Former chancellor Nadhim Zahawi has been appointed a director of a Middle Eastern investment vehicle planning to commit more than £1bn to luxury hotel developments in London’s Mayfair.
Evolution Investment Fund, owned by the UAE-based Shanshal family, has acquired a leasehold interest in the London Marriott Hotel Grosvenor Square along with a nearby development site with full planning consent close to New Bond Street. The total capital commitment, including development costs, is understood to be around £1.1bn.
The British Virgin Islands-based fund described the move as a “significant vote of confidence” in London’s long-term prospects as a global destination. Zahawi has been appointed as a director of the UK acquisition entities.
Evolution, launched in 2025, focuses on prime real estate in so-called gateway cities and is also active in sectors including logistics, telecoms and construction across the Middle East.
The Grosvenor Square property comprises a 237-room, 198,000 sq ft hotel in the heart of Mayfair, surrounded by embassies, private members’ clubs and luxury retail.
The second scheme, located at Grafton Street and Barlow Place, spans 157,000 sq ft and will include a 94-room hotel and six luxury residences. Designs prepared by Foster + Partners outline a proposed 12-storey tower as part of an ultra-prime hospitality development.
The Shanshal family said the acquisitions reflected a long-term conviction in London’s resilience and global appeal, adding that they plan to invest significantly in upgrading the assets.
Zahawi said he was “delighted” to join the boards at a key stage in the fund’s development and would use his experience to support the delivery of “world-class luxury hospitality assets”.
Zahawi co-founded the polling firm YouGov before entering politics in 2010 as MP for Stratford-upon-Avon. He later served briefly as chancellor under Boris Johnson and as Conservative Party chairman before leaving government in 2023.
The appointments signal fresh Middle Eastern capital flowing into London’s ultra-prime property market, particularly in the luxury hospitality segment centred on Mayfair.
