance and CbC reporting focus
Tax authorities are expected to continue strengthening the enforcement of economic substance and Country-by-Country (CbC) reporting frameworks. In the UAE, these regimes are increasingly being used as risk-assessment tools, providing tax authorities with a comprehensive view of multinational groups’ global footprints and enabling them to assess whether profits are aligned with real economic activity.
Contributed by Thomas Vanhee and Hend Rashwan, Aurifer
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Starfield
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Director: Laxman Utekar
Cast: Vicky Kaushal, Akshaye Khanna, Diana Penty, Vineet Kumar Singh, Rashmika Mandanna
Rating: 1/5
Disclaimer
Director: Alfonso Cuaron
Stars: Cate Blanchett, Kevin Kline, Lesley Manville
Rating: 4/5
The Settlers
Director: Louis Theroux
Starring: Daniella Weiss, Ari Abramowitz
Rating: 5/5
Tailors and retailers miss out on back-to-school rush
Tailors and retailers across the city said it was an ominous start to what is usually a busy season for sales.
With many parents opting to continue home learning for their children, the usual rush to buy school uniforms was muted this year.
“So far we have taken about 70 to 80 orders for items like shirts and trousers,” said Vikram Attrai, manager at Stallion Bespoke Tailors in Dubai.
“Last year in the same period we had about 200 orders and lots of demand.
“We custom fit uniform pieces and use materials such as cotton, wool and cashmere.
“Depending on size, a white shirt with logo is priced at about Dh100 to Dh150 and shorts, trousers, skirts and dresses cost between Dh150 to Dh250 a piece.”
A spokesman for Threads, a uniform shop based in Times Square Centre Dubai, said customer footfall had slowed down dramatically over the past few months.
“Now parents have the option to keep children doing online learning they don’t need uniforms so it has quietened down.”
Key facilities
- Olympic-size swimming pool with a split bulkhead for multi-use configurations, including water polo and 50m/25m training lanes
- Premier League-standard football pitch
- 400m Olympic running track
- NBA-spec basketball court with auditorium
- 600-seat auditorium
- Spaces for historical and cultural exploration
- An elevated football field that doubles as a helipad
- Specialist robotics and science laboratories
- AR and VR-enabled learning centres
- Disruption Lab and Research Centre for developing entrepreneurial skills
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PROFILE OF SWVL
Started: April 2017
Founders: Mostafa Kandil, Ahmed Sabbah and Mahmoud Nouh
Based: Cairo, Egypt
Sector: transport
Size: 450 employees
Investment: approximately $80 million
Investors include: Dubai’s Beco Capital, US’s Endeavor Catalyst, China’s MSA, Egypt’s Sawari Ventures, Sweden’s Vostok New Ventures, Property Finder CEO Michael Lahyani
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