The widow of King Fahd of Saudi Arabia, pictured, has won her bid to keep Kenstead Hall in London's Bishops Avenue, right. Getty Images
The widow of King Fahd of Saudi Arabia, pictured, has won her bid to keep Kenstead Hall in London's Bishops Avenue, right. Getty Images
The widow of King Fahd of Saudi Arabia, pictured, has won her bid to keep Kenstead Hall in London's Bishops Avenue, right. Getty Images
The widow of King Fahd of Saudi Arabia, pictured, has won her bid to keep Kenstead Hall in London's Bishops Avenue, right. Getty Images

Widow of Saudi king wins battle over London billionaires' row mansion


Nicky Harley
  • English
  • Arabic

The widow of Saudi Arabia's King Fahd bin Abdulaziz has won a five-year legal battle over the ownership of a 10-bedroom mansion on London’s billionaires' row.

The High Court ruled in favour of Aljawharah bint Ibrahim Abdulaziz Al Ibrahim in the case which involved Kenstead Hall on Bishops Avenue in north London, one of the capital’s most expensive streets.

The property had been signed over to her in 2011 by the Lichtenstein-based Asturion Foundation set up to manage the foreign property portfolio of the late king, following instructions he had given before his death in 2005.

Also signed over was a property in France – Chateau de l'Aurore in Golfe-Juan, land in Grünwald, Germany, and an interest in the Al Nahda Palace in Marbella.

But the foundation challenged the transfer.

The court heard that King Fahd had given instructions to his adviser Me Faisal Assaly for the four properties, including Kenstead Hall, to be transferred into his wife's name in 2001.

However, none of the instructions had been carried out by the time of his death in August 2005.

Following his death a Council of Heirs was created to manage his affairs.

During this time, Mr Assaly completed the king's wishes, transferring the German property to Ms Al Ibrahim in 2006, the Spanish property and Kenstead Hall in 2011 and finally the French chateau in 2012.

The Saudi royal family owned land in Grunwald in Bavaria, Germany. Alamy
The Saudi royal family owned land in Grunwald in Bavaria, Germany. Alamy

“In short, the delays at least partly reflect a question which developed about whether consent of the Council of Heirs was needed, and had been given, before the transfers could be effected,” Mr Justice Adam Johnson said.

“Mr Assaly determined that he should proceed in light of the instructions given to him by the late king, and did so.”

The foundation had argued that its purpose was to distribute the late king's assets to his heirs.

“It is said that the effect of the transfer of Kenstead Hall to the princess, either alone or in combination with the transfers of the other properties, was to confer on her benefits in excess of her rightful share, and that was contrary to the foundation's purpose,” Mr Justice Johnson said.

However, Mr Justice Johnson ruled that, aside from poor record keeping by Mr Assaly, there was “no improper disposal of the foundation's assets”.

“There was no mistake by Mr Assaly about either his entitlement or obligation to transfer Kenstead Hall,” the judge ruled.

“He was both entitled and obliged to act as he did. Consequently, there was no mistake of sufficient seriousness to create an equity entitling the foundation to rescind the transfer of Kenstead Hall to the princess.

“There was certainly enrichment, but it was not unjust. My overall conclusion is that the claims by the foundation fail.”

Four reasons global stock markets are falling right now

There are many factors worrying investors right now and triggering a rush out of stock markets. Here are four of the biggest:

1. Rising US interest rates

The US Federal Reserve has increased interest rates three times this year in a bid to prevent its buoyant economy from overheating. They now stand at between 2 and 2.25 per cent and markets are pencilling in three more rises next year.

Kim Catechis, manager of the Legg Mason Martin Currie Global Emerging Markets Fund, says US inflation is rising and the Fed will continue to raise rates in 2019. “With inflationary pressures growing, an increasing number of corporates are guiding profitability expectations downwards for 2018 and 2019, citing the negative impact of rising costs.”

At the same time as rates are rising, central bankers in the US and Europe have been ending quantitative easing, bringing the era of cheap money to an end.

2. Stronger dollar

High US rates have driven up the value of the dollar and bond yields, and this is putting pressure on emerging market countries that took advantage of low interest rates to run up trillions in dollar-denominated debt. They have also suffered capital outflows as international investors have switched to the US, driving markets lower. Omar Negyal, portfolio manager of the JP Morgan Global Emerging Markets Income Trust, says this looks like a buying opportunity. “Despite short-term volatility we remain positive about long-term prospects and profitability for emerging markets.” 

3. Global trade war

Ritu Vohora, investment director at fund manager M&G, says markets fear that US President Donald Trump’s spat with China will escalate into a full-blown global trade war, with both sides suffering. “The US economy is robust enough to absorb higher input costs now, but this may not be the case as tariffs escalate. However, with a host of factors hitting investor sentiment, this is becoming a stock picker’s market.”

4. Eurozone uncertainty

Europe faces two challenges right now in the shape of Brexit and the new populist government in eurozone member Italy.

Chris Beauchamp, chief market analyst at IG, which has offices in Dubai, says the stand-off between between Rome and Brussels threatens to become much more serious. "As with Brexit, neither side appears willing to step back from the edge, threatening more trouble down the line.”

The European economy may also be slowing, Mr Beauchamp warns. “A four-year low in eurozone manufacturing confidence highlights the fact that producers see a bumpy road ahead, with US-EU trade talks remaining a major question-mark for exporters.”

Temple numbers

Expected completion: 2022

Height: 24 meters

Ground floor banquet hall: 370 square metres to accommodate about 750 people

Ground floor multipurpose hall: 92 square metres for up to 200 people

First floor main Prayer Hall: 465 square metres to hold 1,500 people at a time

First floor terrace areas: 2,30 square metres  

Temple will be spread over 6,900 square metres

Structure includes two basements, ground and first floor 

Vidaamuyarchi

Director: Magizh Thirumeni

Stars: Ajith Kumar, Arjun Sarja, Trisha Krishnan, Regina Cassandra

Rating: 4/5

 

Results
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Why are asylum seekers being housed in hotels?

The number of asylum applications in the UK has reached a new record high, driven by those illegally entering the country in small boats crossing the English Channel.

A total of 111,084 people applied for asylum in the UK in the year to June 2025, the highest number for any 12-month period since current records began in 2001.

Asylum seekers and their families can be housed in temporary accommodation while their claim is assessed.

The Home Office provides the accommodation, meaning asylum seekers cannot choose where they live.

When there is not enough housing, the Home Office can move people to hotels or large sites like former military bases.

SPECS
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Farage on Muslim Brotherhood

Nigel Farage told Reform's annual conference that the party will proscribe the Muslim Brotherhood if he becomes Prime Minister.
"We will stop dangerous organisations with links to terrorism operating in our country," he said. "Quite why we've been so gutless about this – both Labour and Conservative – I don't know.
“All across the Middle East, countries have banned and proscribed the Muslim Brotherhood as a dangerous organisation. We will do the very same.”
It is 10 years since a ground-breaking report into the Muslim Brotherhood by Sir John Jenkins.
Among the former diplomat's findings was an assessment that “the use of extreme violence in the pursuit of the perfect Islamic society” has “never been institutionally disowned” by the movement.
The prime minister at the time, David Cameron, who commissioned the report, said membership or association with the Muslim Brotherhood was a "possible indicator of extremism" but it would not be banned.

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UAE currency: the story behind the money in your pockets
Brief scoreline:

Liverpool 2

Mane 51', Salah 53'

Chelsea 0

Man of the Match: Mohamed Salah (Liverpool)

Brief scores:

Arsenal 4

Xhaka 25', Lacazette 55', Ramsey 79', Aubameyang 83'

Fulham 1

Kamara 69'

Updated: December 22, 2023, 6:00 PM